Galaxy Digital Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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, 2026 · Filed Nov 9, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001859392-26-000091
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001859392-26-000112
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 152 previous paragraphs and 163 current paragraphs.
80 unchanged; 59 reworded; 22 added; 11 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 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 (22)
Current report
We have expanded our data center development pipeline in Texas. At our Helios campus, we have submitted a 1 GW load request, which remains subject to ERCOT’s interconnection process and approval, and have identified the potential for an additional 1 GW of expansion. We also acquired two additional sites, Caspian and Selene, with potential power capacity of approximately 700 MW and 900 MW, respectively, subject to ERCOT’s interconnection process. In addition, we entered into a development agreement with the city of McGregor, Texas, to acquire approximately 500 acres in the McGregor Industrial Park for the development of our Merlin campus, for which we have secured an agreement for approximately 74 MW of capacity in the initial phase, with the potential to expand to approximately 500 MW as the utility upgrades transmission infrastructure. Including the potential expansion at Helios and these sites, our total potential power pipeline exceeds 5.7 GW.
Current report
Financial and Business Highlights
Current report
•Total equity was $3.0 billion and cash and cash equivalents, stablecoin, and U.S. Treasury holdings were $4.9 billion as of September 30, 2026. These gross holdings include amounts held for project construction and debt service and do not represent funds available solely for general corporate purposes.
Current report
Fee revenue was $19.1 million and $58.8 million, a decrease of $85.5 million and a decrease of $74.3 million, or 82% and 56%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2026, the decrease was primarily attributable to lower investment banking fees.
Current report
Investment banking fees were$2.1 million and$6.2 million for the three and nine months ended September 30, 2026, respectively, compared to$85.2 million and$90.0 million in the corresponding periods in 2025, attributed to the Forward Industries, Inc. transaction completed in the third quarter of 2025. Lower investment banking fees contributed to the year-over-year decreases in fee revenue.
Current report
Blockchain rewards from non-customers were$0.1 million and$0.9 million for the three and nine months ended September 30, 2026, respectively, compared to$2.6 million and$13.2 million in the corresponding periods in 2025, decreases of$2.5 million and$12.3 million, or 96% and 93%, respectively. These rewards include amounts earned from decentralized finance protocols and third-party staking infrastructure, and fluctuate based on the Company’s participation on various decentralized finance venues.
Current report
Compensation and benefits were $82.2 million and $249.7 million, a decrease of $2.9 million and an increase of $42.8 million, or 3% and 21%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 reflected lower accrued bonus expenses and lower tracking-share and stock-appreciation-right expense due to lower share prices, partially offset by severance costs. For thenine months ended September 30, 2026, the increase reflected higher compensation due to increased headcount and severance costs.
Current report
Depreciation and amortization expenses were $21.9 million and $36.9 million, an increase of $14.5 million and an increase of $9.4 million, or 196% and 34%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The increase for the three and nine months ended September 30, 2026 was primarily driven by Data Center assets placed in service, including the ramp-up of Helios Phase I. For the nine-month period, higher depreciation and amortization in the Data Centers segment was partially offset by lower expense in the Digital Assets and Treasury and Corporate segments.
Current report
Technology expense was $17.3 million and $48.3 million for the three and nine months ended September 30, 2026, respectively, compared to $11.5 million and $33.0 million for the three and nine months ended September 30, 2025, an increase of $5.8 million and $15.3 million, or 50% and 46%, respectively. The increases included higher software and hosting infrastructure expense as well as increase in technology consulting and trading-technology consulting expenses.
Current report
Professional fees were $13.9 million and $43.9 million for the three and nine months ended September 30, 2026, respectively, compared to $14.5 million and $58.0 million for the three and nine months ended September 30, 2025, a decrease of $0.6 million and $14.1 million, or 4% and 24%, respectively. Legal and compliance fees were lower in both current year periods, which were offset by increases in professional fees associated with Data Centers operations.
Current report
Notes interest expense was $93.4 million and $136.1 million for the three and nine months ended September 30, 2026, respectively, compared to $14.4 million and $42.7 million for the three and nine months ended September 30, 2025, increases of $79.0 million and $93.3 million, or 548% and 218%, respectively. The increases reflected interest expense on the 2031 Secured Notes (defined below) issued in July 2026 and interest associated with Helios Phase I assets for which capitalization ceased as the assets were placed in service.
Current report
Other income, net was $28.9 million and $30.3 million for the three and nine months ended September 30, 2026, respectively, compared to $0.7 million and $2.3 million for the three and nine months ended September 30, 2025, increases of $28.2 million and $28.1 million, respectively. Other income in the third quarter of 2026 included interest income on U.S. Treasuries as well as bank interest on corporate cash.
Current report
Income tax expense was $21.5 million for the three months ended September 30, 2026, compared to $40.1 million for the three months ended September 30, 2025, a decrease of $18.6 million. For thenine months ended September 30, 2026, we recognized an income tax benefit of $39.6 million, compared to an expense of $45.5 million for the nine months ended September 30, 2025, an $85.1 million change. The year-to-date benefit included certain investment tax credits related to the Data Centers segment recognized in the second quarter of 2026.
Current report
Galaxy generated Netincome of$322.8 million and $21.1 million for the three and nine months ended September 30, 2026 compared to Net income of $505.1 million and Net income of $240.3 million for the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 was primarily driven by a $321.4 million decrease in net gains on digital assets and a $79.0 million increase in notes interest expense, partially offset by a $95.4 million decrease in impairment of digital assets, an $88.7 million increase in net gains on investments and $79.1 million of data center leasing revenue. The decrease for the nine months ended September 30, 2026 was primarily driven by a $300.6 million decrease in net gains on investments, a $130.4 million increase in impairment of digital assets and a $93.3 million increase in notes interest expense, partially offset by an $85.1 million favorable change in income taxes, $97.9 million of data center leasing revenue and a $78.2 million increase in net gains on digital assets.
Current report
On July 28, 2026, Galaxy Helios Data Centers II LLC (“Galaxy Helios II”), an indirect wholly owned subsidiary of GDH LP, issued $3.5 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031 (the “2031 Secured Notes”) in a private offering. The 2031 Secured Notes were issued at a price equal to 99.500% of their principal amount, resulting in an aggregate discount of $17.5 million. On initial recognition of the 2031 Secured Notes, debt issuance costs of $34.0 million were recognized as a reduction of Notes payable, and are being expensed over the term of the debt. The unamortized debt issuance cost as of September 30, 2026 was $32.8 million. Galaxy is required to use the proceeds from the issuance of the 2031 Secured Notes to finance a portion of the development and construction of two data center buildings at the Helios campus, and to fund debt service reserves. Total notes payable, including current and noncurrent portions and net of unamortized discounts and issuance costs, was $6.7 billion at September 30, 2026, compared to $2.9 billion at December 31, 2025. This project financing and related cash and Treasury holdings should be considered together with construction commitments, debt-service requirements and limitations on distributions from project subsidiaries when assessing liquidity available for general corporate purposes.
Current report
Nine Months Ended September 30, 2026
Current report
Nine Months Ended September 30, 2025
Current report
Our contractual commitments and obligations, including unfunded investment commitments and the project completion guarantees provided by GDH LP in connection with the Credit Agreement and the issuance of the 2031 Secured Notes, are described in Notes 8, 15 and 16 to the condensed consolidated interim financial statements. See also “Contractual Obligations and Commitments” below.
Current report
(4)The notes payable amounts represent contractual principal and exclude unamortized discounts and debt issuance costs. Scheduled amortization of the 2031 Secured Notes is based on the anticipated rent commencement date under the related data center lease and may change if that date changes.
Current report
The table above excludes our liability under the tax receivable agreement of $154.8 million as of September 30, 2026, of which $83.8 million is payable to related parties, which is included in Other non-current liabilities. The amount and timing of payments under the tax receivable agreement are dependent on future events, including the timing of exchanges of LP Units and Class B common stock and our generation of sufficient taxable income. See Note 19 to the condensed consolidated interim financial statements.
Current report
Lessor Accounting for Data Center Leases. During 2026, we commenced recognizing revenue under our long-term data center lease agreements at the Helios campus, which are classified as operating leases. Determining the lease commencement date, the lease term (including the evaluation of renewal and termination options), lease classification, and the allocation of consideration between lease and non-lease components requires significant judgment. Fixed lease payments, including amounts received in advance, are recognized on a straight-line basis over the lease term. Changes in these judgments could materially affect the timing and amount of Data center leasing revenue, which was $79.1 million and $97.9 million for the three and nine months ended September 30, 2026, respectively.
Current report
Capitalized Interest. We capitalize interest cost on qualifying assets under construction at the Helios campus. Determining qualifying expenditures, the capitalization period (including when construction is substantially complete) and the capitalization rate requires judgment. We capitalized $20.7 million and $62.8 million of interest cost for the three and nine months ended September 30, 2026, respectively.
Removed paragraphs (11)
Previous report
Financial and Operational Highlights
Previous report
•Total equity was $2.7 billion and cash and stablecoin holdings were $2.5 billion as of June 30, 2026.
Previous report
Recent Developments
Previous report
On July 28, 2026, Galaxy, through its wholly-owned subsidiary, Galaxy Helios Data Centers II LLC (“Galaxy Data Centers”), completed the issuance and sale of $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due in 2031 (the “Notes”) in a private offering exempt from registration under Rule 144A and Regulation S of the Securities Act. In connection with the Notes, Galaxy Data Centers, Galaxy Helios II LLC, a wholly owned direct subsidiary of Galaxy Data Centers (the “Guarantor”), and Galaxy Helios II Qualified Opportunity Zone Business, LLC, the direct parent company of the Company entered into an indenture (the “Indenture”) with The Bank of New York Mellon, as trustee and collateral agent. The proceeds of the Notes will be used to finance the construction of two data center buildings at the Helios campus (the “Project”). The Notes bear interest at a rate of 9.875% per annum, payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027, and will mature on August 1, 2031, unless earlier redeemed or repurchased in accordance with their terms. The Notes will amortize on a semi-annual basis on February 1 and August 1 at the rates specified in the Indenture, with the first payment date to occur at least ten months after the completion of the Project. The Notes are fully and unconditionally guaranteed by the Guarantor, and will constitute the senior secured obligations of Galaxy Data Centers and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of Galaxy Data Centers and the Guarantor, other than certain excluded property and (ii) all equity interests of Galaxy Data Centers held by the direct parent company of Galaxy Data Centers. In connection with the Notes, GDH LP provided a customary, uncapped completion guarantee with respect to the Project.
Previous report
Fee revenue was $18.1 million and $39.7 million, an increase of $1.1 million and an increase of $11.2 million, or 6% and 39%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. For the three and six months ended June 30, 2026, the increase was primarily attributable to additional management service fees earned during the period.
Previous report
Compensation and benefits were $84.0 million and $167.5 million, an increase of $19.0 million and an increase of $45.6 million, or 29% and 37%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was due to an increase in headcount.
Previous report
Depreciation and amortization expenses were $9.2 million and $15.0 million, an increase of $1.7 million and decrease of $5.1 million, or 23% and 25%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for three months ended June 30, 2026 was primarily driven by Data Center assets placed in service in the period. The decrease for six months ended June 30, 2026 was primarily driven by the lower cost basis of assets currently in use compared to 2025 as well as the write-off of certain mining assets in 2025.
Previous report
Galaxy generated Net losses of $85.3 million and $301.6 million for the three and six months ended June 30, 2026 compared to Net income of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025. The primary drivers of Netloss for the three and six months ended June 30, 2026 were losses in investments and digital assets held in our Treasury and Corporate segment. Galaxy transacts significantly in bitcoin which decreased in value by 14% and 33% during the three and six months ended June 30, 2026, and ether which decreased in value by 25% and 47% during the three and six months ended June 30, 2026. The primary drivers of Net income for the three months ended June 30, 2025 were net income on our investment and digital assets portfolios, partially offset by operating expenses and the fluctuation of the value of the embedded derivative on the Exchangeable Notes (which ceased to exist upon the May 13th, 2025 reorganization). The primary drivers of Net loss for the six months ended June 30, 2025 were impairment of our mining equipment in the first quarter and operating expenses.
Previous report
Six Months Ended June 30, 2026
Previous report
Six Months Ended June 30, 2025
Previous report
As of June 30, 2026 and December 31, 2025, we did not have any other off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our results of operations or financial position.
Reworded paragraphs (59)
Previous wording
Our Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded funds. Galaxy has relationships with approximately 1,700 trading counterparties spanning both crypto-native and traditional finance, with approxi mately $7.6 billion in assets across our platform as of June 30, 2026.
Current wording
Our Digital Assets operating business segment provides a range of products and services across digital asset markets, including trading, financing, asset management, staking, tokenization, and wallet and custody infrastructure. Galaxy has relationships with more than 1,700 trading counterparties spanning both crypto-native and traditional finance, with approximately $11.0 billion in assets across our platform as of September 30, 2026.
Previous wording
•Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $7.6 billion in assets across the platform as of June 30, 2026. Our Asset Management business manages a diverse suite of ETF and Alternatives strategies, taking the investing DNA that has been core to Galaxy since our founding and externalizing it for institutional allocators and individuals. Our Infrastructure Solutions business enables our clients to participate in an increasingly on-chain and decentralized future through staking, tokenization and custodial technology.
Current wording
•Our Asset Management & Infrastructure Solutions business, which encompasses our investment management division and blockchain infrastructure products and services, with approximately$11.0 billion in assets across the platform as of September 30, 2026. Our Asset Management business manages a diverse suite of ETF and Alternatives strategies, taking the investing DNA that has been core to Galaxy since our founding and externalizing it for institutional allocators and individuals. Our Infrastructure Solutions business enables our clients to participate in an increasingly on-chain and decentralized future through staking, tokenization and custodial technology. We also serve as a design partner and infrastructure provider to financial institutions to help advance their digital asset infrastructure for institutional markets.
Previous wording
Our Data Centers operating business segment develops and operates 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, has developed the first 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc. (“CoreWeave”) under a 15-year lease agreement (the “Lease Agreement”) entered into in April 2025. In total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus. In addition to the initial 200 MW described above, 600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the “Phase II Lease”) and Phase III (the “Phase III Lease”) leases pursuant to the Lease Agreement, and is expected to be delivered starting in the second quarter of 2027. The remaining 830 MW of approved power capacity remains available to be contracted.
Current wording
Our Data Centers operating business segment develops and operates AI/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, has developed the first 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc. (“CoreWeave”) under a 15-year lease agreement (the “Lease Agreement”) entered into in April 2025. In total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus. In addition to the initial 200 MW described above, 600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II and Phase III leases pursuant to the Lease Agreement, which is expected to be delivered starting in the second quarter of 2027. The remaining 830 MW of approved power capacity remains available to be contracted.
Previous wording
•Galaxy generated Net loss of $85.3 million and Net loss of $301.6 million for the three and six months ended June 30, 2026, respectively, compared to Netincome of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025, respectively.
Current wording
•Galaxy generated Net income of $322.8 million and $21.1 million for the three and nine months ended September 30, 2026, respectively, compared to Netincome of $505.1 million and $240.3 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
•Galaxy generated Adjusted EBITDA of $(77.3) million and $(264.8) million for the three and six months ended June 30, 2026, respectively, compared to Adjusted EBITDA of $211.1 million and $(78.4) million for the three and six months ended June 30, 2025, respectively.
Current wording
•Galaxy generated Adjusted EBITDA of $454.7 million and $190.0 million for the three and nine months ended September 30, 2026, respectively, compared to Adjusted EBITDA of $629.4 million and $551.1 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
Galaxy’s business generates revenue through a variety of channels, creating a diversified and resilient cash flow base that is not directly correlated to any single asset, token, or business line. Within the Digital Assets operating business segment, the Global Markets business earns revenue from spreads on client trades, net interest income from lending activities, and fees from M&A and capital raising transactions. Galaxy’s Asset Management & Infrastructure Solutions business generates management and performance fees on assets under management, fees on assets staked to our validator nodes and licensing fees from institutions who leverage our proprietary self-custody technology.
Current wording
Galaxy’s business generates revenue through a variety of channels, creating a diversified and resilient cash flow base that is not directly correlated to any single asset, token, or business line. Within the Digital Assets operating business segment, the Global Markets business earns revenue from spreads on client trades, net interest income from lending activities, and fees from M&A and capital raising transactions. Galaxy’s Asset Management & Infrastructure Solutions business generates management and performance fees on assets under management, fees on assets staked to our validator nodes, licensing fees from institutions who leverage our proprietary self-custody technology and contracted revenues from infrastructure mandates with financial institutions.
Previous wording
Within our Data Centers operating business segment, we expect the majority of revenue to come from long-term lease agreements with cloud service provider clients that Galaxy may obtain from time to time for HPC. We expect this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy, uncorrelated to the prices of digital assets, particularly as we continue to deliver critical IT load for CoreWeave (and potentially other future tenants). We recognized our first lease revenue from this segment in the second quarter.
Current wording
Within our Data Centers operating business segment, the majority of revenue comes from long-term lease agreements with cloud service provider clients that Galaxy may obtain from time to time for HPC. We expect this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy, uncorrelated to the prices of digital assets, particularly as we continue to deliver critical IT load for CoreWeave (and potentially other future customers). We recognized our first lease revenue from this segment in the second quarter of 2026.
Previous wording
We also earn revenue by managing a diversified portfolio of digital assets, venture, private equity, and fund investments on our balance sheet, as well as through our bitcoin mining operations, all of which are reported within the Treasury and Corporate segment.
Current wording
We also earn revenue by managing a diversified portfolio of digital assets, venture, private equity, and fund investments on our balance sheet, as well as through our remaining bitcoin mining operations, all of which are reported within the Treasury and Corporate segment.
Previous wording
Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, and (vii) other discrete items which are not individually significant 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 and related expense, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) interest income earned on the unspent proceeds of the 9.875% Senior Secured Notes due 2031 (the “2031 Secured Notes”), and (viii) other items 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 does not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry. 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
This non-GAAP financial measure does not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry. 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. Beginning in 2026, Income tax expense / (benefit) is allocated to each segment; for the three and nine months ended September 30, 2025, Income tax expense / (benefit) is presented entirely within Treasury and Corporate. Because Income tax expense / (benefit) is added back in arriving at Adjusted EBITDA, this difference in presentation does not affect segment Adjusted EBITDA for either period.
Previous wording
(1)Includes non-operating income and expenses, as well as other discrete items not indicative of ongoing operating performance, none of which were individually significant.
Current wording
(1)Other includes non-operating income and expenses, as well as other items not indicative of ongoing operating performance, such as interest income earned on the unspent proceeds of the 2031 Secured Notes and non-recurring restructuring charges.
Previous wording
The launch of Bitcoin ETFs in 2024 coupled with a shift in U.S. government policy in 2025 enabled wider institutional adoption of bitcoin and other digital assets through increased market access and regulatory clarity. 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. According to the National Cryptocurrency Association 2026 State of Crypto Holders Report, the number of U.S. cryptocurrency owners was over 67 million, or one in four American adults. Additionally, in a report released by EY Parthenon in March 2026, 68% of institutional investors intended to increase their allocations to digital assets in 2026. Institutional engagement has increasingly extended beyond directional exposure to the tokenization of real-world assets, including tokenized U.S. Treasuries, money market funds, private credit, and, more recently, tokenized equities and securities. Industry trackers estimate that the aggregate value of tokenized real-world assets (excluding stablecoins) grew to approximately $33.0 billion as of June 30, 2026, up from roughly $12.1 billion a year earlier, with growth driven primarily by institutional rather than retail participation. Bitcoin's price nonetheless remains volatile; its trailing five-year compounded annual growth rate was approximately 10.9% as of June 30, 2026, reflecting a meaningful drawdown over the trailing twelve months. 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 launch of Bitcoin ETFs in 2024 coupled with a shift in U.S. government policy in 2025 enabled wider institutional adoption of bitcoin and other digital assets through increased market access and regulatory clarity. 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. According to the National Cryptocurrency Association 2026 State of Crypto Holders Report, the number of U.S. cryptocurrency owners was over 67 million, or one in four American adults. Additionally, in a report released by EY Parthenon in March 2026, 68% of institutional investors intended to increase their allocations to digital assets in 2026. Institutional engagement has increasingly extended beyond directional exposure to the tokenization of real-world assets, including tokenized U.S. Treasuries, money market funds, private credit, and, more recently, tokenized equities and securities. Industry trackers estimate that the aggregate value of tokenized real-world assets (excluding stablecoins) grew to approximately $38.6 billion as of September 30, 2026, up from roughly $23.8 billion a year earlier, with growth driven primarily by institutional rather than retail participation. Bitcoin's price nonetheless remains volatile; its trailing five-year compounded annual growth rate was approximately 15.0% as of September 30, 2026, reflecting a meaningful drawdown over the trailing twelve months. 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 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. In July 2024, we acquired the assets of CMF, a blockchain node operator that provides trusted, secure services to decentralized protocols across the digital assets ecosystem. In December 2024, we acquired Fierce, a financial application software provider that we relaunched in October 2025 as GalaxyOne. 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. In
Previous wording
Our financial prospects and continued growth depend in part on our ability to continue to operate in a manner compliant with regulations. Our business is subject to the oversight of numerous regulatory agencies in the U.S. and other jurisdictions, including, but not limited to, FinCEN, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). In July 2025, the GENIUS Act was signed into law, establishing the first federal framework for payment stablecoins, and the U.S. House of Representatives passed the CLARITY Act, which would delineate SEC and CFTC jurisdiction over digital assets. Comprehensive market-structure legislation remained under consideration in the Senate as of June 30, 2026. While these developments have provided greater regulatory clarity, the framework governing digital assets continues to evolve, and many of these agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Our strategy is to continue to invest in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. We primarily service institutional customers potentially mitigating some of the compliance risks. However, as the industry matures, we may experience fluctuations in our operating results as a result of changes in the laws and regulations that are applicable to our business.
Current wording
Our financial prospects and continued growth depend in part on our ability to continue to operate in a manner compliant with regulations. Our business is subject to the oversight of numerous regulatory agencies in the U.S. and other jurisdictions, including, but not limited to, FinCEN, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). In July 2025, the GENIUS Act was signed into law, establishing the first federal framework for payment stablecoins, and the U.S. House of Representatives passed the CLARITY Act, which would have delineated SEC and CFTC jurisdiction over digital assets, but which failed to advance in the Senate in September 2026. While these developments have provided greater regulatory clarity, the framework governing digital assets continues to evolve, and many of these agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Our strategy is to continue to invest in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. We primarily service institutional customers potentially mitigating some of the compliance risks. However, as the industry matures, we may experience fluctuations in our operating results as a result of changes in the laws and regulations that are applicable to our business.
Previous wording
Operating expenses consist of transaction expenses, impairment of digital assets, compensation and benefits, general and administrative, depreciation and amortization, technology, professional fees, and notes interest expense.
Current wording
Operating expenses consist of transaction expenses, impairment of digital assets, compensation and benefits, general and administrative, depreciation and amortization, technology, and professional fees. Notes interest expense is presented within Other income / (expense).
Previous wording
Below is a discussion of our results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The results of operations presented below should be reviewed in conjunction with our condensed consolidated interim 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, 2026 compared to the three and nine months ended September 30, 2025. The results of operations presented below should be reviewed in conjunction with our condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Current wording
Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025
Previous wording
The table below presents our results of operations for the three and six months ended June 30, 2026 and 2025.
Current wording
The table below presents our results of operations for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Total revenues were $8.6 billion and $18.6 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Thedecrease for the three months ended June 30, 2026 was primarily driven by a $0.1 billion decrease in Digital assets sales. Thedecrease for thesix months ended June 30, 2026, was driven by a $3.0 billion decrease 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 / (loss).
Current wording
Total revenues were $8.1 billion and $26.7 billion, a decrease of $20.3 billion and a decrease of $23.4 billion, or 72% and 47%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. Thedecrease for the three months ended September 30, 2026 was primarily driven by a $20.2 billion decrease in Digital assets sales. Thedecrease for thenine months ended September 30, 2026, was driven by a $23.2 billion decrease 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 / (loss).
Previous wording
Digital assets sales were $8.5 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Thedecrease for thethree and six months ended June 30, 2026 was driven primarily by lower trading volumes and decreased digital asset prices. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment.
Current wording
Digital assets sales were $8.0 billion and $26.4 billion, a decrease of $20.2 billion and $23.2 billion, or 72% and 47%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment. The decrease was primarily driven by a significant trade execution in the third quarter of 2025 as well as higher average digital asset prices in 2025.
Previous wording
Sales of bitcoin, ether and tether made up 87% and 84%, versus 91% and 85% of Digital assets sales for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025, respectively. Approximately 48% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of thesale of bitcoin, compared to 60% of Digital assets sales revenue for the three months ended June 30, 2025. Approxim ately 9% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of the sale of ether, compared to 14% of Digital assets sales revenue for the three months ended June 30, 2025. Approximately 52% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of bitcoin, compared to 54% of Digital assets sales revenue for the six months ended June 30, 2025. Approximately 8% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of ether, compared to 13% of Digital assets sales revenue for the six months ended June 30, 2025.
Current wording
Sales of bitcoin, ether and tether made up 84% of digital asset sales forthree and nine months ended September 30, 2026, versus 86% of Digital assets sales for the three and nine months ended September 30, 2025, respectively. Approximately 48% of Digital asset sales revenue for the three months ended September 30, 2026 was comprised of the sale of bitcoin, compared to 52% of Digital assets sales revenue for the three months ended September 30, 2025. Approximately 8% of Digital asset sales revenue for the three months ended September 30, 2026 was comprised of the sale of ether, compared to 15% of Digital assets sales revenue for the three months ended September 30, 2025. Approximately 51% of Digital asset sales revenue for the nine months ended September 30, 2026 was comprised of the sale of bitcoin, compared to 53% of Digital assets sales revenue for the nine months ended September 30, 2025. Approximately 8% of Digital asset sales revenue for the nine months ended September 30, 2026 was comprised of the sale of ether, compared to 14% of Digital assets sales revenue for the nine months ended September 30, 2025.
Previous wording
Blockchain rewards from customers were $17.7 million and $45.3 million, a decrease of $23.4 million and $66.9 million, or 57% and 60%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. These decreases were primarily attributable to a lower average price of digital assets during the 2026 periods. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the Galaxy Digital Crypto Vol Fund (“CPO”), as of June 30, 2026. 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 is 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 $19.5 million and $64.8 million, a decrease of $32.7 million and $99.6 million, or 63% and 61%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively. These decreases were primarily attributable to a lower average price of digital assets during the 2026 periods. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the Galaxy Digital Crypto Vol Fund (“CPO”), as of September 30, 2026. 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 is 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 $2.6 million and $3.3 million, an increase of $1.6 million and a decrease of $8.9 million, or 171% and 73%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily related to more favorable mining conditions in the period. The decrease for the six months ended June 30, 2026 was attributable to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025. The Company’s remaining mining activities are reflected within the Treasury and Corporate segment.
Current wording
Proprietary mining was $2.0 million and $5.3 million, an increase of $0.9 million and a decrease of $8.1 million, or 73% and 60%, for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The year-to-date decreases are attributable to proprietary mining at the Helios site that operated through the end of the first quarter of 2025. The Company’s remaining mining activities are reflected within the Treasury and Corporate segment.
Previous wording
Interest income was $29.4 million and $56.2 million, a decrease of $2.8 million and a decrease of $3.4 million, or 9% and 6%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This decrease was primarily attributable to a reduction in average interest rate, partially offset by an increase in size of the loan book. The average loan book size for the three and six months ended June 30, 2026 was$1.4 billion compared to$1.1 billion and $991.3 million for the three and six months ended June 30, 2025. External lending revenue is reflected within the Digital Assets segment.
Current wording
Interest income was $37.0 million and $93.2 million, a decrease of $5.6 million and a decrease of $9.0 million, or 13% and 9%, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. This decrease was primarily attributable to a reduction in average interest rate, partially offset by an increase in size of the loan book for thenine months ended September 30, 2026 . The average loan book size for the three and nine months ended September 30, 2026 was $1.8 billion and$1.6 billion compared to$1.8 billion and $1.3 billion for the three and nine months ended September 30, 2025. External lending revenue is reflected within the Digital Assets segment.
Previous wording
Data center operator revenue was $5.8 million for the three and six months ended June 30, 2026, attributable to pass-through operating costs related to the CoreWeave lease.
Current wording
Data center operator revenue was$9.9 million and$15.7 million for the three and nine months ended September 30, 2026, respectively, attributable to pass-through operating costs related to the CoreWeave lease.
Previous wording
Net gain / (loss) on digital assets was $237.3 million and $516.3 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain / (loss) on digital assets of $134.9 million and $116.7 million for the three and six months ended June 30, 2025, respectively. The net gain on digital assets during the three months ended June 30, 2026 was primarily driven by net gains of approximately $95.5 million on ether including associated DeFi assets, net gains of approximately $57.5 million on HYPE, including associated DeFi assets as well as restricted tokens, and net gains of approximately $46.4 million on bitcoin including associated DeFi assets. The net gain on digital assets during the six months ended June 30, 2026 was primarily driven by net gains of approximately $193.5 million on bitcoin, including associated DeFi assets, net gains of approximately $87.0 million on HYPE, including associated DeFi assets, and net gains of approximately $70.9 million on ether, including associated DeFi assets. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which decreased in value by 14% and 33% in the three and six months ended June 30, 2026, and in ether, which decreased in value by 25% and 47% in the three and six months ended June 30, 2026, respectively. 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 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 $132.4 million and $648.7 millionfor the three and nine months ended September 30, 2026, respectively, compared to a Net gain / (loss) on digital assets of $453.8 million and $570.5 million for the three and nine months ended September 30, 2025, respectively. The netgain on digital assets during the three months ended September 30, 2026 was primarily driven by net gains of approximately$42.0 million on HYPE including associated DeFi assets, net gains of approximately $34.1 million on bitcoin, including associated DeFi assets, and net gains of approximately $33.5 million on ether including associated DeFi assets. The net gain on digital assets during the nine months ended September 30, 2026 was primarily driven by net gains of approximately $227.6 million on bitcoin, including associated DeFi assets, net gains of approximately $129.0 million on HYPE, including associated DeFi assets, and net gains of approximately $115.1 million on ether, including associated DeFi assets. Galaxy transacts in bitcoin, which increased in value by 43% and decreased in value by 5% in the three and nine months ended September 30, 2026, respectively, and in ether, which increased in value by 71% and decreased in value by 10% in the three and nine months ended September 30, 2026, respect ively. The $321.4 million decrease for the three months ended September 30, 2026 compared to the prior year period was primarily attributable to a $236.9 million decrease in net gains on digital intangible assets measured at fair value and a $113.1 million decrease in net gains on digital intangible assets not measured at fair value, partially offset by a $28.6 million increase in net gains on digital financial assets measured at fair value. The $78.2 million increase for the nine months ended September 30, 2026 was primarily attributable to a $78.1 million increase in net gains on digital intangible assets measured at fair value and a $36.3 million increase in net gains on digital financial assets measured at fair value, partially offset by a $36.2 million decrease in net gains on digital intangible assets not measured at fair value. 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 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 loss on investments was $114.5 million and $327.1 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain on investments of $195.4 million and $62.2 million for the three and six months ended June 30, 2025, respectively. The net loss for the three months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs and private investments. The net loss for the six months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs, private investments and Galaxy sponsored investment funds. 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.
Current wording
Net gain on investments was $386.5 million and $59.4 million for the three and nine months ended September 30, 2026, respectively, compared to a Net gain on investments of $297.8 million and $360.0 million for the three and nine months ended September 30, 2025, respectively. The net gain for the three months ended September 30, 2026 included $411.9 million of net unrealized gains, partially offset by $25.4 million of net realized losses. The net gain for thenine months ended September 30, 2026 included $44.8 million of net unrealized gains and $14.6 million of net realized gains. The net gain for the nine months ended September 30, 2026 was primarily attributable to net unrealized gains on private investments such as Etched.ai, Ripple Labs Inc. (“Ripple”), and Galaxy Venture Fund, as well as bitcoin ETFs. The net gain for the three months ended September 30, 2026 was primarily attributable to net unrealized gains on bitcoin ETFs, Etched.ai, Forward Industries, Inc. and Ripple. The net gain for the three months ended September 30, 2025 was primarily attributable to net unrealized gains on bitcoin ETFs, Ripple, 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 nine months ended September 30, 2025 was primarily attributable to unrealized gains on Ripple, 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.
Previous wording
Netgain on derivatives trading was $11.6 million and $116.9 million, a decrease of $53.2 million and an increase of $21.1 million, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively. Derivatives trading gains include proprietary trading and hedging activities. The decrease for the three months ended June 30, 2026 was primarily attributable to a $72.1 million increase in realized and unrealized losses on settled and unsettled digital asset derivatives, partially offset by a $42.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives. The increase for the six months ended June 30, 2026 was primarily attributable to a $59.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives, partially offset by $26.0 million and $20.7 million increases in realized and unrealized losses on settled and unsettled foreign currency and interest rate derivatives, respectively. 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 $32.8 million and $149.8 million, a decrease of $32.6 million and a decrease of $11.5 million, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively. Derivatives trading gains include proprietary trading and hedging activities. The decrease for the three months ended September 30, 2026 was primarily attributable to a $24.6 million decrease in realized and unrealized gains on settled and unsettled digital asset derivatives, partially offset by a $6.4 million increase in realized and unrealized gains on settled and unsettled foreign currency derivatives. The decrease for the nine months ended September 30, 2026 was primarily attributable to a $65.4 million decrease in realized and unrealized gains on settled and unsettled digital asset, foreign currency, interest rate, and commodities derivatives, partially offset by a $53.9 million increase in realized and unrealized gains on settled and unsettled equity securities 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 $(2.4) million and $37.1 million to Net derivative gain (loss) in the three and six months ended June 30, 2026.
Current wording
(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $9.6 million and $46.7 million, respectively, to Net derivative gains / (losses) in the three and nine months ended September 30, 2026.
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 million, respectively, to Net derivative gains / (losses) in the three and nine months ended September 30, 2025.
Previous wording
Data center lease revenue was $18.9 million for the three and six months ended June 30, 2026, attributable to the commencement of the CoreWeave Phase I lease agreement.
Current wording
Data center lease revenue was $79.1 million and $97.9 million for the three and nine months ended September 30, 2026, attributable to the commencement of the CoreWeave Phase I lease agreement.
Previous wording
Digital assets sales costs were $8.4 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This was primarily driven bylower trading volumes and decreased digital asset prices compared to the three and six months ended June 30, 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 six months ended June 30, 2026 and 2025. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.
Current wording
Digital assets sales costs were $8.0 billion and $26.4 billion, a decrease of $20.2 billion and a decrease of $23.2 billion, or 72% and 47%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. This was primarily driven bylower trading volumes and decreased digital asset prices compared to the three and nine months ended September 30, 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, 2026 and 2025. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.
Previous wording
Blockchain reward distributions were $13.1 million and $32.6 million, a decrease of $20.3 million and a decrease of $57.2 million, or 61% and 64%, respectively, for the three and six months ended June 30, 2026 compared to $33.4 million and $89.8 million for the three and six months ended June 30, 2025, 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. Blockchain rewards and the associated Blockchain reward distributions both decreased in the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025, driven by lower average digital asset prices. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of June 30, 2026. 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 $12.6 million and $45.2 million, a decrease of $29.1 million and a decrease of $86.3 million, or 70% and 66%, respectively, for the three and nine months ended September 30, 2026 compared to $41.7 million and $131.5 million for the three and nine months ended September 30, 2025, 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. Blockchain rewards and the associated Blockchain reward distributions both decreased in the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025, driven by lower average digital asset prices. Galaxy retainedup to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of September 30, 2026. 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 $18.8 million and $36.3 million, a decrease of $22.9 million and $39.3 million, or 55% and 52%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to lower average borrowing volumes. The decline in borrowing volumes reflects broader de-leveraging across the digital asset lending market.
Current wording
Borrowing costs were $25.0 million and $61.3 million, a decrease of $26.5 million and $65.8 million, or 51% and 52%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily due to lower average borrowing volumes. The decline in borrowing volumes reflects broader de-leveraging across the digital asset lending market.
Previous wording
Mining costs were $2.6 million and $3.4 million, an increase of $1.9 million and a decrease of $2.9 million, or 271% and 46%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Theincrease for the three months ended June 30, 2026 is primarily due to increased power utility cost. The decrease for the six months ended June 30, 2026 is primarily related to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025.
Current wording
Mining costs were $1.9 million and $5.3 million, an increase of $1.1 million and a decrease of $1.8 million, or 128% and 25%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The increase for the three months ended September 30, 2026 is primarily due to increased power utility cost. The decrease for the nine months ended September 30, 2026 is primarily related to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025.
Previous wording
Other transaction expenses were $5.9 million and $13.6 million, a decrease of $1.4 million and a decrease of $5.9 million, or 19% and 30%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Other transaction expenses include exchange, custodial and trading fees.
Current wording
Other transaction expenses were $4.2 million and $17.8 million, a decrease of $8.0 million and a decrease of $13.9 million, or 65% and 44%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. Other transaction expenses include exchange, custodial and trading fees.
Previous wording
Data center operator cost of$5.8 million for the three and six months ended June 30, 2026 was attributable to pass-through operating costs related to the CoreWeave lease.
Current wording
Data center operator cost of $9.9 million and $15.7 million for the three and nine months ended September 30, 2026 was attributable to pass-through operating costs related to the CoreWeave lease.
Previous wording
Impairment of digital assets was $181.3 million and $465.8 million, an increase of $53.9 million and an increase of $225.8 million, or 42% and 94%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This increase was primarily attributable to lower digital asset prices during the period as well as 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 six months ended June 30, 2026, 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.
Current wording
Impairment of digital assets was $102.3 million and $568.0 million, a decrease of $95.4 million and an increase of $130.4 million, or 48% and 30%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 was primarily attributable to rising digital asset prices during the quarter, with bitcoin and ether increasing in value by 43% and 71%, respectively, which reduced impairment on digital intangible assets held at the lower of cost or impaired value, as well as the mix of digital assets with which the Company transacted compared to the prior period. The increase for thenine months ended September 30, 2026 was primarily attributable to lower digital asset prices during the period as well as 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, 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
General and administrative expenses were $18.8 million and $33.3 million, an increase of $7.0 million and a decrease of $52.4 million, or 59% and 61%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Theincrease for the three months ended June 30, 2026 was primarily driven by increased expenses associated with our infrastructure build out. The decrease for the six months ended June 30, 2026 was primarily driven by the absence of the $49.2 million impairment of proprietary mining equipment and infrastructure recorded in the first quarter of 2025.
Current wording
General and administrative expenses were $25.3 million and $58.6 million, a decrease of $26.0 million and a decrease of $78.4 million, or 51% and 57%, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The decrease for thethree months ended September 30, 2026 primarily reflected the absence of mining-related impairment and disposal charges recorded in the prior-year quarter, partially offset by higher marketing, rent and other general and administrative expenses. Thedecrease for the nine months ended September 30, 2026 was primarily driven by the absence of the$49.2 million impairment of proprietary mining equipment and infrastructure recorded in the first quarter of 2025.
Previous wording
Net gain / (loss) on digital assets and investments have historically been correlated with fluctuations in the prices of bitcoin and ether as demonstrated in the table above. As Galaxy’s operating businesses in the Digital Assets and Data Center segments mature, digital asset prices are anticipated to have a proportionally less significant impact on Net income in the future.
Current wording
Net gain / (loss) on digital assets and investments have historically been correlated with fluctuations in the prices of bitcoin and ether as demonstrated in the table above. As Galaxy’s operating businesses in the Digital Assets and Data
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Current report — wording carried from elsewhere
July 2024, we acquired the assets of CMF, a blockchain node operator that provides trusted, secure services to decentralized protocols across the digital assets ecosystem. In December 2024, we acquired Fierce, a financial application software provider that we relaunched in October 2025 as GalaxyOne. Any such acquisitions of, or investments in, companies with complementary products and technologies may affect our future operating results.
Current report — wording carried from elsewhere
Centers segments mature, digital asset prices are anticipated to have a proportionally less significant impact on Net income in the future.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Adjusted EBITDA is defined as Net income / (loss), excluding (i) equity-based compensation, (ii) notes interest and other expense, (iii) tax expense / (benefit), (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
Previous report — wording carried elsewhere
the condensed consolidated interim financial statements included in this Quarterly Report.