Galaxy Digital Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
GLXY$13.66+5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001859392-25-000030
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001859392-25-000082
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 164 previous paragraphs and 157 current paragraphs.
78 unchanged; 56 reworded; 19 added; 25 removed; 5 previous and 4 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
•On August 15, 2025, Galaxy Helios I LLC (“Galaxy Helios I”) entered into a credit agreement (the “Credit Agreement” and, together with the related transaction documents, the “Project Financing Documents”) with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $1.4 billion (the “Loan Amount”), to finance the first phase of the buildout of our Helios data center campus (the “Project Financing”).
Current report
Recent Developments
Current report
Tokenized Galaxy
Current report
Since September 2025, we enable a natively tokenized version of our Class A common stock, which we refer to as “Tokenized GLXY.” As part of this project, holders of our traditional Class A common stock, which we refer to as “Traditional GLXY,” can obtain Tokenized GLXY. Tokenized GLXY can be held by investors in their self-custodial wallets and transferred bilaterally between “allowedlisted” wallets, and we may in the future permit Tokenized GLXY to be traded over decentralized exchanges or other trading platforms, subject to certain regulatory considerations. Holders of Tokenized GLXY retain the same rights and privileges as holders of Traditional GLXY and on-chain trading of Tokenized GLXY would provide another potential trading market for our Class A common stock, alongside existing trading markets for Traditional GLXY including Nasdaq and the TSX. On May 20, 2025, we entered into a Digital Transfer Agency Agreement with Superstate Services LLC (the “Digital Transfer Agent”) pursuant to which the Digital Transfer Agent has agreed to create and maintain an “Allowlist” of wallet addresses of individuals and entities who have completed the Digital Transfer Agent’s onboarding requirements and are permitted to hold, transfer and facilitate transfers of Tokenized GLXY. Tokenized GLXY provides an additional mechanism for investors to hold and transact in shares in the Company, which may improve settlement efficiency and increase accessibility. Tokenized GLXY may also introduce new risks and uncertainties (including, among others, regulatory and liquidity risks) that could adversely affect the market for, and the trading price of, both Tokenized GLXY and Traditional GLXY.
Current report
GalaxyOne
Current report
On October 6, 2025, we announced the launch of GalaxyOne. GalaxyOne is a retail financial technology platform designed for individual investors seeking the best of both traditional and digital markets. Its core offerings include (i) access to a Federal Deposit Insurance Corporation (“FDIC”) -insured high-yield demand deposit account offered by our bank partner Cross River Bank for U.S.-based depositors, (ii) a debt security issued by Galaxy Digital LP and guaranteed by GDH LP through the Galaxy Premium Yield Investment Note, initially offering 8.00% yield at the inception of the product, for U.S. accredited investors, and (iii) access to equities and crypto trading via our regulated partners DriveWealth LLC and Paxos, respectively. We are not a bank and are not a member of the FDIC. FDIC-insured high-yield demand deposit accounts and related banking services are provided by our bank partner, Cross River Bank. The Galaxy Premium Yield Investment Note is only available to accredited investors and is offered and sold in unregistered transactions in reliance on Rule 506(c) of Regulation D under the Securities Act. In conjunction with this launch, our legacy GalaxyOne platform for institutional clients was renamed to “GalaxyOne Institutional.”
Current report
Private Placement
Current report
On October 10, 2025, we entered into investment agreements with certain institutional investors for a $460 million private strategic investment in our Class A common stock (the “October Private Placement”), consisting of a purchase of 9,027,778 shares of Class A common stock from us and 3,750,000 shares of Class A common stock from certain of our executive officers, including our Founder, at $36.00 per share. The October Private Placement closed on October 17, 2025.
Current report
We intend to use the net proceeds to us from the October Private Placement for general corporate purposes and to power the buildout of our Helios data center campus.
Current report
2031 Exchangeable Notes
Current report
On October 30, 2025, GDH LP issued $1.3 billion aggregate principal amount of 0.50% exchangeable senior notes due 2031 (the “2031 Exchangeable Notes”). From time to time and subject to the terms of the indenture governing the 2031 Exchangeable Notes, the 2031 Exchangeable Notes are exchangeable for shares of our Class A common stock at the option of the holders thereof. We intend to use the net proceeds from the offering to support growth across our core operating businesses and for general corporate purposes, which may include the repayment of the 2026 Exchangeable Notes (as defined herein).
Current report
Non-GAAP Financial Measures
Current report
We believe Adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods.
Current report
Adjusted gross profit is defined as revenues and gains / (losses) from operations, excluding (i) transaction expenses and (ii) impairment of digital assets.
Current report
•Other transaction expenses: Trading commissions, custody, and exchange fees incurred by the Company.
Current report
Fee revenue was $104.3 million and $132.8 million, an increase of $83.6 million and $57.4 million, or 404% and 76%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2025, the increase was primarily attributable to the investment banking fees earned from us acting as placement agent in a private placement (the “Forward PIPE Transaction”) by Forward Industries, Inc., a global design company that initiated a Solana focused treasury strategy (“Forward Industries”), as well as additional asset management fees earned during the quarter due to increased assets under management. The increase was partially offset by the cessation of mining hosting contracts at the Helios site during the first quarter of 2025 in anticipation of the data center conversion. No mining hosting revenue was generated for the three and nine months ended September 30, 2025, as compared to mining hosting revenue of $7.0 million and $24.9 million during the three and nine months ended September 30, 2024.
Current report
On August 15, 2025, Galaxy Helios I LLC entered into the Credit Agreement with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $1.4 billion. The intended use for this facility is to finance the construction and development of a data center project in Dickens County, Texas and related costs. As of September 30, 2025, the outstanding amount drawn under the Credit Agreement was $433.5 million, which is recognized within Notes payable in the Company’s condensed consolidated interim statements of financial position. See Note 18 of the Company’s consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on the Credit Agreement.
Current report
Nine Months Ended September 30, 2025
Current report
Nine Months Ended September 30, 2024
Removed paragraphs (25)
Previous report
For more information regarding our corporate history and related financial reporting, see “Explanatory Note” at the beginning of this Quarterly Report on Form 10-Q.
Previous report
Unless the context otherwise requires, references to the “Company,” “Galaxy” and “we,” “us” and “our” refer to GDI and its consolidated subsidiaries subsequent to the Reorganization Transactions and GDH LP, the accounting acquirer and predecessor entity, and its consolidated subsidiaries prior to the Reorganization Transactions.
Previous report
Our Businesses
Previous report
As of the first quarter of 2025, GDH LP began managing and reporting its activities in the following segments: Digital Assets, Data Centers, and Treasury and Corporate. Prior periods are presented on a comparable basis. Refer to Note 22 of Galaxy’s consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information on reportable segments.
Previous report
Our Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded-funds. Galaxy is a trusted partner to more than 1,400 trading counterparties andmore than 1,200 asset management clients, with approximately$9.0 billion in assets managed across our platform as of June 30, 2025. As of the same period, we have made more than 300 venture portfolio investments into leading digital asset companies and networks that are innovating at the intersection of capital markets and finance. Our institutional-grade products, strong risk management, and leading position have made us the partner of choice for both crypto-native and incumbent financial leaders.
Previous report
HPC Hosting
Previous report
The rise of large language models has been transformative. It has democratized access to powerful machine learning tools, enabling institutions of all sizes to integrate AI into their platforms and operations, without the need for vast and expensive engineering resources. These models are fueling gains in efficiency, decision-making and innovation across sectors, from enhancing customer service to streamlining enterprise workflows.
Previous report
This acceleration in AI is creating unprecedented demand for AI/HPC data centers, which serve as the critical infrastructure behind AI-driven technologies. According to a report published by McKinsey & Company, global demand for data center capacity is expected to rise at a rate between 19% to 22% annually from 2023 to 2030. This is driving substantial investment by cloud service providers for new data centers, with data center capital expenditures projected to grow to approximately $800 billion in 2028.
Previous report
However, many existing data centers are increasingly unable to meet these demands, constrained by limited power capacity and long construction timelines, typically three to five years for new facilities. Further, there has been a recent surge in connection requests for facilities ranging from 300 MW to 1,000 MW or more, which is straining the capacity of local utility grids to deliver power at this accelerated pace. This is leading to prolonged interconnection and construction timelines––now stretching two to four years––further compounding the challenge of scaling AI infrastructure at the pace required.
Previous report
•In March 2025, Galaxy entered into a 15-year agreement (the “Lease Agreement”) with CoreWeave to host its high-performance computing and artificial intelligence infrastructure and deliver 133 MW of critical IT load, utilizing 200 MW of gross power capacity, at its Helios data center campus in the panhandle region of West Texas. In April 2025, Galaxy and CoreWeave entered into the Phase II Option Agreement under which CoreWeave has committed to enter into a lease agreement for the uptake of an additional 260 MW of critical IT load at the Helios campus starting in 2027. In August 2025, Galaxy and CoreWeave entered into the Phase III Option Agreement under which CoreWeave has committed to enter into a lease agreement for the uptake of an additional 133 MW of critical IT load at the Helios campus starting in 2028.
Previous report
•On May 13, 2025, GDI, GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware. GDI became the successor public company of GDHL, pursuant to which all outstanding ordinary shares of GDHL were exchanged into shares of Class A common stock of GDI on a one-to-one basis. In addition, Galaxy’s corporate and capital structure has been reorganized so as to normalize it on the basis of frequently used Up-C structures in the U.S. The purpose and business reasons for the Reorganization Transactions included:
Previous report
•an expectation of enhanced shareholder value through increased access to U.S. capital markets, improved flexibility for future equity and debt capital market needs, and an increased profile for Galaxy in the U.S.;
Previous report
•normalization of Galaxy’s corporate and capital structure;
Previous report
•facilitation of any future acquisitions; and
Previous report
•simplification of the equity structure and alignment of all stakeholders’ interests at the GDI level.
Previous report
Non-GAAP Financial Measure
Previous report
Other challenges and risks
Previous report
We are operating in new industries that are highly innovative, rapidly evolving and characterized by healthy competition, experimentation, changing customer needs, and the frequent introduction of new products and services. We are subject to uncertain and evolving industry and regulatory requirements. Our business model is largely dependent on digital assets, the broader cryptoeconomy, and the AI economy. Our operating results have and will continue to fluctuate due to a variety of factors, including the highly volatile nature of cryptocurrencies. While we believe we are well-positioned to capitalize on market opportunities made possible by the rapid evolution of the digital assets ecosystem and AI models, due to the relatively nascent stage of our industries and other challenges that we face, our business model also presents certain material risks. For a further discussion of these risks, see “Risk Factors—Risks Related to our Operations” in this Quarterly Report on Form 10-Q.
Previous report
All participants in the cryptoeconomy, including direct investors, consumers and providers of goods and services related to this industry, may be subject to additional costs associated with participating in this industry, as compared with participation in established commerce, due to the rapidly evolving landscape. The potentially higher costs associated with the cryptoeconomy include, but are not limited to, elevated legal and financial advisory fees, use of significant resources to monitor and maintain compliance with applicable laws and regulations, as well as elevated and unpredictable costs of custody, transactions, insurance and theft. Other material risks specific to this industry include a lack of adoption or acceptance of digital assets and blockchain technology, the volatile prices of digital assets, exposure to malicious actors and platform vulnerabilities, and uncertainties in the tax and accounting treatment of digital assets, among others. For a further discussion of these risks, see “Risk Factors—Risks Related to Cryptocurrencies and Digital Assets” in this Quarterly Report on Form 10-Q.
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Our ability to grow our AI/HPC data center business in the future is also dependent on the overall market for AI/HPC data centers. The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI industry, are inherently uncertain. For example, certain AI technology is under public scrutiny for creating inaccurate, incomplete or misleading content, unintended biases and other discriminatory or unexpected results, errors or inadequacies and may be, or be perceived to be, deficient, inaccurate, biased, unethical or otherwise flawed. For a further discussion of these risks, see “Risk Factors—Risks Related to Our Business Lines” in this Quarterly Report on Form 10-Q.
Previous report
(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.
Previous report
Fee revenue was $17.0 million and $28.5 million, a decrease of $9.5 million and $26.1 million, or 36% and 48%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. For the three and six months ended June 30, 2025, the decrease was primarily attributable to the reduction of fees attributable to the management of assets in the FTX estate which have decreased as the assets have been liquidated per Galaxy’s mandate. The decrease was also a result of the elimination of hosting services at the Helios site during the first quarter of 2025 in anticipation of the data center conversion. No mining hosting revenue was generated for the three and six months ended June 30, 2025, as compared to mining hosting revenue of $7.8 million and $18.0 million during the three and six months ended June 30, 2024. These decreases in fee income were partially offset by increased advisory revenue and increased fees from the management of our other funds.
Previous report
Impairment of digital assets was $127.5 million and $239.9 million, an increase of $70.5 million and $157.4 million, or 124% and 191%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. This increase was primarily attributable to the mix of digital intangible assets with which the
Previous report
Six Months Ended June 30, 2025
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Six Months Ended June 30, 2024
Reworded paragraphs (56)
Previous wording
Management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. The following discussion includes forward-looking statements that reflect our plans, estimates and assumptions and involves numerous risks and uncertainties, including, but not limited to, those described in “Risk Factors.” See “Special Note Regarding Forward-Looking Statements.” Future results could differ significantly from the historical results presented in this section.
Current wording
Management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this Quarterly Report on Form 10-Q includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Previous wording
Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and AI. We are strategically positioned to bridge traditional finance and the emerging digital economy, facilitating efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop, and will in the future operate, HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated AI growth.
Current wording
Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence (“AI”). We are strategically positioned to bridge traditional finance and the emerging digital economy, facilitating efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop, and will in the future operate, high performance computing (“HPC”) data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated AI growth.
Previous wording
Our Global Markets business provides over-the-counter (“OTC”) spot and derivatives trading, lending, and structured products, as well as transaction advisory and equity and debt capital markets services. Our client base includes more than 1,400 trading counterparties globally as of June 30, 2025, including asset managers, hedge funds, family offices, Qualified Individuals 1 and corporations.
Current wording
Our Global Markets business provides over-the-counter (“OTC”) spot and derivatives trading, lending, and structured products, as well as transaction advisory and equity and debt capital markets services. Our client base includes more than 1,500 trading counterparties globally as of September 30, 2025, including asset managers, hedge funds, family offices, Qualified Individuals 1 and corporations.
Previous wording
Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $9.0 billion in assets across the platform as of June 30, 2025.
Current wording
Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $17.0 billion in assets across the platform as of September 30, 2025.
Previous wording
•Galaxy’s Asset Management ETFs include a suite of passive and active products developed in partnership with leading asset managers in the U.S., Brazil, Canada, and Europe. Galaxy’s Asset Management passive ETFs feature regulated, spot digital asset ETFs, while its active ETFs provide exposure to digital assets and other disruptive technologies. Galaxy’s Asset Management alternative investment strategies encompass actively managed long-biased and long-short funds, and a venture franchise. Galaxy Asset Management offers a Liquid Crypto Fund designed to provide access to both core and next generation digital assets and an Absolute Return Fund, launched in 2025, which employs a multi-asset strategy with long and short positions across the digital asset ecosystem and adjacent disruptive technologies. Galaxy Asset Management’s venture franchise includes Galaxy Interactive, which invests at the intersection of content, technology and social commerce, with a focus on video games and the infrastructure powering immersive virtual worlds. Additionally, our inaugural crypto venture fund targets early-stage investments in protocols, software infrastructure, and financialized applications. The venture franchise also features two global, multi-manager venture funds and manages a subset of Galaxy’s balance sheet venture investments.
Current wording
disruptive technologies. Galaxy’s Asset Management alternative investment strategies encompass actively managed long-biased and long-short funds, and a venture franchise. Galaxy Asset Management offers a Liquid Crypto Fund designed to provide access to both core and next generation digital assets and an Absolute Return Fund, launched in 2025, which employs a multi-asset strategy with long and short positions across the digital asset ecosystem and adjacent disruptive technologies. Galaxy Asset Management’s venture franchise includes Galaxy Interactive, which invests at the intersection of content, technology and social commerce, with a focus on video games and the infrastructure powering immersive virtual worlds. Additionally, our inaugural crypto venture fund targets early-stage investments in protocols, software infrastructure, and financialized applications. The venture franchise also features two global, multi-manager venture funds and manages a subset of Galaxy’s balance sheet venture investments.
Previous wording
•Galaxy managed $5.8 billion in assets across more than 16 investment strategies as of June 30, 2025, a 28% increase year-over-year and 23% increase quarter-over-quarter. $483.0 million of the $5.8 billion of assets under management (“AUM”) represented engagements managed by Galaxy’s asset management team to unwind portfolios on behalf of the estate of FTX. Excluding these opportunistic assets, Galaxy Asset Management’s AUM increased by 33% year-over-year to $5.3 billion as of June 30, 2025, driven by $1.4 billion of gross inflows and $1.3 billion of net market appreciation partially offset by $1.3 billion of gross outflows and increased 24% quarter-over-quarter as of June 30, 2025, driven by $0.5 billion of gross inflows and $0.8 billion of net market appreciation partially offset by $0.3 billion of gross outflows.
Current wording
•Galaxy managed $10.5 billion in assets across strategies, including ETFs and alternatives, across public and private markets as of September 30, 2025, a 126% increase year-over-year and 81% increase quarter-over-quarter. $2.4 billion of the $10.5 billion of assets under management (“AUM”) represented engagements managed by Galaxy’s asset management team to unwind portfolios on behalf of the estate of FTX as well as assets held within Commodity Pool Operator (“CPO”) vehicles. Excluding these opportunistic assets, Galaxy Asset Management’s AUM increased by 92% year-over-year to $8.1 billion as of September 30, 2025, driven by $3.7 billion of gross inflows and $2.0 billion of net market appreciation partially offset by $1.8 billion of gross outflows and increased 53% quarter-over-quarter as of September 30, 2025, driven by $2.7 billion of gross inflows and $0.7 billion of net market appreciation partially offset by $0.7 billion of gross outflows.
Previous wording
•Our staking business operates validator nodes to secure blockchains and enable our institutional clients to earn staking rewards, use staked assets as collateral for loans and participate in an increasingly on-chain and decentralized future. Galaxy provides validator services to ten different blockchain networks, including Ethereum and Solana. As part of our broader suite of infrastructure solutions, we offer secure, institutional-grade cold and hot wallet technology for institutions seeking to self-custody their assets, along with integrated tokenization capabilities.
Current wording
•Our staking business operates validator nodes to secure blockchains and enable our institutional clients to earn staking rewards, use staked assets as collateral for loans and participate in an increasingly on-chain and decentralized future. Galaxy provides validator services to eleven different blockchain networks, including Ethereum and Solana. As part of our broader suite of infrastructure solutions, we offer secure, institutional-grade cold and hot wallet technology for institutions seeking to self-custody their assets, along with integrated tokenization capabilities.
Previous wording
•Galaxy reported assets under stake (“AUS”) of approximately $3.2 billion as of June 30, 2025, as compared to AUS of approximately $4.2 billion as of December 31, 2024.
Current wording
•Galaxy reported assets under stake (“AUS”) of approximately $6.6 billion as of September 30, 2025, as compared to AUS of approximately $4.2 billion as of December 31, 2024.
Previous wording
Our Data Centers operating business segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, is developing 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave. In April 2025, CoreWeave exercised and entered into its first option with Galaxy pursuant to a Phase II option agreement (the “Phase II Option Agreement”), under which CoreWeave committed to enter into a lease agreement for the uptake of an additional 260 MW of incremental critical IT load. In August 2025, CoreWeave exercised and entered into its second option with Galaxy pursuant to a Phase III option agreement (the “Phase III Option Agreement”), under which CoreWeave committed to enter into a lease agreement for the uptake of an additional 133 MW of incremental critical IT load. Together, the Phase II Option Agreement and the Phase II Option Agreement, are expected to increase CoreWeave’s contracted capacity at the Helios data center campus to 526 MW of critical IT load by 2028. The retrofit of Helios will be completed in phases, with the full 133 MW of initial critical IT load expected to be delivered by the end of the first half of 2026. CoreWeave has developed market-leading expertise in designing data centers for AI/HPC use that makes them an ideal partner in executing the upgrades at our Helios campus. Prior to the start of 2025, we had six main power transformers installed at our project substation, enabling us to deliver the full 800 MW of high-voltage capacity for which we are already fully approved from ERCOT. In 2024, we built a freshwater pond with storage capacity of nearly 10 million gallons, to efficiently expand our cooling capabilities. Helios has attracted interest in long-term lease agreements from cloud service providers given its attractive HPC attributes.
Current wording
Our Data Centers operating business segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, is developing 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave. In April 2025, CoreWeave exercised its first option under its 15-year lease agreement with Galaxy (the “Lease Agreement”), and in August 2025, we entered into the phase II lease agreement (the “Phase II Lease Agreement”) with CoreWeave for the uptake of an additional 260 MW of incremental critical IT load. Also in August 2025, CoreWeave exercised and entered into its second option under the Lease Agreement pursuant to a Phase III option agreement (the “Phase III Option Agreement”), under which it committed to enter into a lease agreement for the uptake of an additional 133 MW of incremental critical IT load. Together, the Phase II Lease Agreement and the Phase III Option Agreement are expected to increase CoreWeave’s contracted capacity at the Helios data center campus to 526 MW of critical IT load by 2028. The retrofit of Helios will be completed in phases, with the full 133 MW of initial critical IT load expected to be delivered by the end of the first half of 2026.
Previous wording
•Galaxy generated Net income of $30.7 million and Net loss $264.7 million for the three and six months ended June 30, 2025, respectively, compared to Net loss of $125.6 million and Net income $262.5 million for the three and six months ended June 30, 2024, respectively.
Current wording
•Galaxy generated Net income of $505.1 million and Net income of $240.3 million for the three and nine months ended September 30, 2025, respectively, compared to Net loss of $33.3 million and Net income of $229.2 million for the three and nine months ended September 30, 2024, respectively.
Previous wording
•Galaxy generated Adjusted EBITDA of $211.2 million and $(78.3) million for the three and six months ended June 30, 2025, respectively, compared to Adjusted EBITDA of $(94.8) million and $351.3 million for the three and six months ended June 30, 2024, respectively.2
Current wording
•Galaxy generated Adjusted EBITDA of $629.4 million and $551.1 million for the three and nine months ended September 30, 2025, respectively, compared to Adjusted EBITDA of $1.9 million and $353.2 million for the three and nine months ended September 30, 2024, respectively.2
Previous wording
•Total equity as of June 30, 2025 was $2.6 billion, an increase of 20% from $2.2 billion as of December 31, 2024.
Current wording
•Total equity as of September 30, 2025 was $3.2 billion, an increase of 45% from $2.2 billion as of December 31, 2024.
Previous wording
2 See the section titled “Non-GAAP Financial Measure” below for a reconciliation of Net Income / (loss) to Adjusted EBITDA and an explanation for why we consider Adjusted EBITDA to be a helpful metric for investors.
Current wording
2 See the section titled “Non-GAAP Financial Measures” below for a reconciliation of Net Income / (loss) to Adjusted EBITDA and an explanation for why we consider Adjusted EBITDA to be a helpful metric for investors.
Previous wording
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we use certain non-GAAP financial measures, as described below, to understand and evaluate our business. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. We believe Adjusted EBITDA provides investors with additional useful information in evaluating the Company’s operating performance, as well as a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA does not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry.
Current wording
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our business. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Adjusted gross profit and Adjusted EBITDA are non-GAAP financial measures that that are used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making.
Previous wording
Adjusted EBITDA is defined as represents Net income / (loss), excluding (i) equity based compensation, (ii) interest expense on structural debt, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) settlement expense, (viii) other (income) / expense, net and (ix) and reorganization and reorganization merger costs that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.
Current wording
Adjusted EBITDA is defined as Net income / (loss), excluding (i) equity based compensation, (ii) interest expense on structural debt, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) settlement expense, (viii) other (income) / expense, net and (ix) reorganization and reorganization merger costs that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.
Previous wording
This non-GAAP financial measure has been prepared by, and is the responsibility of, Galaxy’s management, and has not been audited or reviewed by our independent registered public accounting firm. You should not place undue reliance on this non-GAAP financial measure.
Current wording
These non-GAAP financial measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry. These non-GAAP financial measures have been prepared by, and are the responsibility of, Galaxy’s management, and have not been audited or reviewed by our independent registered public accounting firm. You should not place undue reliance on these non-GAAP financial measures.
Previous wording
The cryptoeconomy experienced rapid growth in 2021 driven by the simultaneous widespread adoption of digital assets, expanded use of cryptocurrencies and broader blockchain innovations including DeFi and the growth of non-fungible tokens (“NFTs”) as a prominent form of tokenization. After a retreat in 2022, cryptocurrency markets started to rally in 2023, which continued through December 2024. After a brief retreat in the first quarter of 2025, the price of bitcoin moved over $100,000 again in the second quarter of 2025 and continued to exceed $100,000 as of July 2025 reaching another all-time high temporarily exceeding $123,000 on July 14, 2025. The initially retail-driven adoption of cryptocurrencies has evolved to include institutional holders, utilizing digital assets as both a store of value and for commercial applications. The lead up to the launch of the spot-based bitcoin ETFs in the U.S. in the first quarter of 2024 followed by the U.S. Presidential election in November 2024 provided a boost to bitcoin. According to the Crypto Market Sizing Report released by Crypto.com, the number of worldwide individual cryptocurrency users was 659 million as of December 31, 2024, up from 580 million in December 2023. Moreover, bitcoin’s trailing five-year compounded annual growth rate reached 64% as of June 30, 2025. However, historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never be broadly adopted, which would negatively impact our business and operating results.
Current wording
The cryptoeconomy experienced rapid growth in 2021 driven by the simultaneous widespread adoption of digital assets, expanded use of cryptocurrencies and broader blockchain innovations including DeFi and the growth of non-fungible tokens (“NFTs”) as a prominent form of tokenization. After a retreat in 2022, cryptocurrency markets started to rally in 2023, which continued through December 2024. After a brief retreat in the first quarter of 2025, the price of bitcoin stayed above $100,000 throughout the third quarter of 2025 and reached another all-time high, temporarily exceeding $126,000 on October 6, 2025. The initially retail-driven adoption of cryptocurrencies has evolved to include institutional holders, utilizing digital assets as both a store of value and for commercial applications. The lead up to the launch of the spot-based bitcoin ETFs in the U.S. in the first quarter of 2024 followed by the U.S. Presidential election in November 2024 provided a boost to bitcoin. According to the Crypto Market Sizing Report released by Crypto.com, the number of worldwide individual cryptocurrency users rose to 708 million as of September 2025, up from 659 million as of December 31, 2024 and 580 million in December 2023. Moreover, bitcoin’s trailing five-year compounded annual growth rate reached 60% as of September 30, 2025. However, historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never be broadly adopted, which would negatively impact our business and operating results.
Previous wording
We intend to continue to use our scale, expertise and balance sheet to identify and execute on acquisitions across our business lines. A series of acquisitions has diversified our product offerings and revenue sources. This includes the acquisitions of two leading digital asset trading firms in November 2020 (DrawBridge Lending and Blue Fire Capital, subsequently rebranded to “Quantitative Principal Trading”), which augmented the trading business’s suite of product offerings and added veteran trading and lending talent to its leadership team. We acquired Vision Hill in May 2021, a premier asset manager in the digital asset sector. In December 2022, we acquired the Helios bitcoin mining facility and its operations from Argo Blockchain. In February 2023, we completed the acquisition of GK8, a developer of secure technology solutions for self-custody of digital assets by institutions, from the Chapter 11 bankruptcy estates of Celsius Network, LLC and its affiliated debtors in possession (the “Celsius Estate”). In July 2024, we acquired the assets of CMF, a blockchain node operator that provides trusted, secure services to decentralized protocols across the digital asset ecosystem. Any such acquisitions of, or investments in, companies with complementary products and technologies may affect our future operating results.
Current wording
We intend to continue to use our scale, expertise and balance sheet to identify and execute on acquisitions across our business lines. A series of acquisitions has diversified our product offerings and revenue sources. This includes the acquisition of the Helios bitcoin mining facility and its operations from Argo Blockchain in December 2022. In February 2023, we completed the acquisition of GK8, a developer of secure technology solutions for self-custody of digital assets by institutions, from the Chapter 11 bankruptcy estates of Celsius Network, LLC and its affiliated debtors in possession (the “Celsius Estate”). In July 2024, we acquired the assets of CMF, a blockchain node operator that provides trusted, secure services to decentralized protocols across the digital asset ecosystem. In December 2024, we acquired Fierce, a financial application software provider that we relaunched in October 2025 as GalaxyOne. See “—Recent Developments”. Any such acquisitions of, or investments in, companies with complementary products and technologies may affect our future operating results.
Previous wording
Below is a discussion of our results of operations for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The results of operations presented below should be reviewed in conjunction with Galaxy’s consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Below is a discussion of our results of operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. The results of operations presented below should be reviewed in conjunction with Galaxy’s consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared to Three and Nine Months Ended September 30, 2024
Previous wording
The table below presents our results of operations for the three and six months ended June 30, 2025 and 2024.
Current wording
The table below presents our results of operations for the three and nine months ended September 30, 2025 and 2024.
Previous wording
Total revenues were $8.7 billion and $21.6 billion, an a decrease of $0.2 billion and an increase of $3.4 billion, or (2)% and 19%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025, was driven by a $0.2 billion decrease in Digital assets sales. Theincrease for thesix months ended June 30, 2025, was driven by a$3.4 billion increase in Digital assets sales. See explanations below. Galaxy recognizes revenue from transactions with customers, which include centralized trading platforms, and the corresponding Digital asset sales cost, on a gross basis because of its role as principal in sales and purchases of digital intangible assets. The significant volume of Galaxy’s digital intangible asset transactions results in significant Digital assets sales revenue with corresponding significant digital asset sales cost reflected in Transaction expenses. As a result, the magnitude of changes in Revenue on the Company’s statement of operations overshadow other parts of the business, but are predominantly offset by Transaction expenses in Net income.
Current wording
Total revenues were $28.4 billion and $50.0 billion, an increase of $19.8 billion and an increase of $23.3 billion, or 231% and 87%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The increase for the three months ended September 30, 2025 was primarily driven by a $19.7 billion increase in Digital assets sales. Theincrease for thenine months ended September 30, 2025 was primarily driven by a$23.1 billion increase in Digital assets sales. Galaxy recognizes revenue from transactions with customers, which include centralized trading platforms, and the corresponding Digital asset sales cost, on a gross basis because of its role as principal in sales and purchases of digital intangible assets. The significant volume of Galaxy’s digital intangible asset transactions results in significant Digital assets sales revenue with corresponding significant digital asset sales cost reflected in Transaction expenses. As a result, the magnitude of changes in Revenue on the Company’s statement of operations overshadow other parts of the business, but are predominantly offset by Transaction expenses in Net income.
Previous wording
Digital assets sales were $8.6 billion and $21.4 billion, a decrease of $0.2 billion and increase of $3.4 billion, or (3)% and 19%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025, was primarily driven lower trade volumes offset by higher digital asset prices. The increase for the six months ended June 30, 2025, was driven by the higher price of bitcoin. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment.
Current wording
Digital assets sales were $28.2 billion and $49.6 billion, an increase of $19.7 billion and increase of $23.1 billion, or 233% and 87%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The increase for the three months ended September 30, 2025, was primarily driven by increased trade volumes resulting from a significant trade execution in the third quarter of 2025, supplemented by higher average digital asset prices in 2025. The increase for the nine months ended September 30, 2025, was also driven by the significant trade execution in the third quarter of 2025 and supplemented by higher average price of digital assets in 2025. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment.
Previous wording
Sales of bitcoin, ether and tether made up 91% and 85%, versus 89% and 90% of Digital assets sales for the three and six months ended June 30, 2025 and three and six months ended June 30, 2024, respectively. Approximately 60% of Digital asset sales revenue for the three months ended June 30, 2025 was comprised of the sale of bitcoin, compared to 58% of Digital assets sales revenue for the three months ended June 30, 2024. Approximately 14% of Digital asset sales revenue for the three months ended June 30, 2025 was comprised of the sale of ether, compared to 16% of Digital assets sales revenue for the three months ended June 30, 2024. Approximately 54% of Digital asset sales revenue for the six months ended June 30, 2025 was comprised of the sale of bitcoin, compared to 61% of Digital assets sales revenue for the six months ended June 30, 2024. Approximately 13% of Digital asset sales revenue for the six months ended June 30, 2025 was comprised of the sale of ether, compared to 15% of Digital assets sales revenue for the six months ended June 30, 2024.
Current wording
Sales of bitcoin, ether and tether made up 86% and 86%, versus 87% and 89%, of Digital assets sales for the three and nine months ended September 30, 2025 and three and nine months ended September 30, 2024, respectively. Approximately 52% of Digital asset sales revenue for the three months ended September 30, 2025 was comprised of the sale ofbitcoin, compared to 51% of Digital assets sales revenue for the three months ended September 30, 2024. Approximately 15% of Digital asset sales revenue for the three months ended September 30, 2025 was comprised of the sale of ether, compared to 14% of Digital assets sales revenue for the three months ended September 30, 2024. Approximately 53% of Digital asset sales revenue for the nine months ended September 30, 2025 was comprised of the sale of bitcoin, compared to 58% of Digital assets sales revenue for the nine months ended September 30, 2024. Approximately 14% of Digital asset sales revenue for the nine months ended September 30, 2025 was comprised of the sale ofether, compared to 14% of Digital assets sales revenue for the nine months ended September 30, 2024.
Previous wording
Blockchain rewards from customers were $41.2 million and $112.3 million, an increase of $3.5 million and $64.3 million, or 9% and 134% respectively, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The increase was attributable to validator operation revenue. Galaxy launched proof of stake (“PoS”) validation infrastructure services (reflected within the Digital Assets segment) in late 2023 to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. The delegation of restricted SOL, acquired from the FTX bankruptcy estate with an initial value in excess of a billion dollars by the non-consolidated sponsored Galaxy Digital Crypto Vol Fund (the “CPO”), starting in the second quarter of 2024, and the acquisition of CMF in July 2024 contributed to the increased Blockchain rewards from customers earned in the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024. Blockchain rewards decreased in the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 due to decreased network activity, specifically on the SOL network. The net portion of the blockchain rewards retained by Galaxy earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, was between 5% and 10% as of June 30, 2025. Blockchain rewards from customers generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Blockchain rewards earned from non-customers are primarily generated from participation in various decentralized finance protocols. The yield generated from these activities are primarily driven by the value of the underlying digital asset at the time of receipt and the various incentives provided by the protocols to participants.
Current wording
Blockchain rewards from customers were $52.2 million and $164.5 million, an increase of $4.1 million and $68.4 million, or 9% and 71% respectively, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. The increase was attributable to both increased assets under stake and a higher average price of digital assets during the 2025 periods. Galaxy launched proof of stake (“PoS”) validation infrastructure services (reflected within the Digital Assets segment) in late 2023 to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. The delegation of staked digital assets to Galaxy-operated validation infrastructure by a number of digital assert treasury companies starting in the second quarter of 2025 contributed to the increased Blockchain rewards from customers earned in the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024. The net portion of the blockchain rewards retained by Galaxy earned on third party digital assets bonded to Galaxy validator nodes was between 5% and 10% as of September 30, 2025. Blockchain rewards generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Blockchain rewards earned from non-customers are primarily generated from participation in various decentralized finance protocols. The yield generated from these activities are primarily driven by the value of the underlying digital asset at the time of receipt and the various incentives provided by the protocols to participants.
Previous wording
Proprietary mining was$0.9 million and $12.2 million, a decrease of$15.4 million and $24.3 million, or (94)% and (67)%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The decrease for the three and six months ended June 30, 2025 was attributable to the elimination of proprietary mining at the
Current wording
Proprietary mining was $1.2 million and $13.4 million, a decrease of $10.3 million and $34.5 million, or 90% and 72%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The decrease for the three and nine months ended September 30, 2025 was attributable to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025 and to lower hash price that resulted from the halving of the bitcoin network in April 2024. Mining activities are reflected within the Treasury and Corporate segment.
Previous wording
Lending was$32.2 million and$59.6 million, an increase of $16.2 million and $26.9 million, or 101% and 82%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. This increase was primarily attributable to the increased size of the loan book. The average loan book size for the three and six months ended June 30, 2025 was $1.1 billion and $991.3 million compared to $536.6 million and $515.1 millionfor the three and six months ended June 30, 2024. Counterparty loan originations were $627.6 million and $1.7 billion for the three and six months ended June 30, 2025 compared to$403.3 million and $571.7 millionfor the three and six months ended June 30, 2024. External lending revenue is reflected within the Digital Assets segment.
Current wording
Lending revenues were $42.6 million and $102.2 million, an increase of $19.0 million and $45.8 million, or 81% and 81%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. This increase was primarily attributable to the increased size of the loan book. The average loan book size for the three and nine months ended September 30, 2025 was$1.8 billion and $1.3 billion compared to $668.1 million and $566.1 millionfor the three and nine months ended September 30, 2024. Counterparty loan originations were $493.2 million and $2.2 billion for the three and nine months ended September 30, 2025 compared to $825.8 million and $1.4 billionfor the three and nine months ended September 30, 2024. External lending revenue is reflected within the Digital Assets segment.
Previous wording
Net gain / (loss) on digital assets was $134.9 million and $116.7 million for the three and six months ended June 30, 2025, compared to a Net gain / (loss) on digital assets of $(22.0) million and $324.4 million for the three and six months ended June 30, 2024. The net gain on digital assets during the six months ended June 30, 2025 was driven by net gains of approximately $140.1 million on bitcoin including associated DeFi assets and net gains of approximately $39.6 million on HYPE, offset by net losses of approximately $37.0 million on certain restricted digital assets including TIA and SPEC, net losses of $22.4 million on digital assets receivable, and net losses of $7.3 million on ether including associated DeFi assets. The Company incurred a Net loss on digital assets in the first quarter of 2025 driven by net losses on ether and bitcoin of approximately $25 million. The net gain on digital assets during the three months ended June 30, 2025 was primarily driven by net gain on HYPE of $43.6 million, ether including associated DeFi assets of $54.2 million, and BTC including associated DeFi assets of $38.3 million. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which increased in value by 30% and 15%, respectively, in the three and six months ended June 30, 2025, and in ether, which increased in value by 36% in the three months ended June 30, 2025, but decreased 25% in the six months ended June 30, 2025. The net gain or loss on digital assets not measured at fair value depends on the difference in value of the underlying digital asset between the time of recognition and derecognition. Net loss on digital financial assets in the three and six months ended June 30, 2025 was driven by decreased valuations for digital assets from Galaxy’s net borrowed positions in these assets, which include certain tokenized financial instruments. Net gain / (loss) on digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the underlying activity.
Current wording
Net gain / (loss) on digital assets was$453.8 million and$570.5 million for the three and nine months ended September 30, 2025, compared to a Net gain / (loss) on digital assets of $112.0 million and $436.4 million for the three and nine months ended September 30, 2024. The net gain on digital assets during the nine months ended September 30, 2025 was driven by net gains of approximately $325.1 million on bitcoin including associated DeFi assets, net gains of approximately $122.9 million on SOL, including associated DeFi assets as well as restricted tokens, and net gains of approximately $116.6 million on ether including associated DeFi assets, partially offset by net losses of approximately $57.9 million on certain restricted digital assets including TIA and SPEC and net losses of approximately $17.2 million on digital assets receivable. The net gain on digital assets during the three months ended September 30, 2025 was primarily driven by net gains on bitcoin including associated DeFi assets of approximately $182.6 million, net gains on ether including associated DeFi assets of approximately $135.5 million, and net gains on SOL, including associated DeFi assets as well as restricted tokens of approximately $100.4 million. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which increased in value by 6% and 22%, respectively, in the three and nine months ended September 30, 2025, and in ether, which increased in value by 67% and 24%, respectively, in the three and nine months ended September 30, 2025. The net gain or loss on digital assets not measured at fair value depends on the difference in value of the underlying digital asset between the time of recognition and derecognition. Net loss on digital financial assets in the three and nine months ended September 30, 2025 was driven by decreased valuations for digital assets from Galaxy’s net borrowed positions in these assets, which include certain tokenized financial instruments. Net gain / (loss) on digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the underlying activity.
Previous wording
Net gain on investments was $195.4 million and $62.2 million for the three and six months ended June 30, 2025, respectively, compared to a Net loss on investments of $101.5 million and $38.5 million for the three and six months ended June 30, 2024, respectively. The net gain for the three months ended June 30, 2025 was primarily attributable to net unrealized gains on bitcoin ETFs, Ripple Labs, Inc. and Mt. Gox Investment Fund LP as well as realized gains on bitcoin ETFs, FTX bankruptcy claim residuals, and the sponsored Galaxy Digital Crypto Vol Fund. The net gain for the six months ended June 30, 2025 was primarily attributable to unrealized gains on Ripple Labs, Inc., the Galaxy sponsored investment funds, and Candy Digital as well as realized gains on bitcoin ETFs, Xapo and the sponsored Galaxy Digital Crypto Vol Fund. The net loss for the three months ended June 30, 2024 was primarily attributable to unrealized losses on the Company’s investments in bitcoin ETFs, Mt. Gox Investment Fund LP, the sponsored Galaxy Digital Crypto Vol Fund LLC and the Company’s seed investment in its actively managed sponsored fund Galaxy Liquid Crypto Fund, LP, partially offset by unrealized gains on short positions. The net loss for the six months ended June 30, 2024 was primarily attributable to realized losses on short positions offset by realized gains on the FTX Bankruptcy claims and unrealized gains on bitcoin ETFs, and Mt. Gox Investment Fund LP. Net gains and losses on proprietary investments are reflected in the Treasury and Corporate segment.
Current wording
Net gain on investments was $297.8 million and $360.0 million for the three and nine months ended September 30, 2025, respectively, compared to a Net gain on investments of $13.3 million and Net loss on investments of $25.2 million for the three and nine months ended September 30, 2024, respectively. The net gain for the three months ended September 30, 2025 was primarily attributable to net unrealized gains on Ripple Labs, Inc., Bullish Global and Bitcoin ETFs as well as realized gains on the sponsored Galaxy Digital Crypto Vol Fund, which holds Solana and AVAX, Bullish Global, and bitcoin ETFs. The net gain for the nine months ended September 30, 2025 was primarily attributable to unrealized gains on Ripple Labs, Inc., Bullish Global, and bitcoin ETFs as well as realized gains on bitcoin ETFs, Xapo and the sponsored Galaxy Digital Crypto Vol Fund. The net gain for the three months ended September 30, 2024 was primarily attributable to realized gains earned on the distribution of bitcoin and cash from investments including Mt. Gox Investment Fund LP, partially offset by unrealized losses on short positions. The net loss for the nine months ended September 30, 2024 was primarily attributable to realized losses on short positions partially offset by realized gains on distributions of digital assets, including bitcoin, and cash received from investments including Mt. Gox Investment Fund LP and the FTX bankruptcy claims, as well as unrealized gains on the Company’s investments in BTC ETFs and the sponsored Galaxy Digital Crypto Vol Fund LLC. Net gains and losses on proprietary investments are reflected in the Treasury and Corporate segment.
Previous wording
Net gain on derivatives trading was $64.8 million and $95.8 million, a decrease of $40.6 million and $93.1 million, or (39)% and (49)%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. Derivatives trading gains include proprietary trading and hedging activities. The decrease for the three months ended June 30, 2025 was primarily attributable toa$47.1 million decrease of realized and unrealized gains on settled and unsettled digital asset derivatives, partially offset by an increase of $17.0 million in realized and unrealized gains on settled and unsettled foreign currency derivatives. The decrease for the six months ended June 30, 2025 was primarily attributable toa$168.3 million decrease of realized gains on settled digital asset derivatives, partially offset by an increase of $63.3 million of unrealized gains on unsettled digital asset derivatives and $27.3 million in realized gains on settled interest rate derivatives. Net gain / (loss) on derivatives is reflected in both the Digital Assets and Treasury and Corporate segments dependent on the underlying activity.
Current wording
Net gain on derivatives trading was$65.4 million and$161.2 million, an increase of$49.1 million and a decrease of$44.1 million, or 301% and(21)%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively. Derivatives trading gains include proprietary trading and hedging activities. Theincrease for the three months ended September 30, 2025 was primarily attributable toa $53.0 million increase of realized and unrealized gains on settled and unsettled digital asset derivatives, partially offset by a decrease of $13.0 million in realized and unrealized gains on settled and unsettled interest rate derivatives. The decrease for the nine months ended September 30, 2025 was primarily attributable toa $52.0 million decrease of realized and unrealized gains on settled and unsettled digital asset derivatives, partially offset by a $17.1 million increase in realized and unrealized gains on settled and unsettled foreign currency derivatives. Net gain / (loss) on derivatives is reflected in both the Digital Assets and Treasury and Corporate segments dependent on the underlying activity.
Previous wording
(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $54.6 million and $64.4 millionto Net derivative gain in the three and six months ended June 30, 2025, respectively.
Current wording
(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $30.3 million and$94.7 millionto Net derivative gain in the three and nine months ended September 30, 2025, respectively.
Previous wording
(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed$34.7 million and $21.3 million to Net derivative gain in the three and six months ended June 30, 2024, respectively.
Current wording
(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $1.1 million and $22.3 million to Net derivative gain in the three and nine months ended September 30, 2024, respectively.
Previous wording
Digital assets sales costswere $8.6 billion and $21.4 billion, a decrease of $0.2 billion and an increase of $3.4 billion, or (3)% and 19%, respectively, for thethree and six months ended June 30, 2025, compared to thethree and six months ended June 30, 2024. This was primarily driven bylower trade volumes offset by higher digital asset prices. Digital assets sales costs must be analyzed in conjunction with Impairment of digital assets. As a percentage of Digital assets sales, Digital assets sales costs and Impairment of digital assets collectively were approximately 100% for the three and six months ended June 30, 2025 and 2024. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.
Current wording
Digital assets sales costswere $28.2 billion and $49.6 billion , an increase of $19.7 billion and $23.1 billion, or 233% and 87%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. This was primarily driven byincreased trade volumes resulting from a significant trade execution in the third quarter of 2025, supplemented by higher average digital asset prices in 2025. Digital assets sales costs must be analyzed in conjunction with Impairment of digital assets and Net gain/(loss) on digital assets. As a percentage of Digital assets sales and Net gain/(loss) on digital assets, Digital assets sales costs and Impairment of digital assets collectively were approximately 100% for each of the three and nine months ended September 30, 2025 and 2024. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.
Previous wording
Blockchain reward distributions were $33.4 million and $89.8 million, an increase of $3.6 million and $59.6 million, or 12% and 197%, respectively, for the three and six months ended June 30, 2025 compared to $29.8 million and $30.2 million for the three and six months ended June 30, 2024, respectively. Galaxy launched validators in 2023 (reflected within the Digital Assets segment) to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. Blockchain reward distributions represent the staking rewards earned on third party assets staked on Galaxy validators which are passed on to the third parties, net of the fees which Galaxy charges. The delegation of restricted SOL, acquired from the FTX bankruptcy estate with an initial value in excess of a billion dollars by the non-consolidated sponsored CPO, starting in the second quarter of 2024, and the acquisition of CMF in July 2024 contributed to the increased Blockchain rewards and associated Blockchain reward distributions earned in the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024. Blockchain rewards and associated Blockchain reward distributions decreased in the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 due to decreased network activity, specifically on the SOL network. The net portion of the blockchain rewards retained by Galaxy earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, was between 5% and 10% as of June 30, 2025. Blockchain reward distributions generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment.
Current wording
Blockchain reward distributions were $41.7 million and $131.5 million, an increase of $2.3 million and $62.0 million, or 6% and 89%, respectively, for the three and nine months ended September 30, 2025 compared to $39.3 million and $69.5 million for the three and nine months ended September 30, 2024, respectively. Galaxy launched validators in 2023 (reflected within the Digital Assets segment) to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. Blockchain reward distributions represent the staking rewards earned on third party assets staked on Galaxy validators which are passed on to the third parties, net of the fees which Galaxy charges. The delegation of staked digital assets to Galaxy-operated validation infrastructure by a number of digital assert treasury companies starting in the second quarter of 2025 contributed to the increased Blockchain rewards and associated Blockchain reward distributions in the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024. The net portion of the blockchain rewards retained by Galaxy earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, was between 5% and 10% as of September 30, 2025. Blockchain reward distributions generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment.
Previous wording
Borrowing costs were $41.7 million and $75.5 million, an increase of $22.9 million and $38.9 million, or 122% and 106%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily due to higher average borrowing volumes supporting increased operational activity.
Current wording
Borrowing costs were $51.5 million and $127.1 million, an increase of $24.9 million and $63.8 million, or 94% and 101%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due tohigher average borrowing volumes supporting increased operational activity.
Previous wording
Mining costs were $0.7 million and $6.3 million, a decrease of $9.7 million and $19.4 million, or (92)% and (75)%, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The decrease is attributable to the termination of mining hosting contracts during the first quarter of 2025 and the elimination of proprietary mining at the Helios site at the end of the first quarter of 2025 in anticipation of the data center conversion. Power costs make up the majority of mining business expense. Galaxy had hashrate under management (“HUM”) attributable to its remaining bitcoin mining machines of 0.2 exahash as of June 30, 2025 compared to HUMof 5.6 exahash as of June 30, 2024. Mining activities are reflected within the Treasury and Corporate segment.
Current wording
Mining costs were $0.8 million and $7.1 million, a decrease of $9.2 million and $28.6 million, or 92% and 80%, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The decrease is attributable to the cessation of mining hosting contracts during the first quarter of 2025 and the elimination of proprietary mining at the Helios site at the end of the first quarter of 2025 in anticipation of the data center conversion. Power costs make up the majority of mining business expense. Galaxy had hashrate under management (“HUM”) attributable to its remaining bitcoin mining machines of 0.2 exahash as of September 30, 2025 compared to HUMof 6.2 exahash as of September 30, 2024. Mining activities are reflected within the Treasury and Corporate segment.
Previous wording
Other transaction expenses were $7.3 million and $19.4 million, an increase of $1.0 million and $6.5 million, or 16% and 50%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. Other transaction expenses include exchange, custodial and trading fees.
Current wording
Other transaction expenses were $12.2 million and $31.7 million, an increase of $6.2 million and $12.8 million, or 103% and 68%, for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024. Other transaction expenses include exchange, custodial and trading fees.
Previous wording
Company transacted; specifically higher exposure to digital assets which convey enforceable rights to Galaxy over the underlying assets, such as digital assets from many decentralized finance protocols and wrapped tokens, duringthe three and six months ended June 30, 2025, as compared to the same period last year, resulted in higher impairment as the associated assets typically do not qualify for fair value treatment under ASU 2023-08. Impairment of digital assets includes expense associated with digital intangible assets held at lower of cost or market that were sold during the period and those digital intangible assets still held by Galaxy at the end of the period. Impairment of digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the ownership of the underlying assets.
Current wording
Impairment of digital assets was $197.7 million and $437.6 million, an increase of $89.2 million and $246.7 million, or 82% and 129%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. This increase was primarily attributable to the mix of digital intangible assets with which the Company transacted; specifically higher exposure to digital assets which convey enforceable rights to Galaxy over the underlying assets, such as digital assets from many decentralized finance protocols and wrapped tokens, duringthe three and nine months ended September 30, 2025, as compared to the same period last year, resulted in higher impairment as the associated assets typically do not qualify for fair value treatment under ASU 2023-08. Impairment of digital assets includes expense associated with digital intangible assets held at lower of cost or market that were sold during the period and those digital intangible assets still held by Galaxy at the end of the period.
Previous wording
Compensation and benefits were $65.0 million and $121.9 million, an increase of $3.7 million and a decrease of $0.4 million, or 6% and 0%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The increase for the three months ended June 30, 2025 was due to an increase in headcount and an increase of the cash settled share based deferred bonus awards liability due to an increase in Galaxy’s share price.
Current wording
Compensation and benefits were $85.0 million and $207.0 million, an increase of $27.8 million and $27.4 million, or 49% and 15%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The increase for the three months ended September 30, 2025 was due to an increase in headcount and an increase of the cash settled share based deferred bonus awards liability due to an increase in Galaxy’s share price.
Previous wording
General and administrative expenses were $19.2 million and $105.8 million, a decrease of $3.0 million and an increase $63.9 million, or (13)% and 152%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The decrease for three months ended June 30, 2025 was primarily driven by a decrease in depreciation and amortization taken on mining equipment. The increase for the six months ended June 30, 2025 was primarily driven by loss on disposal and impairment of mining equipment of $57.0 million incurred during the first quarter of 2025. Depreciation and amortization of $7.5 million and $20.1 million was included in General and administrative expenses for the three and six months ended June 30, 2025, which decreased by $3.5 million and $0.4 million compared to $11.0 million and $20.5 million for the three and six months ended June 30, 2024,.
Current wording
General and administrative expenses were $58.7 million and $164.5 million, an increase of $34.8 million and an increase of $98.6 million, or 146% and 150%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The increase for the three months ended September 30, 2025 was primarily driven by additional impairment of $38.0 million on proprietary mining equipment and infrastructure. The increase for the nine months ended September 30, 2025 was primarily driven by loss on disposal and impairment of mining equipment of $95.1 million incurred during the period. Depreciation and amortization of $7.4 million and $27.5 million was included in General and administrative expenses for the three and nine months ended September 30, 2025, which decreased by $5.6 million and $6.0 million compared to $13.0 million and $33.5 million for the three and nine months ended September 30, 2024 due to the lower cost basis and write-off of mining equipment and infrastructure in anticipation of the data center conversion.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•Galaxy’s Asset Management ETFs include a suite of passive and active products developed in partnership with leading asset managers in the U.S., Brazil, Canada, and Europe. Galaxy’s Asset Management passive ETFs feature regulated, spot digital asset ETFs, while its active ETFs provide exposure to digital assets and other
Current report — wording carried from elsewhere
•In August 2025, Galaxy and CoreWeave entered into the Phase II Lease Agreement and the Phase III Option Agreement, which together are expected to increase CoreWeave’s contracted capacity at the Helios data center campus to 526 MW of critical IT load by 2028.
Current report — wording carried from elsewhere
We believe Adjusted EBITDA provides investors with additional useful information in evaluating Galaxy’s operating performance, as well as a useful measure for period-to-period comparisons of our business performance.
Current report — wording carried from elsewhere
The following table presents a reconciliation of Adjusted gross profit to the most directly comparable GAAP measure, revenues and gains / (losses) from operations:
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Our Data Centers operating business segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, is developing 133 MW of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave Inc. (“CoreWeave”). The retrofit of Helios will be completed in phases, with the full 133 MW of critical IT load expected to be delivered by the end of the first half of 2026. ERCOT has also approved an additional 600 MW of gross power capacity at our Helios campus, which will support the committed incremental 393 MW under the Phase II and Phase III Option Agreements with CoreWeave, and is expected to be delivered starting in 2027.
Previous report — wording carried elsewhere
•In June 2025, the Company and certain selling stockholders sold 35,980,967 shares of Class A common stock in an underwritten public offering, of which 26,400,00 shares were offered by the Company and the remaining sold by the selling stockholders (including pursuant to the underwriter's option to purchase additional shares), at an offering price of $19.00 per share.
Previous report — wording carried elsewhere
Adjusted EBITDA does not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry.
Previous report — wording carried elsewhere
•Impairment of digital assets: Impairment loss from digital intangible assets which have been marked to the lower of cost or lowest observable fair value in the current period.
Previous report — wording carried elsewhere
Helios site at the end of the first quarter of 2025 and to lower hash price that resulted from the halving of the bitcoin network in April 2024. Mining activities are reflected within the Treasury and Corporate segment.