Galaxy Digital, a prominent digital asset and infrastructure firm founded by Mike Novogratz, has announced a significant financial turnaround, posting a $30.7 million profit in the second quarter of 2025. This positive result marks a stark contrast to the $295 million loss the company reported in the previous quarter. The firm attributes this recovery to the rising values of its cryptocurrency holdings, particularly Bitcoin, and strong performance within its Global Markets division.
The company's Q2 2025 earnings translate to $0.08 per diluted share. Furthermore, Galaxy Digital's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to $211 million. This impressive adjusted EBITDA was primarily fueled by the appreciation of the company's digital asset holdings and venture capital investments.
A key highlight of the quarter was Galaxy Digital's strategic increase in its Bitcoin holdings. The firm acquired an additional 4,272 Bitcoins during the second quarter, bringing its total Bitcoin reserves to 17,102 BTC. Valued at $1.95 billion, these holdings constitute a significant portion of Galaxy's total digital assets. Overall, the company's total digital assets, encompassing Bitcoin, Ether, USDC, Solana, and XRP, reached a carrying value of $3.56 billion. Bitcoin alone accounts for over half of Galaxy's fair value-measured assets. In addition to its crypto assets, Galaxy Digital holds $1.2 billion in cash and stablecoins. The company's total equity stood at $2.6 billion as of June 30, 2025.
Galaxy Digital's various business segments contributed to the positive Q2 results. The Global Markets segment experienced substantial growth, with adjusted gross profit increasing by 28% quarter-over-quarter to $55.4 million. This growth occurred despite a 22% decline in trading volume, indicating that the firm outperformed broader market trends. The average loan book expanded to $1.1 billion, driven by strong demand for margin lending. Digital Assets generated an adjusted gross profit of $71.4 million, representing a 10% increase compared to the previous quarter.
In contrast, the Asset Management & Infrastructure Solutions segment saw a 26% decline in profit, reflecting reduced on-chain activity and lower staking rewards. Despite this, assets under management and stake increased by 27% to approximately $9 billion, driven by rising digital asset prices and net inflows into Galaxy's asset management business.
Besides its financial achievements, Galaxy Digital has been actively expanding its business operations. The company is increasing its focus on providing computing power for artificial intelligence (AI). Galaxy expanded its Helios data center campus, increasing its potential power capacity to 3.5 GW, which underscores its commitment to supporting AI and high-performance computing operations. Subsequent to quarter end, Galaxy integrated with Fireblocks to significantly broaden access to Galaxy’s staking services by connecting to Fireblocks’ global network of institutions. This marks the third custodial integration for Galaxy’s Blockchain Infrastructure team this year.
In July 2025, Galaxy Digital executed one of the largest Bitcoin transactions in history, selling over 80,000 Bitcoin for a Satoshi-era investor as part of their estate planning strategy. This transaction underscores Galaxy's capabilities and position in the digital asset market.
