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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.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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