Galaxy rebounds after steep Q1 loss
Galaxy Digital has reported a net profit of $30.7 million for the second quarter of 2025, marking a dramatic turnaround from its $295 million loss in Q1. The recovery was largely driven by gains in balance sheet holdings and strong performance from its global markets division, according to a company press release issued on Tuesday.
Bitcoin holdings soar to 17,102
The digital asset and infrastructure firm significantly increased its Bitcoin holdings during the quarter, adding 4,272 BTC. As of the end of June, Galaxy held 17,102 Bitcoin, up from 13,704 at the end of March. At the current market rate of $113,057 per BTC, the company’s total Bitcoin value stands at approximately $1.95 billion. Bitcoin remains Galaxy’s largest asset, accounting for over half the fair value of its total digital asset portfolio.
Digital asset portfolio reaches $3.56 billion
Alongside Bitcoin, Galaxy also holds substantial positions in Ether, USDC, Solana and XRP. Combined, the firm’s total digital asset holdings reached a carrying value of $3.56 billion in Q2. Digital assets generated $71.4 million in adjusted gross profit during the quarter, a 10 percent increase from Q1. However, despite this revenue growth, adjusted EBITDA for the digital assets segment remained flat at $13 million due to rising expenses.
EBITDA rises to $211 million on treasury gains
Galaxy reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $211 million for the quarter. This figure was bolstered by a $228 million adjusted gross profit from the firm’s treasury and corporate operations. CEO Mike Novogratz expressed confidence in the firm’s performance, stating, “July was, by all accounts, the best month we had at Galaxy. All our businesses are starting to fire on all cylinders.”
Global markets and infrastructure developments
Galaxy’s Global Markets division delivered standout results with a 28 percent quarter-on-quarter increase in adjusted gross profit, totalling $55.4 million. This performance came despite a 22 percent decline in trading volume, as the firm capitalised on favourable market conditions and increased demand for margin lending. The average loan book expanded to $1.1 billion.
In contrast, the firm’s asset management and infrastructure solutions segment experienced a 26 percent fall in profit due to reduced onchain activity and lower staking rewards. However, assets under management rose by 27 percent to reach $9 billion, fuelled by rising cryptocurrency prices and fresh capital inflows.
Major milestones and Nasdaq listing
Operationally, Galaxy completed the sale of over 80,000 BTC on behalf of a client, which is considered one of the largest transactions of its kind. Additionally, the firm’s Helios data centre continues to scale. CoreWeave has now committed to the full 800 megawatts of approved capacity, and Galaxy has secured an extra 160 acres and a 1-gigawatt interconnection request. These steps pave the way for potential power capacity of up to 3.5 gigawatts at the Helios campus.
In May, Galaxy began trading publicly on Nasdaq under the ticker GLXY following a major corporate restructuring.
