New York, October 27, 2026 / PRNewswire / -- Galaxy Digital Inc (Nasdaq ticker: GLXY) (hereinafter referred to as the "Company" or "GDI") today announced its financial results for the three months and nine months ending September 30, 2026. In this press release, references to "Galaxy", "we", "our", and similar expressions refer to GDI and its subsidiaries and affiliates; before the completion of the reorganization transaction, it refers to Galaxy Digital Holdings LP (hereinafter referred to as the "Partnership" or "GDH LP") and its subsidiaries and affiliates, or either party as appropriate depending on the context.
Founder and CEO Mike Novogratz stated: “Galaxy has delivered a strong third-quarter report, reflecting our mature digital asset business strength, significant appreciation of our portfolio, and the growing contribution of our data center business. Our strategy focuses on two important opportunities in the global economy: modernizing financial markets through digital assets, as well as the expansion of AI infrastructure. Our progress in these two areas is enhancing and diversifying our profit structure, while also enabling Galaxy to seize considerable growth opportunities. We will continue to focus on prudent execution and create long-term value for shareholders.”
Financial and Business Highlights
- In the third quarter of 2026, the net profit was $323 million, with diluted earnings per share and adjusted earnings per share amounting to $0.66 and $0.83 respectively.
- In the third quarter of 2026, the adjusted gross profit was $569 million, and the adjusted EBITDA was $455 million.
- Total shareholders' equity is $3 billion; cash, stablecoins, and U.S. Treasury bonds combined total $4.9 billion.
- The data center layout has expanded significantly, with a total gross power reserve capacity of over 5.7 gigawatts.
- Completed the issuance of $3.5 billion in senior secured notes to provide funding for the second phase of construction of Helios I.
Digital Assets
Global Market
Galaxy indicates that its digital asset trading volume has increased by 12% month-on-month, outperforming the broader spot market; during the same period, the overall spot market trading volume declined, which highlights the strength and breadth of its trading business.
The average loan book size is $1.8 billion, representing a 27% increase from the previous quarter. The driving factors include an improved market environment, as well as an increase in demand related to Galaxy Onchain Financing Rate (“GOFR”) and a broader range of financing needs.
Asset Management and Infrastructure Solutions
Galaxy At the end of the third quarter, the total value of managed assets and pledged assets reached $10.4 billion, representing a month-on-month increase of 46%.
The company stated that its asset management business achieved a net inflow of over $160 million this quarter, mainly driven by the launch of Galaxy Sharplink Onchain Yield Fund at the end of the quarter. This fund is an investment vehicle aimed at institutional investors, designed to allocate funds to DeFi liquidity protocols and other on-chain yield strategies.
Galaxy has signed a multi-year agreement with Bank of New York Mellon (BNY). The scale of assets under BNY management exceeds $60 trillion. Galaxy stated that both parties will further advance the construction of digital asset infrastructure for the institutional market, including supporting pledges on the BNY digital asset custody platform. In addition to pledges, Galaxy will also act as a design partner to further develop the infrastructure of BNY's digital asset platform.
Data Center
The company stated that in this quarter, its data center business achieved an adjusted gross profit of $79 million and an adjusted EBITDA of $69 million, reflecting the contribution of the first full revenue recognition quarter under the first phase of the Helios I lease agreement; by the end of the second quarter, all 133 megawatts of critical IT capacity had been delivered to CoreWeave.
Helios I Phase II has received full financing and is currently under construction. The company stated that both buildings and the supporting substations are progressing according to plan without exceeding the budget. Construction activities are expected to accelerate significantly in the coming months, and the delivery of the data center is anticipated to begin in the second quarter of 2027.
Galaxy indicates that discussions are continuing with potential tenants regarding the additional 830 megawatts of approved capacity that Helios II has not yet leased, and it is believed that market conditions are becoming increasingly favorable.
Balance Sheet
Equity Capital
As of September 30, 2026, Galaxy has $3 billion in equity capital.
The company stated that its equity capital is allocated among three business divisions: digital assets, data centers, and funds and enterprises.
Net digital assets and investment exposures of funds and corporate departments
The company stated that its funds and corporate departments maintain an exposure to the digital asset ecosystem through a diversified portfolio that includes spot positions, derivatives, ETF, stocks, venture capital, private equity holdings, and fund investments.
The company stated that the pie chart below shows the composition of net digital assets and investment exposures of that department as of September 30, 2026.
Capital Management
Galaxy indicates that it may from time to time repurchase its Class A common stock through public markets, private negotiated transactions, or other means, including the use of transaction plans designed to comply with the revised Securities Exchange Act of 1934 Section 10b-5-1, and in compliance with applicable securities laws, exchange requirements, and other restrictions.
The company stated that the timing and total amount of the stock repurchase will depend on business, economic, and market conditions, corporate, legal, and regulatory requirements, prevailing stock prices, as well as other factors. This repurchase program has no fixed expiration date and can be suspended or terminated at any time, and there is no requirement for the company to repurchase a certain number of common shares. Galaxy indicates that it is not possible to guarantee how many shares will be repurchased (if any), nor is it possible to guarantee any repurchase price.
Performance Conference Call
The investor conference call will be held today, on October 27, 2026, at 8:30 a.m. Eastern Time. The live broadcast can be watched at https :// investor.galaxy.com as well as on the company's YouTube channel. A replay of the live broadcast will be available on the company's investor relations website in the same format as the live broadcast.
As of December 1, 2026, recordings can still be listened to by calling 1-844-512-2921, or 1-412-317-6671 (for areas outside the United States and Canada) and entering the password 18446.
Regarding Galaxy Digital Inc (Nasdaq ticker: GLXY)
Galaxy Digital Inc (Nasdaq ticker: GLXY) is a global leader in the field of digital assets and data center infrastructure, dedicated to developing a "code-driven economy." Galaxy provides on-chain infrastructure that connects institutions with digital assets, offering services such as trading, advisory services, asset management, staking, self-hosting, and tokenization. Galaxy also develops and operates data center infrastructure to support the workloads of AI and HPC. With its core facility located in the Helios campus in Texas, Galaxy is building a multi-gigawatt project reserve with a total potential capacity of over 5.7 gigawatts, placing it among the largest and fastest-growing data center developers in North America. The company is headquartered in New York and has offices in North America, Europe, the Middle East, and Asia. For more information about Galaxy's business and products, please visit www.galaxy.com.
Warning Statement Regarding Forward-Looking Statements
This press release and the accompanying conference call may contain “forward-looking statements” or “forward-looking information” under the revised Section 27A of the Securities Act of 1933, the revised Section 21E of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995, and Canadian securities laws (collectively referred to as “forward-looking statements”). The company’s forward-looking statements include, but are not limited to, statements regarding the company’s or management’s expectations, hopes, beliefs, intentions, or strategies for the future.
Any statements that are not historical facts, including but not limited to those regarding the business plans and objectives of Galaxy, especially those related to the Helios data center, the lease agreement with CoreWeave, planned data centers, growth opportunities, stock repurchase plans, future prospects, power capacity and power delivery schedules, future reporting indicators, business strategies, future operating performance and financial conditions, as well as industry and market trends, are considered forward-looking statements.
In addition, any statements that mention estimates, forecasts, outlooks, or other descriptions of future events or circumstances (including their underlying assumptions) are also considered forward-looking statements. Words such as "expected," "believed," "continue," "may," "estimated," "anticipated," "predicted," "intended," "perhaps," "planned," "potential," "should," "will," "shall," and similar expressions can be used to identify forward-looking statements. However, the absence of these words does not mean that the relevant statements are not forward-looking.
The forward-looking statements contained in this document are based on the company's current expectations and beliefs regarding future development and its potential impacts, taking into account the information currently available to the company. The company cannot guarantee that future developments that will affect the company will be consistent with its expectations. These forward-looking statements involve various risks, uncertainties (some of which are beyond the company's control), and other assumptions, which may lead to significant differences between actual results or performance and those explicitly or implicitly stated in the forward-looking statements.
These risks include but are not limited to: (1) the inability to maintain NASDAQ listing standards; (2) costs related to the AI / HPC plans, transactions, operations, and strategies, including recognized impairment expenses related to the conversion of Helios mining infrastructure, as well as negative adjusted EBITDA in recent periods; (3) changes in applicable laws and regulations, and changes or events affecting the cryptocurrency and AI / HPC industries, including potential regulation, all of which are beyond the company's control; (4) the company may be adversely affected by other economic, business, and/or competitive factors; (5) declines in digital asset prices or a decrease in the volume of transactions conducted by the company, as well as market risks faced by the company's digital assets and investment positions; (6) the company's business growth may not meet expectations; (7) the size of the serviceable market may be smaller than anticipated, and/or the company may not be able to obtain the corresponding market share; (8) disruptions or changes in the power supply situation that affect the company's performance or current and future capacity; (9) any delays or failures in completing business authorizations or achieving project reserve targets; (10) technical challenges, network incidents, or exploitation of vulnerabilities; (11) risks related to the construction of AI / HPC infrastructure, including the timing of construction and its impact on rental income; (12) the inability to obtain additional financing required for AI / HPC infrastructure on acceptable terms, or the inability to obtain financing at all; (13) changes in demand for AI / HPC infrastructure and their impact on the future planning of the Helios campus; (14) delays or failures in obtaining necessary power approvals for ERCOT; (15) risks related to leasing business, including counterparty-related risks; and (16) other risks identified in the documents submitted from time to time by the company to the U.S. Securities and Exchange Commission (SEC), including the company's 10-K annual report submitted to the SEC on February 26, 2026, for the fiscal year ending December 31, 2025.As well as the risk factors that are periodically updated in the documents subsequently submitted by the company to SEC, including but not limited to the 10-Q quarterly report as of September 30, 2026.
If one or more of the above risks or uncertainties materialize, the actual results may differ significantly from the forward-looking statements. Except as required by law, the company has no obligation to update or revise any forward-looking statements due to new information, future events, or other reasons, nor does it have an obligation to explain the reasons for any significant differences between the actual results and the expectations stated in the forward-looking statements. Investors should not regard any statements regarding past trends or activities as guarantees that such trends or activities will continue in the future, and therefore should not rely excessively on these statements.
This press release and earnings conference call will contain certain preliminary information regarding the company's performance for the third quarter of 2026. The company states that this information is preliminary data and represents the latest information currently available to management. Due to the completion of normal quarterly accounting procedures and adjustments, or due to other risk factors contained in the company's 10-K annual report and subsequent filings submitted to SEC (including but not limited to the 10-Q quarterly report for the quarter ending September 30, 2026), there may be significant differences between the company's actual consolidated financial statements. Although the company believes that the expectations reflected in this press release are based on reasonable assumptions, the company cannot guarantee that the actual results will not deviate significantly from these expectations.
Galaxy indicates that it discloses significant information to the public through channels such as submitting documents to SEC, the investor relations and news pages of the company's website (investor.galaxy.com and galaxy.com / newsroom), press releases, the LinkedIn homepage (linkedin.com / company / galaxyhq), X accounts (@galaxyhq), public teleconferences, and webcasts, in order to achieve widespread and non-exclusive information distribution and fulfill the information disclosure obligations under Regulation FD. Galaxy encourages investors and others to pay attention to the above channels and review the relevant disclosed information.
Non-GAAP Financial Indicators
In addition to the financial results determined by GAAP, this press release and the accompanying tables also include adjusted gross profit, adjusted EBITDA, and adjusted earnings per share. These are non-GAAP financial indicators. The adjusted gross profit, adjusted EBITDA, and adjusted earnings per share have not been audited and are provided as supplementary disclosures. They should not be considered in isolation, nor should they replace or take precedence over the financial information prepared and presented in accordance with GAAP.
The company states that please refer to pages 11 to 13 to view the reconciliations for the following items: (i) For the three months ending September 30, 2026, and June 30, 2026, the reconciliation between adjusted gross profit and operating income as well as earnings/(losses) (including each business segment); ( ii ) For the three months ending September 30, 2026, and June 30, 2026, the reconciliation between adjusted EBITDA and net profit/(loss) (including each business segment); and ( iii ) For the three months and nine months ending September 30, 2026, and 2025, the reconciliation between adjusted earnings per share and diluted earnings per share.
The company noted that the specific items excluded or included in its adjusted gross profit, adjusted EBITDA, and adjusted earnings per share may differ from those used by other companies in the same industry that employ similar non-GAAP financial indicators. The company also reviews its non-GAAP financial indicators regularly and may revise these indicators based on business changes or other circumstances.
The company stated that the adjusted gross profit is a non-GAAP financial indicator that is helpful for management and investors, as it eliminates the impact of transaction costs that can be directly attributed. Therefore, it can provide useful information on the company's financial performance, enhance the overall understanding of past performance and future prospects, increase transparency of the key indicators used by management in financial, risk management, and operational decisions, and offer additional tools for investors to understand and compare operating results across different accounting periods. Adjusted gross profit is defined as operating revenue and gains (losses), excluding: (i) transaction costs; and ( ii ) impairment of digital assets.
After adjustment, EBITDA is a non-GAAP financial indicator. In addition to the GAAP financial indicator, management also uses this indicator to understand and compare operating results across different accounting periods, as well as for risk management and operational decision-making. This non-GAAP indicator provides supplementary information for investors to assess the company's operating performance. The adjusted EBITDA represents net profit/(loss), excluding: (i) equity incentives and related expenses; (ii) note interest and other expenses; (iii) taxes/tax revenues; (iv) depreciation and amortization expenses; and (v) other discrete items that are not material in amount but which the company believes do not reflect the ongoing operating results. The company states that the above items are excluded from the adjusted EBITDA because they are of a non-cash nature, their amounts and timing are unpredictable, they are not driven by core operating results, and they reduce the significance of comparisons with past periods and competitors.
The adjusted earnings per share are defined as: assuming that all holders of GDH LP fully issued non-controlling interests exchange their LP units for Class A common shares of the company, resulting in the diluted earnings per share. The company states that this non-GAAP financial indicator is commonly used by investors in its industry as a performance analysis metric. Adjusted earnings per share should not be viewed in isolation, nor should they be used as a substitute or replacement for financial data in the company's consolidated financial statements to measure financial performance.
The company reminds investors that using financial indicators other than GAAP as analysis tools has significant limitations.
© Galaxy Digital 2026 All rights reserved.
Galaxy Digital Inc Consolidated Financial Position Statement (Unaudited)
Galaxy Digital Inc Consolidated Income Statement and Other Comprehensive Income (Loss) Statement (Unaudited)
Ownership of the rights and interests of a limited partnership GDH LP
Reconciliation of Adjusted Gross Profit
The following table compares the adjusted gross profit, operating revenue, and income/loss for the three-month periods ending September 30, 2026, and June 30, 2026:
After adjustment, EBITDA reconciliation
The following table compares the adjusted EBITDA with net profit for the three-month periods ending September 30, 2026, and June 30, 2026:
Adjusted earnings (loss) per share represent: Assuming that all holders of GDH LP's fully issued non-controlling interests exchange their LP units for Class A common shares of the company, the adjusted earnings (loss) per share of Class A common shares are calculated accordingly. During the period when non-controlling interests are already included in the GAAP diluted earnings (loss) per share, the adjusted earnings (loss) per share are the same as the GAAP earnings (loss) per share. Prior to the reorganization transaction, non-controlling interests were represented by Class B units of Galaxy Digital Holdings LP.
