Galaxy Digital reported a significant net loss for Q4 and FY2025, primarily driven by depreciation in digital asset prices and one-time costs. Despite a challenging market environment, the company saw growth in its Asset Management & Infrastructure Solutions segment and made strategic advancements in its Data Centers business, while strengthening its balance sheet through capital raises.
Total equity increased 38% year-over-year to $3.0 billion, driven by two strategic equity financings.
positiveTotal assets increased approximately 59% year-over-year, with cash and stablecoins holdings of $2.6 billion, up 168% year-over-year.
positiveAsset Management & Infrastructure Solutions generated $21 million of adjusted gross profit in Q4 2025, with $2.0 billion of net inflows in the Asset Management business representing 34% organic growth for the full year.
positiveGlobal Markets delivered record trading adjusted gross profit, volumes, loan book size and advisory fees.
positiveSuccessfully completed the reorganization and domestication as a Delaware-incorporated entity and began trading on Nasdaq.
neutralQ4 2025 net loss of $482 million and full year 2025 net loss of $241 million, driven primarily by the depreciation of digital asset prices and approximately $160 million of one-time costs.
negativeDigital Assets generated adjusted EBITDA of $(29) million in Q4 2025, reflecting a softer macro environment and lower industry trading volumes and onchain activity.
negativeTreasury & Corporate generated adjusted gross profit of $(454) million and adjusted EBITDA of $(488) million in Q4 2025, driven primarily by unrealized losses on digital assets and investments positions.
negativeGalaxy's digital asset trading volumes declined approximately 40% relative to the prior quarter.
negativeAssets Under Management and Assets Under Stake declined QoQ in Q4 2025, driven primarily by the depreciation of digital asset prices during the period.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Digital Assets | N/A | — | — | — |
Data Centers | N/A | — | — | — |
Treasury & Corporate | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
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.
Successfully completed the reorganization and domestication as a Delaware-incorporated entity and began trading on Nasdaq.
Acquired staking software development firm Alluvial Finance, making Galaxy the Development Company for Liquid Collective, a leading enterprise-grade liquid staking protocol.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.