Key Takeaways
- • Galaxy Digital reported a full-year 2025 net loss of $241 million (diluted EPS of $(0.61)), compared to net income of $532 million in 2024, driven primarily by digital asset price depreciation and $160 million in one-time costs, though adjusted gross profit reached $426 million.
- • Q4 2025 net loss totaled $482 million (diluted EPS of $(1.08)) as the company faced significant asset valuation headwinds, though the quarter included record performance in trading volumes, loan book size, and advisory fees within the Global Markets segment.
- • Asset Management & Infrastructure Solutions segment achieved $12 billion in total platform assets with $2.0 billion in net inflows (34% organic growth), while the Data Centers segment secured 800 MW of long-term agreements with CoreWeave and received ERCOT approval for an additional 830 MW of capacity at Helios, bringing total approved capacity to 1.6 gigawatts.
- • Galaxy Digital completed its reorganization as a Delaware-incorporated entity and began trading on Nasdaq, with total equity of $3.0 billion and cash/stablecoin holdings of $2.6 billion as of December 31, 2025.
- • The company expanded its staking platform through five new integrations with leading global custodians and executed one of the largest notional bitcoin transactions in history during the period.
Summary
Galaxy Digital Inc. reported mixed results for 2025, delivering significant operational achievements across infrastructure and asset management while facing substantial mark-to-market losses on its digital asset holdings. The company, which recently completed its migration to Nasdaq and Delaware incorporation, reported a full-year net loss of $241 million with diluted earnings per share of $(0.61). The Q4 performance was weaker, with a net loss of $482 million and diluted EPS of $(1.08), though adjusted gross profit of $426 million for the full year demonstrated underlying operational profitability independent of asset valuation impacts.
The losses were primarily attributable to depreciation in digital asset prices and approximately $160 million in one-time costs, representing a sharp reversal from 2024 when the company reported net income of $532 million. This year-over-year swing reflects the volatile nature of crypto asset valuations and one-time expenses associated with the company's corporate reorganization and transition to U.S. listing standards. The balance sheet remained solid with total equity of $3.0 billion and $2.6 billion in cash and stablecoin holdings as of year-end.
The Global Markets segment delivered record results in trading adjusted gross profit, trading volumes, loan book size, and advisory fees, while the company executed one of the largest notional bitcoin transactions in history during the period. In Asset Management & Infrastructure Solutions, total platform assets reached $12 billion with $2.0 billion of net inflows, representing 34% organic growth. The staking platform was expanded through five new integrations with leading global custodians, positioning the company for continued growth in the institutional digital asset custody and staking market.
The Data Centers segment demonstrated substantial infrastructure expansion, executing 800 megawatts of long-term power agreements with CoreWeave and securing ERCOT approval for an additional 830 MW of capacity at the Helios facility, effectively doubling total approved power capacity to 1.6 gigawatts. This positioning aligns Galaxy Digital with the accelerating institutional demand for data center capacity driven by artificial intelligence and cryptographic computing workloads. The company's diversified business model—spanning trading, asset management, staking, advisory services, and infrastructure—provides exposure to multiple high-growth segments within the digital asset ecosystem.
The losses were primarily attributable to depreciation in digital asset prices and approximately $160 million in one-time costs, representing a sharp reversal from 2024 when the company reported net income of $532 million. This year-over-year swing reflects the volatile nature of crypto asset valuations and one-time expenses associated with the company's corporate reorganization and transition to U.S. listing standards. The balance sheet remained solid with total equity of $3.0 billion and $2.6 billion in cash and stablecoin holdings as of year-end.
The Global Markets segment delivered record results in trading adjusted gross profit, trading volumes, loan book size, and advisory fees, while the company executed one of the largest notional bitcoin transactions in history during the period. In Asset Management & Infrastructure Solutions, total platform assets reached $12 billion with $2.0 billion of net inflows, representing 34% organic growth. The staking platform was expanded through five new integrations with leading global custodians, positioning the company for continued growth in the institutional digital asset custody and staking market.
The Data Centers segment demonstrated substantial infrastructure expansion, executing 800 megawatts of long-term power agreements with CoreWeave and securing ERCOT approval for an additional 830 MW of capacity at the Helios facility, effectively doubling total approved power capacity to 1.6 gigawatts. This positioning aligns Galaxy Digital with the accelerating institutional demand for data center capacity driven by artificial intelligence and cryptographic computing workloads. The company's diversified business model—spanning trading, asset management, staking, advisory services, and infrastructure—provides exposure to multiple high-growth segments within the digital asset ecosystem.
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