Galaxy Digital reported a net income of $505 million for the third quarter of 2025, a significant increase driven by a surge in digital asset trading volumes and strong institutional demand. This translates to $1.01 diluted earnings per share and an adjusted EPS of $1.12. The company's adjusted EBITDA reached $629 million, a substantial jump from the $211 million reported in Q2.
The company's record performance is attributed to its digital assets business and gains from its investment positions. Galaxy Digital's stock closed at $39.65 on October 21, 2025, up 7.57% following the announcement, with premarket trading showing an additional 10.97% increase to $44.
Trading volumes experienced a 140% increase compared to the previous quarter, fueled by heightened activity in spot and derivatives markets. Galaxy Digital executed a $9 billion Bitcoin sale, representing over 80,000 BTC. The Global Markets division reported a record adjusted gross profit of $295 million, boosted by strong crypto trading and a robust investment banking quarter. The average loan book size expanded to $1.8 billion, reflecting increased client demand.
Galaxy Digital's asset management division reported combined assets under management and assets under staking of nearly $9 billion and $7 billion, respectively. The company secured digital asset treasury mandates generating $40 million in annual recurring fees. Total assets on the platform reached an all-time high of approximately $17 billion by the end of the quarter. Equity capital grew to $3.2 billion, a 20% increase from the previous quarter, with $1.9 billion held in cash and stablecoins.
The company is also expanding its data center business, with construction of the Helios data center in Texas progressing on schedule. Galaxy secured a $1.4 billion project financing facility to fully fund the $1.7 billion Phase I build. CoreWeave signed a lease agreement for Phase II, bringing its total commitment to the full 800 MW capacity for AI and high-performance computing. Galaxy anticipates that the Data Centers segment will remain immaterial to profitability until the first half of 2026, when Phase I of its CoreWeave lease begins delivering critical IT capacity and revenue recognition.
Galaxy Digital launched GalaxyOne, a financial technology platform for U.S. retail investors, offering access to high-yield cash, cryptocurrencies, and equities trading. The company secured a $460 million equity investment from a leading asset manager, with net proceeds of $325 million earmarked for the Helios data center build-out and general corporate purposes.
Founder and CEO of Galaxy Digital, Michael Novogratz, stated that Q3 was the best quarter in the company's history. He highlighted the company's focus on building a brand of confidence and trust.
