Galaxy Digital (TSE:GLXY) executives used the company’s fourth-quarter 2025 earnings call to highlight two major themes: an expanding data center platform anchored by its Helios campus in Texas, and a digital assets business that remained operationally profitable despite a sharp industry drawdown and balance-sheet mark-to-market pressure.
Full-year results reflected one-time charges and weaker crypto prices
For full-year 2025, Galaxy reported a GAAP net loss of $241 million, or $0.61 per share. Management said results were impacted by roughly $160 million in one-time items, including write-downs and other expenses tied to legacy Bitcoin mining infrastructure, costs related to the company’s U.S. listing and corporate reorganization, and a negative mark-to-market adjustment on the embedded derivative associated with exchangeable notes (an item management said no longer impacts results following the company’s Q2 2025 reorganization).
Digital assets segment grew, while treasury results were pressured
Galaxy’s digital assets operating segment delivered record adjusted gross profit of $505 million in 2025, up from $303 million in 2024, which management described as 67% year-over-year growth. Leadership said growth was broad-based across trading, investment banking, lending, asset management, and staking.
In treasury and corporate, Galaxy reported an adjusted gross loss of $86 million in 2025, which management attributed primarily to unrealized losses in its digital asset and investment portfolio amid lower digital asset prices.
CEO Mike Novogratz described the broader crypto market as having been in a bear phase, noting that after Bitcoin moved above $100,000, it later traded in what he characterized as a roughly $75,000 to $100,000 range and had recently been near the lower end of that band. He attributed weakness in part to profit-taking among long-term holders and emphasized that prices are set “at the margin,” with more sellers than buyers. He pointed to potential catalysts such as U.S. crypto legislation and reiterated his long-term view of Bitcoin’s “digital gold” narrative, citing the U.S. budget deficit and debt levels as factors supporting the store-of-value thesis.
Balance sheet: more cash and major Q4 financings
Galaxy ended 2025 with $11.3 billion in total assets and over $3 billion in equity capital, with roughly 60% allocated to operating businesses. The company held approximately $1.7 billion of net digital assets and investments at year-end, down 22% quarter-over-quarter, which management said primarily reflected market depreciation and unrealized losses.
Galaxy also closed the year with $2.6 billion of cash and stablecoins on its balance sheet, up about $700 million from Q3. Management attributed the increase to two capital raises in Q4:
- $1.3 billion exchangeable note issuance
- $325 million equity investment by “one of the world’s largest asset managers”
Management said the transactions generated approximately $1.6 billion of net proceeds, which were used primarily to fund data center infrastructure investments and pay down short-term borrowings. Looking ahead, the company said liquidity would also support general corporate purposes, including potential repayment of $445 million of exchangeable notes maturing in December 2026.
Global markets, lending, and Galaxy One updates
In Q4, Galaxy said digital asset prices and sentiment weighed on activity, following a record Q3. The global markets business generated $30 million of adjusted gross profit in Q4, while full-year global markets adjusted gross profit reached $423 million, up 88% year over year.
Average loan book size was $1.8 billion in Q4, holding steady despite market pressure. Management said trading volumes declined around 40% quarter-over-quarter, reflecting softer client activity and lower industry volumes.
Executives also provided an update on Galaxy One, saying early momentum in the first four months included strong adoption of high-yield products. Management said product updates based on user feedback included daily buys and lower account minimums, with in-app staking and custody “coming soon.” In Q&A, management said a promoted 8% yield on Galaxy One was not at risk from proposed stablecoin provisions in the market structure debate, describing the offering as available only to accredited investors with customer and portfolio limits. The company said the rate is controlled by Galaxy and can change with notice based on supply and demand.
Helios data center expansion: 1.6 GW approved, phase one deliveries near
Novogratz and data center leadership repeatedly emphasized momentum at the Helios campus. Management said the company now has more than 1.6 gigawatts of approved power capacity following ERCOT approval for an additional 830 megawatts received after quarter-end. The company noted that 800 MW is contracted under its lease with CoreWeave, and said the incremental capacity increases leasing flexibility in a period of strong AI data center demand.
Galaxy expects to begin recognizing revenue under phase one of the CoreWeave lease agreement later in Q1, and management said the segment’s financial results should remain “de minimis” until then.
On construction progress, executives said the first data hall is expected to be delivered to CoreWeave later in Q1, with the remaining data halls for phase one—representing 133 megawatts of critical IT—to be delivered in the first half of the year. Management said winter weather in Texas briefly paused work, but more than 1,000 subcontractors returned within five days and the project remained on schedule.
For the newly approved 830 MW, the company said the ability to energize that capacity depends on transmission infrastructure, including a private substation, with an expected energization window of late 2028 through early 2029. Management said negotiations with potential tenants are ongoing, with a focus on large “hyperscaler” or hyperscaler-adjacent customers, and emphasized that tenant credit quality and access to capital are key considerations. Executives also said Galaxy has two additional applications totaling roughly 1.8 GW moving through ERCOT’s load study process under newer “batch processing” frameworks, making timing less certain.
In closing remarks, Novogratz said the company is “working our tails off,” with an eye on execution across both digital assets and data centers.
About Galaxy Digital (TSE:GLXY)
Galaxy Digital is a is a diversified financial services and investment management company dedicated to the digital assets and blockchain technology industry. The company operates through five business lines: Trading, Principal investing, Asset management, mining and Investment Banking.
