Galaxy Announces Fourth Quarter and Full Year 2025 Financial Results

NEW YORK, Feb. 3, 2026 /PRNewswire/ – Galaxy Digital Inc. (NASDAQ:GLXY) (TSX:GLXY) (the “Company” or “GDI”) today released financial results for the fourth quarter and year ended December 31, 2025. In this press release, a reference to “Galaxy”, “we”, “our” and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization Transactions, refers to Galaxy Digital Holdings LP (the “Partnership” or “GDH LP”), its subsidiaries and affiliates, or any one of them, as the context requires.¹

— Financial Highlights

Q4 2025 net loss of $482 million, diluted EPS of $(1.08), and adjusted EPS of $(1.08), driven primarily by the depreciation of digital asset prices in the quarter.²
Full year 2025 net loss of $241 million, diluted EPS of $(0.61), and adjusted EPS of $(0.61) due to lower digital asset prices and approximately $160 million of one-time costs during the year.²
Full year 2025 adjusted gross profit of $426 million and adjusted EBITDA of $34 million.²
Total equity of $3.0 billion and cash and stablecoins holdings of $2.6 billion as of December 31, 2025.³

— 2025 Highlights

Successfully completed the reorganization and domestication as a Delaware-incorporated entity and began trading on Nasdaq.
Global Markets: Delivered record trading adjusted gross profit, volumes, loan book size and advisory fees, including execution of one of the largest notional bitcoin transactions in history.
Asset Management & Infrastructure Solutions: Total assets on platform ended the year at $12 billion, with $2.0 billion of net inflows in the Asset Management business, representing 34% organic growth.⁴ Galaxy expanded its staking platform through five integrations with leading global custodians.
Data Centers: Executed 800 megawatts (“MW”) of long-term agreements with CoreWeave.

— Corporate Updates

On January 15, 2026 Galaxy announced the completion of ERCOT Interconnection Studies and the approval for additional 830 MW at Helios, doubling total approved power capacity to over 1.6 gigawatts.
Strengthened the balance sheet through $325 million of equity capital raised and a $1.3 billion exchangeable senior notes offering to fund growth initiatives and for general corporate purposes.
Acquired staking software development firm Alluvial Finance, making Galaxy the Development Company for Liquid Collective, a leading enterprise-grade liquid staking protocol.

SELECT FINANCIAL METRICS	Q4 2025	Q3 2025	Q/Q % Change	FY 2025
Total Assets	$11,348M	$11,523M	(2) %	–
Total Equity	$3,035M	$3,172M	(4) %	–
Cash & Stablecoins³	$2,606M	$1,910M	36 %	–
Net Digital Assets and Investments⁵	$1,678M	$2,141M	(22) %	–
Net Income / (Loss)	($482M)	$505M	N.M.	($241M)
Adjusted EBITDA²	($518M)	$630M	N.M.	$34M

Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for “Not Meaningful”.

(1) On May 13, 2025, the Company, GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company’s corporate structure (the “Reorganization Transactions”).

(2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 14 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.

(3) Includes $1,246M in Cash and Cash Equivalents and $1,360M in Stablecoins as of Q4 2025 and $1,137M in Cash and Cash Equivalents and $773M in Stablecoins as of Q3 2025.

(4) Consists of $6.4B Assets Under Management, $5.0B Assets Under Stake and $887M of assets managed by a commodity pool operator within Galaxy’s Global Markets division. Of this total, $1.6B is included in both Assets Under Management and Assets Under Stake, and $790M is included in both assets under stake and the commodity pool operator. Each asset included in these figures generates its own distinct fee stream.

(5) Refer to page 5 of this release for a breakout of Galaxy’s Treasury & Corporate net digital asset and investment exposure, excluding derivatives.

— Galaxy Financial Snapshot: Fourth Quarter and Full Year 2025

Fourth Quarter 2025:

Galaxy reported a net loss of $482 million for Q4 2025, diluted EPS of $(1.08), and adjusted EPS of $(1.08), driven primarily by the depreciation of digital asset prices, with total crypto market capitalization decreasing by approximately 24% in the quarter.¹
Digital Assets generated adjusted gross profit of $51 million and adjusted EBITDA of $(29) million, reflecting a softer macro environment and lower industry trading volumes and onchain activity.¹
Treasury & Corporate generated adjusted gross profit of $(454) million and adjusted EBITDA of $(488) million, driven primarily by unrealized losses on digital assets and investments positions.¹

Full Year 2025:

Galaxy reported a net loss of $241 million, diluted EPS of $(0.61), and adjusted EPS of $(0.61) due to lower digital asset prices on the year and approximately $160 million of one-time costs tied to bitcoin mining infrastructure, the Company’s corporate reorganization in May 2025 and the embedded derivative on outstanding exchangeable notes, which no longer impacts results.¹
Digital Assets generated record adjusted gross profit of $505 million and adjusted EBITDA of $247 million. Growth was broad-based, with strong contributions from Trading, Lending, Investment Banking, Asset Management and Blockchain Infrastructure.
Treasury & Corporate generated adjusted gross profit of $(86) million and adjusted EBITDA of $(216) million, driven primarily by unrealized losses on digital assets and investments positions.
Total equity increased 38% year-over-year (“YoY”) to $3.0 billion, driven primarily by two strategic equity financings. Total assets increased approximately 59% YoY, with cash and stablecoins holdings of $2.6 billion, up 168% YoY.


*GAAP Revenues and Transaction Expenses*	Q4 2025	Q3 2025	Q/Q % Change	FY25
Gross Revenues & Gains/(Losses) from Operations	$10,224M	$29,219M	(65) %	$61,356M
Gross Transaction Expenses	$10,306M	$28,293M	(64) %	$60,176M


*Segment Reporting Breakdown*	Q4 2025	Q3 2025	Q/Q % Change	FY25
Digital Assets Adjusted Gross Profit¹	$51M	$318M	(84) %	$505M
Digital Assets Adjusted EBITDA¹	($29M)	$250M	N.M.	$247M

Data Centers Adjusted Gross Profit¹	$4.6M	$2.7M	N.M.	$7.2M
Data Centers Adjusted EBITDA¹	$0.3M	$3.7M	N.M.	$2.7M

Treasury & Corporate Adjusted Gross Profit¹	($454M)	$408M	N.M.	($86M)
Treasury & Corporate Adjusted EBITDA¹	($488M)	$376M	N.M.	($216M)

Adjusted Gross Profit¹	($398M)	$729M	N.M.	$426M
Adjusted EBITDA¹	($518M)	$630M	N.M.	$34M

Net Income	($482M)	$505M	N.M.	($241M)

Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for “Not Meaningful”.

(1) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non-GAAP Financial Measures below for further information. Refer to pages 11 through 14 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.

— Digital Assets

Global Markets

Global Markets reported adjusted gross profit of $30 million in the fourth quarter.¹

Galaxy’s digital asset trading volumes declined approximately 40% relative to the prior quarter, reflecting softer client trading activity following a record Q3, which included the execution of a $9 billion notional bitcoin sale.
Average loan book size of $1.8 billion increased marginally compared to the prior quarter, demonstrating resilience and sustained client demand, despite lower digital asset prices in Q4.
Investment Banking closed two transactions in Q4, serving as exclusive financial advisor to Aplo in its acquisition by Coincheck and advising on a merger to form an institutional decentralized finance platform.


KEY PERFORMANCE INDICATORS	Q4 2025	Q3 2025	Q/Q % Change
Global Markets Adjusted Gross Profit¹	$30M	$295M	N.M.
Loan Book Size (Average)	$1,795M	$1,768M	1 %
Total Trading Counterparties	1,620	1,532	6 %

Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses, and fee revenue associated with the Investment Banking business. Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities.

Asset Management & Infrastructure Solutions

Asset Management & Infrastructure Solutions generated $21 million of adjusted gross profit in Q4 2025.¹

Galaxy ended Q4 with $6.4 billion in assets under management and $5.0 billion in assets under stake. Assets declined QoQ, driven primarily by the depreciation of digital asset prices during the period.²
In Q4, Galaxy expanded its institutional staking footprint by completing the acquisition of Alluvial Finance and becoming the Development Company for Liquid Collective, reinforcing its role in building and supporting institutional-grade liquid staking infrastructure.


KEY PERFORMANCE INDICATORS	Q4 2025	Q3 2025	Q/Q % Change
Asset Management & Infrastructure Solutions Adjusted Gross Profit¹	$21M	$23M	(9) %
ETFs	$2,839M	$3,903M	(27) %
Alternatives	$3,582M	$4,813M	(26) %
Assets Under Stake	$4,976M	$6,610M	(25) %

All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments by affiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETF assets are generally the result of performance, inflows/outflows, and market movements. Alternatives: Includes committed capital closed-end vehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments by affiliates, based on prices as of the end of the specified period. For committed capital closed-end vehicles that have completed their investment period, Alternatives are reported as Net Asset Value (“NAV”) plus unfunded commitments. Alternatives for quarterly close vehicles are reported as of the most recent quarter available for the applicable period. Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of Q4 2025, $1.6B of assets are captured within both Assets Under Stake and Alternatives.

(1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 11 for more information and a reconciliation to the most directly comparable GAAP measure.

(2) Assumes prices for relevant cryptocurrencies as of 12/31/2025.

— Data Centers

Helios Data Center Campus:

Galaxy remains on track to deliver 133MW of critical IT load to CoreWeave in the first half of 2026 under the Phase I lease agreement, with the first data hall expected to be delivered in Q1.
Construction for the initial Phase I deployment is substantially complete, the site is fully dried-in, and commissioning is underway.
On January 15, 2026, Galaxy announced it received ERCOT approval for an additional 830 MW of power capacity, bringing Helios’ total approved capacity to more than 1.6 gigawatts and positioning the campus to support continued multi-phase development in 2026 and beyond.

1.6GW Total Approved Power Capacity at Helios
	CoreWeave Contracted Capacity
	Phase I	Phase II	Phase III	Phase I + II + III
	133MW	260MW	133MW	526MW
	Contracted Critical IT Load¹	Contracted Critical IT Load¹	Contracted Critical IT Load¹	Total Contracted Critical IT Load¹
	1H26	2027	2028	$1B+
	Expected Delivery Date²	Expected Delivery Date²	Expected Delivery Date²	Anticipated Average Annual Revenue³

(1) Approximately 200 MW of gross power capacity for Phase I, 400 MW of gross power capacity for Phase II, and 200 MW of gross power capacity for Phase III, for a total gross power capacity of 800 MW. (2) Will be completed in phases, with the full capacity for Phase I expected to be delivered by the end of the first half of 2026, Phase II expected throughout 2027 and Phase III expecting to commence in 2028. (3) Based on committed contractual terms, internal estimates for capital expenditures, and assumes full capacity utilization of the 526 MW of critical IT load. Actual results may differ materially due to business, economic and competitive uncertainties and contingencies, which are beyond the control of the Company and its management and subject to change.

— Balance Sheet

Equity Capital

As of December 31, 2025, Galaxy had $3.0 billion in equity capital, up 38% YoY.

Below is a breakout of how the Company’s equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.


$3.0 billion of equity capital across three segments:
~36%	~25%	~39%
Digital Assets	Data Centers	Treasury & Corporate

Treasury & Corporate Net Digital Asset and Investment Exposure, Excluding Derivatives

The Company’s Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, ETFs, equities, venture investments, private equity holdings and fund investments.

The below pie chart is representative of the Treasury & Corporate segment’s net digital asset and investment exposure as of December 31, 2025.

The pie chart does not include derivative instruments.

(1) Includes spot BTC, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC.

(2) Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH.

(3) Includes spot SOL, associated tokens such as wrapped SOL, and interests in investment vehicles designed to hold SOL,

including Galaxy’s investment in Forward Industries.

(4) Represents spot and interests in investment vehicles that provide exposure to other digital assets.

(5) Includes publicly traded securities, including those subject to a short-term lock-up.

Earnings Conference Call

An investor conference call will be held today, February 3, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxy.com/, on the Company’s YouTube channel and through the Company’s X profile (@GalaxyDigitalHQ). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website. Through March 3, 2026, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 18446.

Galaxy will host an Earnings AMA on Tuesday, February 10 at 11:00 AM Eastern Time via X Spaces which is accessible through Galaxy’s X profile (@GalaxyDigitalHQ), during which members of management may discuss the Company’s financial results and forward-looking statements. See full disclosures below.

About Galaxy Digital Inc. (Nasdaq/TSX:GLXY)

Galaxy Digital Inc. (Nasdaq/TSX:GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy’s businesses and products is available on www.galaxy.com.

Disclaimer

The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release and the accompanying conference call may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and “forward-looking information” under Canadian securities laws (collectively, “forward-looking statements”). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy’s business plans and goals, including with respect to the lease with CoreWeave, and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to maintain Nasdaq’s listing standards; (2) costs related to AI/HPC plans, the transactions, operations and strategy; (3) changes in applicable laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (6) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate the business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in, or failure to close, the acquisition of the additional land and power adjacent to the Helios campus currently under contract; (15) risks associated with the leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those other risks contained in filings we make with the Securities and Exchange Commission (the “SEC”) from time to time, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025 and available on Galaxy’s profile at www.sec.gov (our “Form 10-Q”). Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, financing and construction terms and conditions, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving our mandates; delays or other challenges in the mining and AI/HPC infrastructure business related to hosting, power or construction; any challenges faced with respect to exploits, considerations with respect to liquidity and capital …

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Galaxy Announces Fourth Quarter and Full Year 2025 Financial Results

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