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Dec 31, 2025
Galaxy Digital Inc Q4 2025 Earnings Report
Reported a significant quarterly net loss driven by digital asset price depreciation.
Key Takeaways
Galaxy reported a substantial Q4 net loss as lower digital asset prices weighed on trading, treasury positions, and overall profitability despite continued platform growth.
Net loss was primarily driven by digital asset price depreciation during the quarter.
Digital Assets segment remained profitable at the gross profit level.
Treasury & Corporate segment recorded large unrealized losses.
Cash and stablecoin balances increased materially by quarter end.
Forward Guidance
The company expects continued expansion of its data center platform and infrastructure capacity into 2026.
Positive Outlook
- On track to deliver Phase I Helios data center capacity in 1H26.
- Long-term contracted capacity with CoreWeave provides revenue visibility.
- Additional 830 MW power capacity approved at Helios campus.
- Strong balance sheet to support growth initiatives.
- Expanding institutional staking and infrastructure capabilities.
Challenges Ahead
- Earnings remain sensitive to digital asset price volatility.
- Treasury positions exposed to market fluctuations.
- High capital expenditures required for data center expansion.
- Trading volumes subject to macro and market conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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