Key Highlights
- GLXY shares finished Wednesday’s session up 11.3% at $21.15, ranking among the day’s strongest crypto-related equities.
- Galaxy reported a full-year 2025 net loss totaling $241 million, primarily attributed to unrealized losses from digital asset positions.
- The Digital Assets division — encompassing trading, lending, asset management, and staking operations — delivered $505 million in adjusted gross profit.
- Adjusted EBITDA reached $216 million, demonstrating profitability in core operations when measured on a non-GAAP basis.
- The company’s Helios data center facility in West Texas locked in an 800 MW agreement with CoreWeave, with regulatory clearance to expand capacity to 1.6 gigawatts.
Galaxy Digital’s shares experienced a significant rally exceeding 11% this Wednesday following the release of its 2025 annual financial report — a market response that caught attention considering the firm disclosed a $241 million net loss for the period.
The stock performance positioned GLXY among the strongest performers within the crypto equity sector that trading session. Market participants appeared to prioritize the operational metrics over the reported loss.
Unrealized losses from digital asset holdings and investment portfolios drove the majority of the net loss figure. When these non-cash items are excluded, the operational performance reveals a different narrative.
The Digital Assets division — encompassing trading operations, lending services, asset management functions, and staking activities — produced $505 million in adjusted gross profit. This segment represents the company’s primary business driver and demonstrated solid performance throughout 2025.
Galaxy’s adjusted EBITDA for the year totaled $216 million. Measured through non-GAAP accounting standards, the core business operations maintained profitability.
In his annual shareholder letter, CEO Mike Novogratz outlined his perspective on the company’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 addressed evolving industry dynamics. “The most consequential shift in this industry right now is the move from narrative to infrastructure,” he explained. “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.”
Helios Facility Secures Major CoreWeave Agreement
Among the most significant growth drivers highlighted in the annual report is the Helios data center operation in West Texas. ERCOT has granted approval for the facility to scale its capacity to 1.6 gigawatts.
CoreWeave has committed to a contract utilizing 800 MW of available capacity. This represents a substantial, multi-year revenue commitment directly linked to expanding AI infrastructure demand.
The data center operation provides Galaxy with revenue generation that operates independently from cryptocurrency market fluctuations — a factor that investors clearly valued in their assessment.
GalaxyOne Expands Into Retail Market
During the past year, Galaxy introduced GalaxyOne, a consumer-focused fintech platform providing FDIC-insured deposit accounts with yield features through its banking partnership with Cross River Bank.
This retail expansion represents a strategic evolution for a company primarily known for institutional client services. The initiative broadens Galaxy’s overall business scope.
Institutional services continue to form the foundation of operations. Galaxy maintains a comprehensive offering that spans derivatives trading, OTC markets, custody solutions, tokenization services, staking infrastructure, investment banking capabilities, and venture capital deployment — creating extensive coverage across the digital asset financial services landscape.
The $505 million adjusted gross profit generated by the Digital Assets segment stands as the strongest indicator that institutional client demand for these services remained robust throughout 2025.
GLXY shares concluded Wednesday’s trading at $21.15, representing an 11.3% gain.
