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Sep 30, 2025
Galaxy Digital Inc 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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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