Galaxy Digital (Nasdaq: GLXY) reported a $323 million net profit for the third quarter on Oct. 27, with most of the improvement coming from the segment that holds the firm’s own digital asset and investment positions.
The company lost $85 million in the second quarter. In the three months ended Sept. 30, its Treasury & Corporate segment generated $419 million of Galaxy’s $569 million in adjusted gross profit, after posting a $42 million loss on that measure in Q2. Adjusted EBITDA came to $455 million, compared with negative $77 million a quarter earlier. Both adjusted figures are non-GAAP measures.
Founder and CEO Mike Novogratz said in the release that Galaxy “delivered a strong third quarter, reflecting the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our Data Centers business.”
Diluted EPS was $0.66, and adjusted EPS was $0.83. A year earlier, in the third quarter of 2025, Galaxy reported net income of $505 million.
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Digital Assets Segment Posts Small Adjusted EBITDA Loss
The Digital Assets segment, which includes Galaxy’s trading, lending and asset management businesses, recorded adjusted gross profit of $71 million, up 9% from Q2. Its adjusted EBITDA was negative $9 million, compared with negative $11 million in the second quarter.
Galaxy said its trading volumes rose 12% from the prior quarter and its average loan book grew 27% to $1.8 billion. Combined assets under management and assets under stake reached $10.4 billion, up 46%.
Data Centers Add Revenue
The Data Centers unit earned $79 million in adjusted gross profit, up from $20 million, in its first full quarter of revenue under the Helios I, Phase I lease. All 133 MW of that phase had been delivered to CoreWeave by the end of Q2.
Galaxy completed a $3.5 billion senior secured notes offering to fund Helios I, Phase II, where it expects data hall deliveries to start in the second quarter of 2027. The company said it is in talks with prospective tenants for 830 MW of approved Helios II capacity that is not yet leased, and that its gross power pipeline now exceeds 5.7 GW.
On Oct. 26, the board authorized a new share buyback of up to $200 million. Galaxy finished its previous $200 million program, announced in February, on Oct. 15 after repurchasing about 9.8 million Class A shares.
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