Galaxy Announces Second Quarter 2025 Financial Results

Executive Summary

• Galaxy Digital Inc. reported net income of $30.7 million ($0.08 per diluted share) for Q2 2025, a significant turnaround from the $295 million loss in Q1 2025, driven by mark-to-market gains on balance sheet digital assets and strong operating performance in its Digital Assets segment.
• Adjusted EBITDA reached $211 million for Q2 2025, up from a $290 million loss in Q1, fueled by appreciation in balance sheet digital assets and positive results from the Digital Assets operating business.
• The company announced material operational updates, including CoreWeave exercising its final option for 133 MW of capacity at the Helios data center (committing to the full 800 MW) and entering a definitive agreement to acquire 160 acres of land and a 1 GW interconnection request adjacent to Helios, expanding total potential capacity to 3.5 GW.

Key Details

• Financial Performance (Q2 2025):
  • Net Income: $30.7 million ($0.08 diluted EPS).
  • Adjusted EBITDA: $211 million.
  • Total Assets: $9.086 billion (up 43% QoQ).
  • Total Equity: $2.624 billion (up 38% QoQ).
  • Cash & Stablecoins: $1.181 billion.
  • Balance Sheet Net Digital Assets: $1.274 billion (up 40% QoQ).
  • Balance Sheet Venture, Fund and Other Investments: $718 million (up 15% QoQ).
• Segment Results:
  • Digital Assets: Generated $71.4 million in adjusted gross profit (up 10% QoQ) and $13.0 million in adjusted EBITDA.
    • Global Markets Adjusted Gross Profit: $55.4 million (up 28% QoQ).
    • Average Loan Book Size: $1.107 billion (up 27% QoQ).
    • Total Trading Counterparties: 1,445.
    • Investment Banking recognized revenue from acting as exclusive financial advisor to Bitstamp in its acquisition by Robinhood.
  • Asset Management & Infrastructure Solutions: Generated $16.0 million in adjusted gross profit (down 26% QoQ due to lower onchain activity).
    • Assets on Platform: $8.921 billion (up 27% QoQ).
    • Assets Under Stake: $3.15 billion (up 34% QoQ).
    • ETFs: $3.327 billion; Alternatives: $2.444 billion.
  • Treasury & Corporate: Generated $228 million in adjusted gross profit and $198 million in adjusted EBITDA, primarily from mark-to-market gains on digital assets and investments.
• Data Centers (Helios Campus):
  • CoreWeave exercised its final option for an additional 133 MW, committing to the full 800 MW of gross power currently approved at Helios.
  • Entered definitive purchase and sale agreement for 160 acres of land and a 1 GW load interconnection request adjacent to Helios.
  • Post-acquisition, Helios will control over 1,500 acres of contiguous land with total potential power capacity of 3.5 GW.
  • Phase I construction is on schedule with major interior demolition complete; expected delivery in 1H 2026.
• Corporate Updates:
  • Galaxy began trading on Nasdaq under ticker GLXY on May 16, 2025, following the completion of reorganization and domestication as a Delaware entity.
  • Subsequent to quarter-end, Galaxy completed the sale of over 80,000 Bitcoin on behalf of a client, one of the largest notional Bitcoin transactions in history.
  • Integrated with Fireblocks to broaden access to staking services.

Notable Quotes

• Note: No direct quotes from the CEO or President were included in the provided text.