Key Highlights
- GLXY shares finished the trading session 11.3% higher at $21.15, ranking among the day’s best-performing cryptocurrency-related equities.
- Galaxy Digital reported a net loss of $241 million for the full 2025 fiscal year, primarily attributed to unrealized losses on its digital asset portfolio.
- The firm’s Digital Assets division — encompassing trading, lending, asset management, and staking operations — delivered $505 million in adjusted gross profit.
- The company achieved adjusted EBITDA of $216 million, demonstrating underlying profitability on a non-GAAP measurement basis.
- Galaxy’s Helios data center facility in West Texas landed an 800 MW agreement with CoreWeave and obtained regulatory clearance to expand capacity to 1.6 gigawatts.
Shares of Galaxy Digital surged over 11% during Wednesday’s trading session following the release of the company’s 2025 annual report — a surprising market response considering the firm disclosed a $241 million net loss for the period.
The strong price performance positioned GLXY among the leading crypto-sector stocks monitored that day. Market participants appeared to overlook the headline deficit and concentrated on the company’s fundamental operational metrics.
The reported net loss stemmed predominantly from unrealized losses across Galaxy’s digital asset holdings and investment portfolio. When these non-cash charges are excluded, the financial narrative shifts substantially.
Galaxy’s Digital Assets division — encompassing trading operations, lending services, asset management, and staking activities — produced $505 million in adjusted gross profit. This segment represents the company’s primary revenue generator and demonstrated robust performance throughout 2025.
Additionally, Galaxy reported adjusted EBITDA reaching $216 million. Using non-GAAP accounting measures, the company’s core business operations maintained profitability.
In his annual shareholder letter, CEO Mike Novogratz outlined his perspective on Galaxy’s positioning entering 2026. “As we enter 2026, we are more clear-eyed about our opportunity than we have ever been,” he stated. “The platform we have built, spanning institutional markets, asset management, onchain infrastructure, and AI data centers, is exactly what this moment requires.”
Novogratz also highlighted an evolving industry dynamic. “The most consequential shift in this industry right now is the move from narrative to infrastructure,” he noted. “For years, digital assets ran on stories. Those stories were important. They attracted capital, talent, and attention. But stories alone don’t build an economy.”
CoreWeave Agreement Secures Helios Data Center Revenue
Among the most significant growth drivers highlighted in the annual report is the Helios data center operation based in West Texas. The facility has secured ERCOT regulatory authorization to scale its capacity to 1.6 gigawatts.
CoreWeave has committed to a contract utilizing 800 MW of that total capacity. This represents a substantial, long-duration revenue commitment directly linked to growing demand for AI computing infrastructure.
The data center initiative provides Galaxy with a revenue channel independent of cryptocurrency market fluctuations — a strategic diversification that appears to resonate with investors.
Retail Expansion Through GalaxyOne Platform
During 2025, Galaxy introduced GalaxyOne, a consumer-facing fintech platform providing FDIC-insured, interest-bearing deposit accounts through its banking partnership with Cross River Bank.
This retail-focused initiative represents a strategic expansion for a company primarily known for servicing institutional clients. The platform adds another dimension to Galaxy’s evolving business architecture.
Institutional services continue to form the backbone of operations. Galaxy’s comprehensive offering spans derivatives and over-the-counter trading, custody solutions, tokenization services, staking infrastructure, investment banking capabilities, and venture capital activities — creating extensive coverage across the crypto financial services ecosystem.
The Digital Assets segment’s $505 million in adjusted gross profit provides compelling evidence that institutional client demand for these specialized services remained resilient throughout 2025.
GLXY concluded Wednesday’s session at $21.15, representing an 11.3% gain.
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