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Galaxy Digital (GLXY) investor relations material

Galaxy Digital Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Achieved net income of $505 million for Q3 2025, with adjusted EBITDA of $629 million and record digital asset trading volumes up 140% from Q2, reflecting a significant turnaround and operational progress in scaling core businesses.

  • Total equity rose to $3.2 billion, with $1.9 billion in cash and stablecoins as of September 30, 2025, and $17 billion in platform assets, a record high.

  • Launched GalaxyOne, a new direct-to-consumer fintech platform targeting high-net-worth and accredited U.S. investors.

  • Secured a $460 million equity investment from a major asset manager and completed a $9 billion spot Bitcoin trade.

  • Completed $1.4 billion project financing for Helios Data Center, with CoreWeave committing to the full 800 MW of approved power capacity.

Financial highlights

  • Q3 2025 revenue reached $28.4 billion, up 231% year-over-year, with adjusted gross profit of $728 million and adjusted EBITDA of $629 million.

  • Total operating expenses (excluding transaction costs) were $184 million, including a $38 million one-time impairment on legacy mining infrastructure.

  • Cash and cash equivalents increased to $1.1 billion, up 146% from year-end 2024.

  • Equity capital stood at $3.2 billion, up over 20% quarter-over-quarter and 45% year-over-year.

  • Net digital assets and investments increased 14% sequentially to $2.1 billion.

Outlook and guidance

  • Data Centers segment expected to contribute immaterial adjusted gross profit and EBITDA until H1 2026, when Helios lease with CoreWeave begins generating revenue.

  • Helios Data Center campus remains on schedule for phased delivery through 2028, with anticipated average annual revenue exceeding $1 billion upon full capacity.

  • Data center demand expected to quadruple by 2030, with a projected 298% growth and a U.S. supply shortfall of 15+ GW.

  • Continued focus on scaling digital assets and data centers, with capital allocation to operating businesses expected to increase.

  • Ambitious roadmap for GalaxyOne, with major updates anticipated by Q2 2026.

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Frequently asked questions

Galaxy Digital Holdings Ltd. provides digital asset, cryptocurrency, and blockchain technology services. The company offers investment products, such as bitcoin non-deliverable forwards and bitcoin deliverable futures contracts traded on Cboe Futures Exchange and CME Group exchanges. It also provides advisory services comprising portfolio management, custody, and brokerage; providing tokenized digital assets to institutional clients such as hedge funds, family offices, and market makers; lending capital for margin on collateralized digital assets portfolios; capital for tangible assets such as mining hardware; OTC clearing counterparty for cryptocurrency spot markets; institutional brokerage services; execution of large block orders in OTC markets; initial coin offerings (ICOs) advisory service; ad-hoc ICO investment opportunities; pre-ICO investments in blockchain projects and pre-sales of tokenized assets. Galaxy Digital Holdings Ltd. is headquartered in Toronto, Canada.

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