Galaxy Digital ended the second quarter of 2025 on a strong financial note. The firm posted a net income of $30.7 million, translating to $0.08 per diluted share. Growth in digital asset values and operating business performance helped boost adjusted EBITDA to $211 million.
Total equity stood at $2.6 billion, backed by $1.2 billion in cash and stablecoins. In May, Galaxy began trading on Nasdaq under the ticker GLXY. The listing followed the firm’s reorganization and transition to a Delaware-incorporated company.
In July, operational performance reached a high point, with all-time returns from digital assets and strength in asset management and infrastructure. Following the close of the quarter, Galaxy consummated a significant deal, liquidating over 80,000 bitcoins on behalf of a client. The firm also made notable advancements at its Helios data center.
CoreWeave reaches full MW power use at Helios
CoreWeave made its final decision to use an additional 133 megawatts to aid its AI and high-performance computing offerings. The move committed power load to the full 800 megawatts allowed at Helios. Galaxy also agreed to buy 160 acres of land near Helios. The land has a 1-gigawatt load interconnection request.
With the acquisition, the campus will cover more than 1,500 acres and offer up to 3.5 gigawatts of potential power capacity. Construction is on track, with Phase I set for delivery by mid-2026. Digital asset operations delivered an adjusted gross profit of $71.4 million in Q2.
This represented 10% growth compared to previous quarters, led by gains in global market opportunities. Volumes declined by 22%, but Galaxy beat broader market activity nonetheless. The loan book averaged above $1.1 billion, boosted by increased demand for margin lending.
Galaxy earns from Bitstamp-Robinhood deal
Investment banking logged revenue from its advisory role in the Bitstamp-Robinhood deal, which closed in the quarter. Quarterly profit in asset management decreased due to fewer staking rewards. But assets under management and stake rose to $9 billion, 27% from the prior quarter.
The balance sheet of the firm indicates diversified digital asset exposures, such as spot positions, ETFs, venture capital, and fund holdings. Treasury and corporate actions achieved significant gains of $228 million in adjusted gross profit, aided by increases in the mark-to-market value of assets.
Galaxy will begin to generate data center revenue in the first half of 2026, when it begins delivering its IT capacity under its lease agreement with CoreWeave. Construction costs prior to this date are capitalized.
