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olivLaw · US equity research

Galaxy Digital Inc. GLXY

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

13.97USD−16.99% · 1 dayClose 04 Nov 2026

Galaxy Digital Inc. is a global financial services and infrastructure company focused on digital assets and high performance computing (HPC). It serves institutional clients in digital assets and is building AI data center capacity, a shift that could matter a great deal for its revenue mix. Assets across its platform fell from about 12.3 billion USD at December 31, 2025 to about 7.6 billion USD at June 30, 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Galaxy Digital Inc. (GLXY) stock was 13.97 USD (−16.99% on the day), with market capitalisation 1.4 k USD, beta 3.95, 52-week range 13.97–34.31 USD. Latest reported quarter (Q2 2026): revenue of 8.6 bn USD (−1.2% YoY), net income of -85.3 m USD (−378.0% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.4 k USD
shares as of 31 Mar 2025
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
3.95
Volatility (1y) 97%
52-week range
13.9734.31

Price history

Loading chart…

Technical reading

RSI (14)
37.3
weak (30–45)
Bollinger (20, 2)
13.26 – 20.96
in the lower half of the band · %B 0.09 · band width 45.0%
SMA 50 / 200
21.33 / 23.96
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.65 / -1.66
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−38.3%−2.0%−36.3 pp—
3 months−26.7%−2.2%−24.6 pp—
6 months−55.1%+4.3%−59.4 pp—
Year to date−37.5%+10.6%−48.1 pp—
1 year−55.2%+10.5%−65.6 pp−11.1%
3 yearsunavailable+73.7%unavailable+54.6%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−59.3%
16 Jan 2026 → 04 Nov 2026
Max drawdown (5y)
−67.4%
21 Oct 2025 → 04 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
8.6 bn USD
−1.2% YoY
Net income
-85.3 m USD
−378.0% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-1.0% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue8.6 bn15.8 bn13.0 bn8.7 bn28.4 bn10.4 bn10.0 bn8.6 bn
Depreciation & amortisation13.0 m13.4 m12.6 m7.5 m7.4 m6.6 m5.8 m9.2 m
Interest expense7.1 m9.7 m14.1 m14.2 m14.4 m16.5 m17.6 m25.1 m
Pre-tax income-41.2 m113.2 m-301.5 m42.2 m545.2 m-556.5 m-234.6 m-128.2 m
Income tax-7.9 m-4.3 m-6.1 m11.5 m40.1 m-74.8 m-18.2 m-42.9 m
Net income-33.3 m117.5 m-295.4 m30.7 m505.1 m-481.7 m-216.3 m-85.3 m
Operating cash flow-48.5 m ≈-377.8 m159.4 m169.9 m ≈427.7 m ≈-1.1 bn-83.3 m372.0 m ≈
Capex3.4 m ≈25.9 m91.6 m304.8 m ≈238.1 m ≈558.0 m337.9 m398.8 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue51.6 bn42.6 bn60.4 bn
Revenue YoYunavailable−17.5%+41.8%
Net income228.5 m346.7 m-241.3 m
Net income YoYunavailable+51.7%−169.6%
Diluted EPSunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailable
net %0.4%0.8%-0.4%
Free cash flow-49.7 m-264.1 m-1.5 bn

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.2 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
3.0 bn USD
Total assets
11.3 bn USD
Debt / equity
unavailable
Current ratio
1.60x
ROE
-9.2%
ROA
-2.6%
FCF margin
-2.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
51.6 bn
2024
42.6 bn
2025
60.4 bn

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
22.9 m
2024
46.9 m
2025
34.1 m

SEC (XBRL)· 26 Feb 2026verified

Interest expense
2023
27.3 m
2024
30.8 m
2025
59.2 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
244.4 m
2024
329.8 m
2025
-270.7 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
15.9 m
2024
-16.9 m
2025
-29.3 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
228.5 m
2024
346.7 m
2025
-241.3 m

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
326.0 m
2024
356.7 m
2025
366.5 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
316.6 m
2024
462.1 m
2025
1.2 bn

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
—
2024
55.3 m
2025
34.0 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
—
2024
5.9 bn
2025
8.5 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
237.0 m
2025
1.4 bn

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
44.3 m
2024
58.0 m
2025
66.5 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
—
2024
37.4 m
2025
29.5 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
—
2024
7.1 bn
2025
11.3 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
—
2024
6.9 m
2025
17.6 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
—
2024
3.9 bn
2025
5.3 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
—
2024
4.9 bn
2025
8.3 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
1.7 bn
2024
2.2 bn
2025
3.0 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-4.1 m
2024
-205.1 m
2025
-316.6 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
45.6 m
2024
59.0 m
2025
1.2 bn

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
-49.7 m ≈
2024
-264.1 m ≈
2025
-1.5 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-284.8 m
2024
-521.6 m
2025
-1.3 bn

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
63.4 m
2024
872.2 m
2025
2.4 bn

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
41.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-169.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-0.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-3.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-16.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-2.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-357.3 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.5 bn USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-1.9 bn USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
0 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.4 k USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-19,916,607.0%
computed by olivLawTTM to 30 Jun 2026
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-135,291,982.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.97 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.4 k USD

Key indicators

Market capitalisation
1.4 k USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-16.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-0.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
41.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 255derived 20

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-0.5%19 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x59 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-135,291,982.8%0 (on a fixed band)44%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial59/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial19/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Galaxy Digital Inc. (GLXY). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 60.4 bn USD in 2025; YoY growth 41.8%; net margin -0.5%; ROE -16.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -0.5%
  • FCF yield: -135,291,982.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
—
vertical median 15.5x
EV/EBITDA
—
vertical median 14.1x
P/S
0.0x
vertical median 2.1x
below median (−100.0%)
P/B
0.0x
vertical median 2.1x
below median (−100.0%)
ROE
-16.7%
vertical median 18.5%
below median (−190.4%)
Net margin
-0.5%
vertical median 13.5%
below median (−103.6%)
EBIT margin
—
vertical median 22.1%
Revenue YoY
41.8%
vertical median 15.4%
above median (+170.9%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley292.3 bn14.918.0%—unavailable+10% / +135%
BLKBlackRock, Inc.179.9 bn28.012.3%24.1%+89.3%+11% / +55%
SCHWSchwab Charles Corp154.4 bn16.120.3%38.8%+22.0%−4% / +46%
RJFRaymond James Financial, Inc.31.1 bn14.118.5%13.6%+6.6%+3% / +54%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn10.316.4%14.3%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Corporation1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−55% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for GLXY from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).

    In brief

    Galaxy Digital Inc. is a global financial services and infrastructure company focused on digital assets and high performance computing (HPC). It serves institutional clients in digital assets and is building AI data center capacity, a shift that could matter a great deal for its revenue mix. Assets across its platform fell from about 12.3 billion USD at December 31, 2025 to about 7.6 billion USD at June 30, 2026 12.

    SWOT

    Strengths

    • The company has relationships with a large number of trading counterparties and a broad service range from trading to staking and tokenization 12.
    • The CoreWeave contract offers long-term revenue, and the first phase was delivered on schedule 13.
    • The multi-year agreement with BNY extends access to digital asset infrastructure for institutional clients 3.

    Weaknesses

    • Digital asset revenues are sensitive to asset prices, which led to losses in recent quarters 13.
    • The company has a relatively short operating history, and its business model has continued to evolve 1.
    • Debt for the data center projects is significant and costly, which could limit financial flexibility 13.

    Opportunities

    • Converting the remaining approved data center capacity could expand the HPC segment if new contracts materialize 13.
    • Tokenization and blockchain-based products could create new revenue sources in Asset Management 1.
    • Growing institutional adoption could bring more mandates in Global Markets and advisory 1.

    Threats

    • Falls in digital asset prices can reduce assets under management and trading volumes 23.
    • Regulatory changes could restrict the company's products or activities 1.
    • Competition from cloud providers and traditional operators could pressure lease pricing 1.

    Risks

    • Revenue volatilityhigh

      Quarterly results depend on digital asset markets and can vary sharply from one quarter to the next 1.

    • Concentration on the CoreWeave customerhigh

      Data center revenue depends on one major client, and delays or non-payment could affect results 13.

    • Construction debthigh

      The high-coupon senior secured notes and completion guarantees could strain cash flows if the project is delayed 2.

    • Regulatory riskmedium

      Classification of digital assets as securities or new legislation could change the business model 1.

    • Operational and security riskmedium

      Cybersecurity incidents or custody failures could affect client assets and reputation 1.

    Investment thesis

    What would need to be true (bull case)

    • If Helios deliveries stay on schedule and new contracts follow, the Data Centers segment could become a stable source of revenue uncorrelated to digital asset prices 23.
    • Relationships with large institutions and the BNY agreement could support growth in Asset Management and custody 3.
    • If digital asset adoption continues, Global Markets activity could recover, supported by lending and new products 2.

    What would break the thesis

    • Repeated net losses and falling assets under management show that revenue remains tied to digital asset prices 23.
    • HPC projects require large capital and costly debt, and delays or added costs could reduce returns 13.
    • Competition from large cloud providers and data center operators could limit pricing and new contracts 1.

    What to watch

    • Pace of delivery and revenue start for Helios phase twoQ3 2026
    • Trend in assets under management and Global Markets volumesQ3 2026
    • Use of the 3.5 billion USD notes proceeds and construction progress2027
    • New leasing contracts for remaining capacity and Texas sitesnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).

    The business

    Galaxy runs two operating segments, Digital Assets and Data Centers, plus a Treasury and Corporate segment that holds its digital asset portfolio, venture investments and funds 1. Digital Assets includes Global Markets (OTC trading, lending, structured products and M&A advisory) and Asset Management & Infrastructure Solutions (ETF and alternative funds, staking, tokenization and custody technology) 1. The company launched GalaxyOne, a retail financial technology platform, in October 2025 1.

    The Data Centers segment develops HPC infrastructure at the Helios campus in West Texas, where the first 133 MW of critical IT load is leased to CoreWeave under a 15-year agreement 13. In the second quarter of 2026 the company delivered the full first phase and recorded its first revenue from this segment 3. Galaxy says it expects most data center revenue to come from long-term leases with cloud service providers 2.

    Financially, Galaxy reported a net loss of 241.3 million USD for fiscal 2025 and adjusted EBITDA of 33.7 million USD, and a net loss of 85 million USD in the second quarter of 2026 13. In July 2026 it issued 3.5 billion USD of senior secured notes to finance construction of additional buildings at Helios 3.

    Segments

    Digital Assets

    Digital Assets earns spreads on client trades, net interest from lending, M&A and capital-raising fees, and management and performance fees on assets under management 12. In the second quarter of 2026 its adjusted gross profit was 66 million USD, up from the prior quarter, though the company notes revenue still depends on digital asset prices 3.

    Data Centers

    In the second quarter of 2026 the Data Centers segment generated adjusted gross profit of 20 million USD and adjusted EBITDA of 11 million USD, its first quarter of revenue-generating operations 3. The company estimates Phase I could generate quarterly leasing revenue of about 80 million USD, with a project-level adjusted EBITDA margin above 90 percent from the third quarter of 2026 3.

    Treasury and Corporate

    Treasury and Corporate holds the digital asset portfolio, venture and fund investments, and the bitcoin mining operations 1. In the second quarter of 2026 it posted a negative adjusted gross profit, driven mainly by unrealized losses on digital assets and investment positions 3.

    Market context

    The company sits at the crossover of digital asset markets and demand for AI infrastructure. It describes institutional adoption as supported by bitcoin ETFs launched in 2024 and a shift in US government policy in 2025 1. Still, digital asset revenues remain tied to price volatility, and waning investor interest could reduce trading volumes 12.

    On the HPC side, demand for reliable power and compute capacity could keep growing if AI development stays rapid 1. Galaxy reports over 1.6 GW of approved gross capacity at Helios and a power pipeline above 5.7 GW after its Texas site acquisitions 13.

    Trends

    • Institutional adoption of digital assetstailwind

      Rising holder numbers and institutional allocations could support Global Markets volumes and fund activity if regulation stays supportive 1. The company notes historical trends do not guarantee future adoption 1.

    • Demand for HPC and AI data centerstailwind

      Demand for compute and power infrastructure could open stable long-term revenue for the Data Centers segment, uncorrelated to digital asset prices 23.

    • Digital asset price volatilityheadwind

      The decline in digital asset prices in the second quarter of 2026 led to unrealized losses and lower assets under management, pressuring results 23.

    • Regulation and financing costsmixed

      Regulatory uncertainty around tokenized assets and policy changes may affect new product launches, while the cost of large project financing, such as notes with a 9.875 percent coupon, could weigh on cash flows 12.

    Competitive position

    In Digital Assets Galaxy competes with OTC brokers, derivatives platforms and prime brokerage firms, both traditional and crypto-native, as well as decentralized finance platforms 1. In Data Centers the competition comes from traditional operators expanding into HPC, cloud infrastructure providers and former crypto miners pivoting to AI 1.

    Galaxy's position depends on access to reliable large-scale power, high-speed connectivity, cooling and well-located real estate, which drive performance and efficiency for AI and HPC clients 1. The company says its mining experience supports its HPC infrastructure build-out 1.

    • Cloud service providers for AI

      Cloud capacity providers expanding HPC infrastructure and competing for the same AI clients.

    • Traditional data center operators

      Operators extending existing facilities to HPC workloads, with established experience and relationships.

    • Investment banks and traditional brokers

      Institutions building digital asset services and competing in M&A advisory and capital markets.

    • Crypto-native and DeFi platforms

      Trading, lending and staking platforms that operate without traditional intermediaries.

    News & filings

    In the press

    SEC filings

    • Current report27 Oct 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report23 Sept 2026
      Departure or appointment of officers
    • Quarterly report10 Aug 2026
    • Current report05 Aug 2026
      Departure or appointment of officers
    • Current report05 Aug 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report28 Jul 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report24 Jul 2026
      Other events · Financial statements and exhibits
    • Current report22 Jul 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report13 Jul 2026
      Departure or appointment of officers
    • Current report28 May 2026
      Shareholder vote

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Galaxy Digital Inc. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Galaxy Digital Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Galaxy Digital Inc. · 05 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.