Galaxy Digital reported a net income of $30.7 million for the second quarter of 2025, reversing the $295 million loss recorded in the previous quarter.
The digital asset and infrastructure company cited gains in balance sheet holdings and a strong performance from its global markets division as key drivers of the recovery, according to a Tuesday news release.
The quarter ended with Galaxy’s Bitcoin holdings increasing to 17,102 Bitcoin (BTC), valued at $1.95 billion. The company held 13,704 BTC at the end of the first quarter, suggesting that it added 4,272 BTC in Q2, the company disclosed in a financial supplement.
The firm’s total digital assets, including BTC, Ether (ETH), USDC (USDC), Solana (SOL) and XRP (XRP), reached $3.56 billion in carrying value. Bitcoin remained the largest single holding, making up over half of Galaxy’s fair value-measured assets.
Related: Galaxy Digital raises $175M in first fund to expand crypto investments
Galaxy posts $211 million EBITDA backed by treasury gains
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $211 million, supported by a $228 million adjusted gross profit from its treasury and corporate segment.
Meanwhile, digital assets generated $71.4 million in adjusted gross profit, a 10% increase from the prior quarter. However, adjusted EBITDA in the Digital Assets business held flat at $13 million as expenses increased.
“I couldn’t be more excited. July was, by all accounts, the best month we had at Galaxy. All our businesses are starting to fire on all cylinders,” said Mike Novogratz, founder and CEO of Galaxy.
Galaxy’s Global Markets unit stood out with a 28% quarter-over-quarter jump in adjusted gross profit, totaling $55.4 million. This came despite a 22% decline in trading volume, as the firm managed to outperform broader market trends. The average loan book expanded to $1.1 billion, fueled by demand for margin lending.
The firm’s asset management and infrastructure solutions segment posted a 26% decline in profit, reflecting slower onchain activity and reduced staking rewards. Still, assets under management and stake increased 27% to $9 billion, buoyed by higher crypto prices and fresh inflows.
Related: Bitcoin price shrugs off potential new $450M Galaxy Digital BTC sale
Galaxy achieves operational milestones
Beyond financials, Galaxy made notable operational strides. It completed the sale of over 80,000 BTC on behalf of a client, one of the largest such deals to date.
Meanwhile, its Helios data center campus is expanding, with CoreWeave now committed to the full 800 megawatts of approved capacity. Galaxy also secured an additional 160 acres and a 1 gigawatt interconnection request, setting the stage for up to 3.5 GW of power capacity at Helios.
Helios will be a “top five datacenter in the world if we get that built out,” said Novogratz. “I couldn’t be more bullish.”
Galaxy began trading on Nasdaq under the ticker GLXY in May following its corporate reorganization.
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