Key Takeaways
- • Galaxy Digital (Nasdaq: GLXY) reported Q3 2026 net income of $323 million, or $0.66 diluted EPS and $0.83 adjusted EPS, compared with a net loss of $85 million in Q2 2026.
- • Adjusted EBITDA swung to $455 million in Q3 from a negative $77 million in Q2, driven largely by the Treasury & Corporate segment's $395 million adjusted EBITDA.
- • Total assets rose 51% quarter-over-quarter to $16.4 billion, while cash, stablecoins and U.S. Treasuries reached $4.9 billion, up 99%.
- • Data Centers adjusted gross profit rose 293% to $79 million as the Helios I, Phase I lease generated its first full quarter of revenue, with 133 MW of critical IT load delivered to CoreWeave.
- • The board approved an additional $200 million share repurchase authorization, and Galaxy completed a $3.5 billion senior secured notes offering to fund Helios I, Phase II.
Summary
Galaxy Digital Inc. released its financial results for the three and nine months ended September 30, 2026, on October 27, 2026. The company reported Q3 net income of $323 million, against a net loss of $85 million in Q2. Adjusted gross profit reached $569 million, compared with $43 million in the prior quarter, and total equity stood at $3.0 billion, up 10% quarter-over-quarter. CEO Mike Novogratz said the quarter reflected the strength of the Digital Assets franchise, significant appreciation across the investment portfolio, and growing contributions from the Data Centers business.
Treasury & Corporate was the largest earnings contributor, generating adjusted gross profit of $419 million and adjusted EBITDA of $395 million, versus negative figures in Q2. Cash, stablecoins and U.S. Treasuries totaled $4.9 billion, including $1.3 billion in cash, $812 million in stablecoins and $2.8 billion in Treasury bills and notes. Galaxy repurchased 9.8 million shares year-to-date, more than offsetting equity-based compensation dilution, and the board approved an additional $200 million buyback authorization.
The Digital Assets segment posted adjusted gross profit of $71 million, up 9%, with adjusted EBITDA of negative $9 million. Global Markets trading volumes grew 12% quarter-over-quarter, which the company said outperformed a spot market where volumes declined, per The Block data cited in the release. Average loan book size rose 27% to $1.8 billion. Asset Management received over $160 million of net inflows, driven by the end-of-quarter launch of the Galaxy Sharplink Onchain Yield Fund. Combined assets under management and assets under stake reached $10.4 billion, up 46%. Galaxy also entered a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, covering digital asset infrastructure and staking support.
In Data Centers, adjusted gross profit rose to $79 million and adjusted EBITDA to $69 million. Quarterly capital expenditure was $757 million, and total assets reached $6.8 billion against liabilities of $5.3 billion. Helios I, Phase II is fully financed and under construction, with data hall deliveries scheduled to begin in Q2 2027. Galaxy's total gross power pipeline exceeds 5.7 GW, and discussions continue with prospective tenants for the 830 MW of approved capacity at Helios II not yet under lease.
Treasury & Corporate was the largest earnings contributor, generating adjusted gross profit of $419 million and adjusted EBITDA of $395 million, versus negative figures in Q2. Cash, stablecoins and U.S. Treasuries totaled $4.9 billion, including $1.3 billion in cash, $812 million in stablecoins and $2.8 billion in Treasury bills and notes. Galaxy repurchased 9.8 million shares year-to-date, more than offsetting equity-based compensation dilution, and the board approved an additional $200 million buyback authorization.
The Digital Assets segment posted adjusted gross profit of $71 million, up 9%, with adjusted EBITDA of negative $9 million. Global Markets trading volumes grew 12% quarter-over-quarter, which the company said outperformed a spot market where volumes declined, per The Block data cited in the release. Average loan book size rose 27% to $1.8 billion. Asset Management received over $160 million of net inflows, driven by the end-of-quarter launch of the Galaxy Sharplink Onchain Yield Fund. Combined assets under management and assets under stake reached $10.4 billion, up 46%. Galaxy also entered a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, covering digital asset infrastructure and staking support.
In Data Centers, adjusted gross profit rose to $79 million and adjusted EBITDA to $69 million. Quarterly capital expenditure was $757 million, and total assets reached $6.8 billion against liabilities of $5.3 billion. Helios I, Phase II is fully financed and under construction, with data hall deliveries scheduled to begin in Q2 2027. Galaxy's total gross power pipeline exceeds 5.7 GW, and discussions continue with prospective tenants for the 830 MW of approved capacity at Helios II not yet under lease.
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