Galaxy Lifts Markets Profit as Trading Volumes Slip
Global Markets adjusted gross profit rose 58% from the prior quarter to $49 million.
Galaxy Digital (GLXY), the digital-asset financial-services firm, increased Global Markets adjusted gross profit 58% QoQ to $49 million, outpacing a softer trading backdrop. Galaxy’s digital-asset trading volumes declined 7%, while industry volumes fell by more than double digits sequentially.
The performance marked an improvement from the prior quarter, when Global Markets generated $31 million of adjusted gross profit. The gain alongside lower volumes pointed to better economics across the trading franchise during the quarter.
Galaxy’s average loan book rose 1% QoQ to $1.438 billion from $1.427 billion. New originations also increased, supported by the pre-launch of GalaxyOne Prime Finance, or GOFR, and demand from new and existing clients.
Asset Management & Infrastructure Solutions moved in the opposite direction. Adjusted gross profit declined 6% QoQ to $17 million from $18 million as lower digital-asset prices weighed on managed and staked assets.
Combined assets under management and assets under stake fell 12% QoQ to $7.1 billion. ETF assets declined 18% to $1.805 billion, alternatives decreased 7% to $2.553 billion, and assets under stake dropped 13% to $2.790 billion.
The quarter left Galaxy’s operating momentum concentrated in markets and lending, with trading profitability improving despite lower activity and the loan book continuing to expand. GOFR’s pre-launch and broader client demand provided the clearest forward indicator for further loan originations.