Galaxy Digital Posts Record Quarter With $505M Net Income

Institutional digital assets and AI infrastructure firm Galaxy Digital (Nasdaq: GLXY) reported its strongest quarterly performance in company history, posting $505 million in net income and $629 million in adjusted EBITDA for the third quarter of 2025 as its digital assets business hit multiple records.

The firm's digital assets operating unit generated record adjusted gross profit of $318 million, with total assets on platform reaching an all-time high of $17 billion and average loan book expanding to $1.8 billion. Digital asset trading volumes jumped 140% from the prior quarter, including executing a $9 billion notional Bitcoin sale representing over 80,000 BTC on behalf of a single client.

"This quarter makes it clear that the Digital Assets business we've invested in and scaled over the past 8 years is an equally powerful engine of our growth story," said Jonathan Goldowsky, Galaxy's head of investor relations, in a post on X.

The results come as Galaxy advances its data center ambitions alongside its core crypto business. The firm secured a $1.4 billion project financing facility that fully funds Phase I of its Helios data center development, which is designed to provide 800 megawatts of power capacity for AI and high-performance computing operations.

CoreWeave executed a lease agreement for Phase II and exercised its final option to access an additional 133 megawatts of critical IT load, bringing its total commitment to the full 800MW of approved capacity at Helios. Galaxy expects to begin delivering the first 133MW of critical IT load in the first half of 2026, when the data center segment will start recognizing revenue.

Galaxy's global markets unit delivered record adjusted gross profit of $295 million in the quarter, driven by heightened activity across spot and derivatives trading alongside a record investment banking quarter. The firm's investment banking team acted as co-placement agent and financial advisor on Forward Industries' $1.65 billion private placement and advised Coin Metrics on its sale to Talos.

The asset management division generated $23 million of adjusted gross profit, with more than $2 billion in net inflows into alternatives and ETFs during the quarter. Galaxy ended Q3 with nearly $9 billion in assets under management and $7 billion in assets under stake.

Digital asset treasury company mandates have added over $4.5 billion in assets to Galaxy, representing more than $40 million in annual recurring fee revenue. Following quarter end, Galaxy's staking business integrated with one of the world's largest digital asset custodians, enabling clients to stake directly to Galaxy validator nodes.

Galaxy also launched GalaxyOne on October 6, a fintech platform providing U.S. individual investors access to high-yield cash, cryptocurrencies, and equities trading through a unified interface. On October 10, the company announced a $460 million equity investment from a major global asset manager, with $325 million in net proceeds earmarked for Helios development and general corporate purposes.

The firm reported total equity of $3.2 billion and holdings of $1.9 billion in cash and stablecoins as of September 30. Diluted earnings per share reached $1.01, with adjusted EPS of $1.12.

Galaxy stock closed trading on Tuesday at $42.86, or +8.1% on the day. Over the past six months, it has climbed +225%.