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Galaxy reported a $482M Q4 loss from crypto price declines, with EPS at $(1.08) as market cap fell 24% in the quarter.
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Full-year loss totaled $241M, including $160M in one-time costs, while adjusted gross profit reached $426M in 2025.
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Cash hit $2.6B and equity $3.0B as Galaxy expanded data centers and strengthened its balance sheet despite volatility.
Galaxy Digital disclosed a $482 million net loss for the fourth quarter of 2025, according to financial results released Tuesday. The loss occurred as falling digital asset prices weighed on valuations during the period. The New York–based firm reported diluted earnings per share of $(1.08), while the broader crypto market declined sharply throughout the quarter.
Market Declines and Annual Performance
Galaxy Digital said digital asset depreciation drove most fourth-quarter losses, as total crypto market capitalization fell about 24%. During the same quarter, Bitcoin declined roughly 20%, which pressured trading and investment activity.
For full-year 2025, the firm reported a net loss of $241 million. However, the annual result included about $160 million in one-time reorganization-related costs. These costs covered bitcoin mining infrastructure and exchangeable note adjustments.
Despite these pressures, Galaxy posted a full-year adjusted gross profit of $426 million and adjusted EBITDA of $34 million. As of December 31, 2025, total equity stood at $3.0 billion. Cash holdings reached $2.6 billion, providing liquidity during market volatility.
Shares traded near $22.60 as investors reviewed the results, while revenue reached $10.2 billion, below analyst expectations.
Assets, Trading Activity, and Staking
By the end of the quarter, Galaxy reported $6.4 billion in assets under management and $5.0 billion in assets under stake. These balances declined quarter-over-quarter due to lower digital asset prices.
However, total assets rose about 59% year-over-year, while cash and stablecoin holdings increased 168%. Global Markets delivered record adjusted gross profit, despite a 40% decline in trading volumes from the prior quarter.
That earlier quarter included a $9 billion notional bitcoin transaction. Meanwhile, Asset Management and Infrastructure Solutions ended 2025 with $12 billion in platform assets and $2.0 billion in net inflows.
Infrastructure Expansion and Corporate Actions
Galaxy also expanded its infrastructure footprint during 2025. The company executed 800 megawatts of long-term data center agreements with CoreWeave. In January 2026, ERCOT approved 830 additional megawatts at the Helios site in Texas.
Additionally, Galaxy strengthened its balance sheet through $325 million in equity capital and a $1.3 billion exchangeable senior notes offering. Earlier in the year, the firm completed its reorganization, incorporated in Delaware, and began trading on Nasdaq.
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