Key Takeaways
- • Galaxy Digital reported $323 million in third-quarter 2026 net income, swinging from an $85 million loss in the prior quarter, a $408 million sequential improvement.
- • Treasury & Corporate generated $395 million of the $455 million adjusted EBITDA, roughly 87%, driven by mark-to-market gains rather than recurring fee revenue.
- • The Digital Assets franchise posted negative adjusted EBITDA of $9 million for a second straight quarter, despite 12% quarter-over-quarter trading volume growth and a 27% rise in the average loan book to $1.8 billion.
- • Data Centers, anchored by the Helios campus in Texas, generated $69 million of adjusted EBITDA, up from $11 million, as the first full quarter of CoreWeave lease revenue began.
- • Galaxy authorized a new buyback of up to $200 million of Class A common stock and ended the quarter with $4.9 billion in cash, stablecoins and U.S. Treasuries.
Summary
Galaxy Digital reported $323 million in third-quarter net income on October 27, 2026, reversing an $85 million loss in the prior quarter, according to the company's release as covered by Cryptonews.net. Adjusted EBITDA was $455 million for the quarter ended September 30, 2026, but the Treasury & Corporate segment accounted for $395 million of that figure. The segment's gross profit moved from negative $42 million to positive $419 million, reflecting mark-to-market appreciation across spot, derivative, ETF and venture positions rather than recurring fee income. Total assets rose 51% to $16.4 billion, total equity rose 10% to $3.0 billion, and net digital assets and investments climbed 48% to $1.7 billion.
The Digital Assets franchise, the trading and asset-management business most associated with the Galaxy name, lost money on an adjusted EBITDA basis for a second consecutive quarter, at negative $9 million versus negative $11 million a quarter earlier. Galaxy reported that digital asset trading volumes grew 12% quarter over quarter while the broader spot market declined, and that its average loan book rose 27% to $1.8 billion. The company ended the quarter with 1,763 trading counterparties and $10.4 billion in combined assets under management and assets under stake, up 46%. Asset management attracted more than $160 million of net inflows, helped by the quarter-end launch of the Galaxy Sharplink Onchain Yield Fund. Galaxy also signed a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, to support staking on BNY's Digital Asset Custody platform. The company secured a New York BitLicense in May.
Data Centers generated $79 million of adjusted gross profit, up 293% from $20 million, and $69 million of adjusted EBITDA, up from $11 million, as the Helios I, Phase I lease with CoreWeave contributed its first full quarter of revenue, with 133 megawatts of critical IT load delivered by the end of the second quarter. Helios I, Phase II is fully financed and under construction, supported partly by a completed $3.5 billion senior secured notes offering, with data hall deliveries scheduled to begin in the second quarter of 2027. Galaxy's gross power pipeline exceeds 5.7 gigawatts, and it is in discussions with prospective tenants for 830 megawatts of approved capacity at Helios II. Data Centers capital expenditure was $757 million, up 69% from $448 million. Roughly 48% of Galaxy's $3.0 billion in equity is now allocated to Data Centers, against about 33% to Digital Assets and 19% to Treasury & Corporate.
On October 26, 2026, the board authorized a new repurchase of up to $200 million of Class A common stock, following a $200 million program announced in February 2026 that was completed on October 15, 2026, retiring about 9.8 million shares. Cash, stablecoins and U.S. Treasuries totaled $4.9 billion at quarter-end, up 99% from $2.5 billion. The new program has no fixed expiration and does not obligate the company to repurchase any shares.
The release's adjusted figures are non-GAAP and unaudited. The article cautions that Treasury-driven earnings are sensitive to digital asset prices at quarter-end, noting that the second quarter posted negative $42 million of gross profit and negative $78 million of adjusted EBITDA for the same segment, and that the company reported a $216 million net loss in the first quarter. The key open question is whether Digital Assets can reach sustained profitability on its own.
The Digital Assets franchise, the trading and asset-management business most associated with the Galaxy name, lost money on an adjusted EBITDA basis for a second consecutive quarter, at negative $9 million versus negative $11 million a quarter earlier. Galaxy reported that digital asset trading volumes grew 12% quarter over quarter while the broader spot market declined, and that its average loan book rose 27% to $1.8 billion. The company ended the quarter with 1,763 trading counterparties and $10.4 billion in combined assets under management and assets under stake, up 46%. Asset management attracted more than $160 million of net inflows, helped by the quarter-end launch of the Galaxy Sharplink Onchain Yield Fund. Galaxy also signed a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, to support staking on BNY's Digital Asset Custody platform. The company secured a New York BitLicense in May.
Data Centers generated $79 million of adjusted gross profit, up 293% from $20 million, and $69 million of adjusted EBITDA, up from $11 million, as the Helios I, Phase I lease with CoreWeave contributed its first full quarter of revenue, with 133 megawatts of critical IT load delivered by the end of the second quarter. Helios I, Phase II is fully financed and under construction, supported partly by a completed $3.5 billion senior secured notes offering, with data hall deliveries scheduled to begin in the second quarter of 2027. Galaxy's gross power pipeline exceeds 5.7 gigawatts, and it is in discussions with prospective tenants for 830 megawatts of approved capacity at Helios II. Data Centers capital expenditure was $757 million, up 69% from $448 million. Roughly 48% of Galaxy's $3.0 billion in equity is now allocated to Data Centers, against about 33% to Digital Assets and 19% to Treasury & Corporate.
On October 26, 2026, the board authorized a new repurchase of up to $200 million of Class A common stock, following a $200 million program announced in February 2026 that was completed on October 15, 2026, retiring about 9.8 million shares. Cash, stablecoins and U.S. Treasuries totaled $4.9 billion at quarter-end, up 99% from $2.5 billion. The new program has no fixed expiration and does not obligate the company to repurchase any shares.
The release's adjusted figures are non-GAAP and unaudited. The article cautions that Treasury-driven earnings are sensitive to digital asset prices at quarter-end, noting that the second quarter posted negative $42 million of gross profit and negative $78 million of adjusted EBITDA for the same segment, and that the company reported a $216 million net loss in the first quarter. The key open question is whether Digital Assets can reach sustained profitability on its own.
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