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Sep 30
Dormant.12209 Q3 2025 Earnings Report
Galaxy Digital reported strong Q3 2025 results with record trading volumes, robust profitability, and continued investment in infrastructure.
Key Takeaways
Galaxy Digital posted $505 million in net income and $629 million in adjusted EBITDA for Q3 2025, driven by record trading volumes and gains across digital asset and investment positions.
Net income reached $505 million for the quarter.
Adjusted EBITDA was $629 million, driven by strong performance in digital assets and treasury segments.
Digital Assets adjusted gross profit was $318 million; Treasury & Corporate was $408 million.
Assets on platform hit a record $17 billion.
Dormant.12209
Dormant.12209
Dormant.12209 Revenue by Segment
Revenue by Segment
Digital Assets Revenue
CapyFin.comData Centers Revenue
CapyFin.comTreasury & Corporate Revenue
CapyFin.com Forward Guidance
Galaxy expects minimal contribution from the Data Centers segment until mid-2026, while continued growth is anticipated in trading, staking, and platform initiatives.
Positive Outlook
- Strong organic growth across digital assets, particularly trading and investment banking.
- Helios data center project remains fully funded and on schedule.
- GalaxyOne platform launched for U.S. retail investors.
- Successful equity investment of $460M by a top asset manager.
- Staking integration with a major digital asset custodian completed.
Challenges Ahead
- Data Centers segment expected to remain immaterial in revenue until mid-2026.
- High exposure to digital asset market volatility.
- Revenue heavily reliant on trading volumes and market sentiment.
- Capital-intensive buildout of Helios campus may pressure future liquidity.
- Operating in a regulatory environment with evolving compliance risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income