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Jun 30
Dormant.12209 Q2 2025 Earnings Report
Galaxy Digital Inc. announced its second quarter 2025 financial results.
Key Takeaways
Galaxy Digital Inc. reported a net income of $30.7 million for Q2 2025, a significant turnaround from a loss in the previous quarter. This was primarily driven by the appreciation of balance sheet digital assets and investments, alongside strong performance in its Digital Assets operating business, particularly Global Markets. The company also made strategic advancements in its Data Centers segment, securing full commitment for its Helios campus capacity.
Net income for Q2 2025 was $30.7 million, a gain of $0.08 per diluted share, contrasting with a loss in Q1 2025.
Adjusted EBITDA reached $211 million in Q2 2025, largely due to mark-to-market gains on digital assets and investments.
Total assets increased by 43% quarter-over-quarter to $9.086 billion, with cash and stablecoins at $1.181 billion.
Galaxy completed its reorganization and domestication as a Delaware incorporated entity, and its shares began trading on Nasdaq under GLXY in May 2025.
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Dormant.12209 Revenue by Segment
Revenue by Segment
Digital Assets Revenue
CapyFin.comTreasury & Corporate Revenue
CapyFin.com Forward Guidance
Galaxy expects to begin generating Data Centers revenue in the first half of 2026. The company has secured full commitment for the 800 MW gross power at its Helios data center campus and is expanding its total potential power capacity to 3.5 GW.
Positive Outlook
- Expected Data Centers revenue generation in 1H 2026 from the CoreWeave lease agreement.
- CoreWeave committed to the full 800 MW of gross power at Helios, securing future revenue streams.
- Acquisition of additional land and 1 GW load interconnection request adjacent to Helios, expanding total potential power capacity to 3.5 GW.
- Construction at Helios campus is progressing on schedule, with Phase I expected to be delivered by end of 1H 2026.
- Strong monthly financial performance for Digital Assets operating business in July, with record results in Global Markets.
Challenges Ahead
- Digital asset trading volumes declined 22% QoQ, primarily due to reduced spot trading activity.
- Asset Management & Infrastructure Solutions adjusted gross profit declined 26% QoQ due to lower industry-wide onchain activity.
- All Data Centers expenses are currently being capitalized until revenue generation begins in 1H 2026.
- Potential risks related to retrofitting existing facilities for AI and HPC infrastructure, including timing of construction and impact on lease revenue.
- Uncertainties regarding obtaining financing for AI/HPC infrastructure on acceptable terms or at all.
Revenue & Expenses
Visualization of income flow from segment revenue to net income