TLDR
Galaxy Digital posted $30.7 million profit in Q2 2025, reversing a $295 million Q1 loss
Bitcoin holdings increased to 17,102 BTC (valued at $1.95 billion), adding over 4,200 BTC during the quarter
Global Markets unit saw 28% quarterly profit growth despite 22% lower trading volume
CoreWeave exercised final option for Helios data center, committing to full 800MW capacity
Galaxy acquired 160 additional acres with plans to expand Helios to 3.5GW capacity
Galaxy Digital has reported a significant turnaround in its financial performance for the second quarter of 2025, posting a net income of $30.7 million. This marks a complete reversal from the $295 million loss recorded in the previous quarter.
The digital asset and infrastructure company cited gains in its balance sheet holdings and strong performance from its global markets division as key drivers of this recovery. The quarterly report, released on Tuesday, highlighted several areas of growth across the company’s operations.
One of the most eye-catching developments was the increase in Galaxy’s Bitcoin holdings. By the end of Q2, the company held 17,102 Bitcoin valued at approximately $1.95 billion. This represents an addition of 4,272 BTC compared to the 13,704 Bitcoin held at the end of the first quarter.
Bitcoin now makes up more than half of Galaxy’s fair value-measured assets. The firm’s total digital assets, which include Bitcoin, Ether, USDC, Solana, and XRP, reached a carrying value of $3.56 billion by the quarter’s end.
Financial Performance Details
The company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $211 million. This performance was largely supported by a $228 million adjusted gross profit from its treasury and corporate segment.
Galaxy’s digital assets generated $71.4 million in adjusted gross profit, representing a 10% increase from the prior quarter. However, adjusted EBITDA in the Digital Assets business remained flat at $13 million due to increased expenses.
“I couldn’t be more excited. July was, by all accounts, the best month we had at Galaxy. All our businesses are starting to fire on all cylinders,” said Mike Novogratz, founder and CEO of Galaxy Digital, expressing optimism about the company’s trajectory.
The Global Markets unit emerged as a particular bright spot, with a 28% quarter-over-quarter jump in adjusted gross profit, totaling $55.4 million. This growth occurred despite a 22% decline in trading volume, indicating the firm managed to outperform broader market trends.
Galaxy’s average loan book expanded to $1.1 billion during the quarter. This growth was primarily driven by increased demand for margin lending, surpassing competitor Coinbase’s $879 million loan book.
Helios Data Center Expansion
Beyond financial metrics, Galaxy made major operational strides in the second quarter. The company’s Helios data center campus is set for major expansion, with CoreWeave now committed to the full 800 megawatts of approved capacity after exercising its final 133MW option.
In a move that signals confidence in future growth, Galaxy secured an additional 160 acres of adjacent land. This acquisition includes a 1 gigawatt interconnection request, setting the stage for potential expansion to up to 3.5 GW of power capacity at the Helios facility.
Novogratz expressed his enthusiasm for the project, stating that Helios will be a “top five datacenter in the world if we get that built out,” adding, “I couldn’t be more bullish.”
The company completed several other major operational milestones during the quarter. Notably, it facilitated the sale of over 80,000 BTC on behalf of a client, representing one of the largest such deals to date in the cryptocurrency industry.
Galaxy began trading on Nasdaq under the ticker GLXY in May following its corporate reorganization. Despite the positive quarterly results, the company’s stock slipped 8% following the earnings announcement, as investors appeared to take profits after recent gains.
The company ended the quarter with $2.5 billion in total liquidity, including $1.1 billion in cash and stablecoins, and $1.3 billion in net digital assets. Corporate debt stood at $1.1 billion at the end of the period.
According to brokerage firm KBW, the third quarter is off to a strong start for Galaxy, with record activity reported in July. This included facilitating the large Bitcoin sale and securing the final tranche of AI/HPC compute capacity at its Helios data center through the deal with CoreWeave.
