Galaxy Digital Swings to Profit as Data Centers Ramp

The Tip Desk · November 8, 2026 · 3 min read

Third-quarter net income was $323 million, or $0.66 a share, after an $85 million loss in the prior quarter.

Galaxy Digital Inc. (GLXY) reported net income of $323 million for the three months ended September 30, 2026, a $0.66 diluted earnings a share, after an $85 million loss in the second quarter. Adjusted earnings were $0.83 a share.

The digital assets and data center company said the swing reflected appreciation across its investments portfolio and the first full quarter of revenue-generating operations at Helios I, Phase I, after 133 megawatts of critical IT load were delivered to CoreWeave by the end of the second quarter. Adjusted EBITDA turned positive at $455 million from a $77 million loss. Adjusted gross profit was $569 million.

Treasury & Corporate was the largest source of the turn. That segment’s adjusted gross profit swung to $419 million from a $42 million loss, and adjusted EBITDA to $395 million from a $78 million loss. The company attributed the move to appreciation across the investments portfolio. Net digital assets and investments rose 48% to $1.7 billion. Cash, stablecoins, and U.S. Treasuries rose 99% to $4.9 billion from $2.5 billion.

Data Centers adjusted gross profit rose 293% to $79 million and adjusted EBITDA 498% to $69 million. Delivered critical IT load remained 133 megawatts. Data Centers total assets rose 166% to $6.8 billion and total liabilities 244% to $5.3 billion. Quarterly capital expenditure rose 69% to $757 million. Helios I, Phase II is fully financed and under construction, with data hall deliveries scheduled to begin in the second quarter of 2027. The company said it continues discussions on 830 megawatts of approved capacity at Helios II not yet under lease.

Digital Assets adjusted gross profit rose 9% to $71 million. Adjusted EBITDA remained a small loss at $9 million. Global Markets trading volumes grew 12% quarter-over-quarter, which the company said outperformed a declining broader spot market. Global Markets adjusted gross profit rose 8% to $53 million. Average loan book size rose 27% to $1.8 billion, which the company attributed to demand for the Galaxy Onchain Financing Rate alongside broader financing demand as market conditions improved. Total trading counterparties were 1,763.

Asset Management & Infrastructure Solutions adjusted gross profit rose 11% to $19 million. Combined assets under management and assets under stake rose 46% to $10.4 billion. Assets under stake rose 64% to $4.6 billion, ETF assets rose 41% to $2.5 billion, and Alternatives rose 30% to $3.3 billion. The company said Asset Management generated over $160 million of net inflows during the quarter, driven by the end-of-quarter launch of the Galaxy Sharplink Onchain Yield Fund. It also entered a multi-year agreement with BNY to advance digital asset infrastructure, including staking on BNY’s Digital Asset Custody platform.

Gross revenues and gains from operations were unchanged at $8.7 billion. Gross transaction expenses fell 6% to $8.0 billion. Total assets were $16.4 billion. Total equity was $3.0 billion.

On October 26, 2026, the board authorized an additional $200 million share-repurchase program after completing a prior $200 million authorization with about 9.8 million shares repurchased year-to-date. The company said the new authorization is intended to return value opportunistically and is subject to securities-law and exchange requirements.

Founder and Chief Executive Officer Mike Novogratz said the quarter reflected the Digital Assets franchise, appreciation across the investments portfolio, and a growing contribution from Data Centers, and that the company’s strategy is centered on digital assets and AI infrastructure.