Galaxy Digital (NASDAQ: GLXY) reported a net income of $30.7 million for the second quarter of 2025, or $0.08 per diluted share, marking a sharp turnaround from a net loss of $295 million in Q1 2025. However, markets reacted negatively to the results, with shares of Galaxy dropping nearly 8% at the time of publication.
In the company’s first earnings call as a Nasdaq-listed entity, Galaxy’s management highlighted July as “the strongest monthly financial performance for our Digital Assets operating business in the firm’s history,” with positive results across its Global Markets, Asset Management, and Infrastructure Solutions business lines.
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On its balance sheet, Galaxy’s total assets grew 43% quarter-over-quarter (QoQ) to $9.086 billion, while total equity expanded 38% to $2.624 billion as of June 30, 2025. Galaxy held $1.181 billion in cash and stablecoins, providing ample liquidity to support strategic investments and the Helios data-center expansion. Balance Sheet Net Digital Assets rose to $1.274 billion, up 40% QoQ, and Venture, Fund, and Other Investments reached $718 million, a 15% increase.
Meanwhile, Galaxy has continued to grow its footprint in the HPC/AI infrastructure business. The firm announced its anchor AI tenant, CoreWeave, has committed to the remaining portion of the available 800 MW of power capacity at Galaxy’s Helios campus in Dickens County, Texas. Galaxy also agreed to acquire 160 acres and an additional 1 gigawatt (GW) of power at the same site, boosting its total energy footprint to 3.5 GW in the region.
Galaxy’s trading and lending desk both grew over the quarter. The company’s adjusted gross profit totaled $71.4 million for its trading desk, a 10% quarter-over-quarter (QoQ) rise, despite a 22% drop in trading volumes across the broader industry. Notably, Galaxy executed one of the largest USD-value bitcoin trades ever, selling over 80,000 BTC worth over $9 billion for a client, the Galaxy management team stated on its Earnings Call.
Galaxy’s Global Markets’ earned an adjusted gross profit of $55.4 million, propelled by a 27% increase in average loan book size to $1.107 billion, which reflects growing institutional demand for margin lending.
The company’s Asset Management & Infrastructure Solutions business generated $16 million in adjusted gross profit, down 26% QoQ due to softer on-chain activity and lower staking rewards. Still, combined assets under management and staked assets swelled to approximately $9 billion, up 27% QoQ and bolstered by cryptocurrency price appreciation and net inflows.
