Galaxy Digital reported net income of $505 million for the quarter ended Sept. 30. The company also posted $629 million in adjusted earnings, reflecting stronger trading and investment gains. Management pointed to steady institutional activity across spot and derivatives.
The firm closed the quarter with $3.2 billion in equity on its balance sheet. Liquidity remained sizeable, with $1.9 billion held in cash and stablecoins. Those figures gave Galaxy flexibility to pursue growth projects and client mandates.
Revenue contributions came from digital-asset operations and portfolio marks. Asset management also expanded during the period. Together, these lines shaped a quarter that leaned on higher volumes and improved execution.
Trading Surge and Institutional Demand Drive Results
Galaxy said trading volumes rose 140% versus the prior quarter. Activity increased in both spot and derivatives markets as clients adjusted positions. The firm described deeper engagement from institutions across its trading stack.
The quarter included a single client sale of more than 80,000 Bitcoin. Galaxy did not name the seller. It characterized the transaction as part of the investor’s “broader estate planning strategy.” The firm handled the execution within normal risk controls.
Market context mattered. Bitcoin stayed largely rangebound through Q3, yet liquidity pockets opened during news cycles. Ether advanced to multi-year highs, which supported rotations and hedging flows. These conditions helped lift volumes without a broad risk rally.
Helios Data Center Build and CoreWeave Revenue Agreement
Galaxy continued building high-performance computing capacity at its Helios campus in Texas. The company does not expect meaningful profits from the site until mid-2026. Construction phases and interconnect work remain underway.
In August, Galaxy secured a $1.4 billion loan to expand Helios. The financing package supports power, racks, and related infrastructure. The firm linked the investment to rising demand for GPU compute.
Galaxy also announced a long-term partnership with CoreWeave. The company said the agreement is expected to generate about $1 billion in annual revenue once operations scale. Management framed the pact as part of a broader compute strategy tied to AI workloads.
Asset Management Adds Scale While Treasury Initiatives Evolve
Asset management activity grew alongside trading. Mandates broadened across digital assets and structured exposure. The unit benefited from the stronger backdrop and clearer operational pipelines.
Galaxy remained active on strategic capital programs. During the quarter, it announced plans to join a $1.65 billion Solana treasury initiative. Participants included Cantor Fitzgerald, Multicoin Capital, and Jump Crypto. The plan focused on long-term treasury management rather than short-term flows.
These steps aligned with a market that saw deeper institutional touchpoints. The firm emphasized execution discipline and risk management. It also highlighted client interest in diversified digital-asset strategies.
Stock Reaction: GLXY Rallies on Earnings Beat
Galaxy Digital (GLXY) rallied after the report. Shares climbed nearly 16% intraday before easing. The stock last traded above $43, up about 9% on the session.
Year to date, GLXY has gained more than 84%. The move reflects improving sector sentiment and company-specific catalysts. Liquidity and balance-sheet metrics added further support.
Trading desks flagged higher volumes around the release. Follow-through later stabilized as investors processed guidance and build-out timelines. The action tracked broader crypto-equity moves during earnings season.
Market Backdrop: Capitalization Growth and ETP Inflows
CoinGecko’s Q3 2025 report estimated that the global crypto market added about $563 billion in value. Total capitalization reached $4 trillion, the highest level since 2021. That backdrop helped lift liquidity across major venues.
Despite Bitcoin’s rangebound path, Ether rose to $4,015 during the period. Several large-cap tokens also showed renewed momentum. These shifts created windows for execution and hedging strategies.
Exchange-traded products continued to attract flows. BlackRock noted that its Bitcoin and Ether iShares funds contributed positively to quarterly earnings. The firm cited stronger investor inflows and fee income tied to those vehicles.
