Galaxy Digital reported net income of $505 million for the quarter ended September 30. The company also posted an adjusted profit of $629 million, driven by stronger trading and investment gains. Management pointed to regular institutional activity within the spot and derivatives space.
The company ended the quarter with $3.2 billion in equity on its balance sheet. Liquidity remained significant, with $1.9 billion held in money and stablecoins. These numbers gave Galaxy the pliability to pursue growth projects and client mandates.
Revenue contributions got here from digital asset operations and portfolio brands. Asset management was also expanded within the reporting period. Together, these lines formed 1 / 4 that featured higher volumes and improved execution.
Galaxy Announces Third Quarter 2025 Financial Results. Source: Galaxy Digital / Prnewswire
Trading boom and institutional demand drive results
According to Galaxy, trading volume increased by 140% in comparison with the previous quarter. Activity increased in each spot and derivatives markets as clients adjusted their positions. The firm described increased institutional engagement across its trading portfolio.
The quarter included retail sales of greater than 80,000 Bitcoin. Galaxy didn’t name the vendor. It described the transaction as a part of the investor’s “broader estate planning strategy.” The company handled the execution throughout the framework of normal risk controls.
The market context was vital. Bitcoin remained largely volatile within the third quarter, but pockets of liquidity opened up during news cycles. Ether rose to multi-year highs, supporting rotations and hedging flows. These conditions helped boost volumes without triggering a broad risk-on rally.
Helios data center construction and CoreWeave revenue agreement
Galaxy continued to construct high-performance computing capabilities at its Helios campus in Texas. The company doesn’t expect significant profits from the placement until mid-2026. The construction phases and connection work are still in progress.
In August, Galaxy secured a $1.4 billion loan to expand Helios. The financing package supports power, racks and associated infrastructure. The company linked the investment to the increasing demand for GPU computers.
Galaxy also announced a long-term partnership with CoreWeave. The company said the agreement is predicted to generate roughly $1 billion in annual revenue once operations expand. Management framed the pact as a part of a broader computing strategy related to AI workloads.
Asset management increases scale as treasury initiatives evolve
Asset management activities also grew alongside trading. The mandates have been expanded to incorporate digital assets and structured exposures. The unit benefited from a stronger environment and clearer operational pipelines.
Galaxy remained lively in strategic capital programs. During the quarter, the corporate announced plans to hitch a $1.65 billion Solana Treasury initiative. Participants included Cantor Fitzgerald, Multicoin Capital and Jump Crypto. The plan focused on long-term management of funds somewhat than short-term inflows.
These moves corresponded to a market that saw deeper institutional touchpoints. The company emphasized execution discipline and risk management. Customers' interest in diversified digital asset strategies was also highlighted.
Stock Reaction: GLXY Rebounds on Earnings Beats
Galaxy Digital (GLXY) rallied following the report. Shares rose nearly 16% intraday before declining. The stock last traded above $43, up about 9% on the session.
Year-to-date, GLXY has gained greater than 84%. The move reflects improving industry sentiment and company-specific catalysts. Liquidity and balance sheet metrics provided further support.
Trading desks reported higher volumes together with the discharge. Later, follow-up stabilized as investors digested their forecasts and buildout schedules. The motion tracked broader crypto stock moves during earnings season.
Market Background: Capitalization Growth and ETP Inflows
CoinGecko's Q3 2025 report estimated that the worldwide crypto market added roughly $563 billion in value. Total capitalization reached $4 trillion, the best level since 2021. This background helped increase liquidity on major trading venues.
Total market capitalization and trading volume for cryptocurrencies within the third quarter of 2025. Source: CoinGecko
Despite Bitcoin's volatility, Ether rose to $4,015 during this era. Several large-cap tokens also showed renewed momentum. These changes created windows of opportunity for execution and hedging strategies.
Exchange-traded products continued to draw inflows. BlackRock noted that its Bitcoin and Ether iShares funds contributed positively to quarterly results. The company cited stronger investor inflows and fee income related to these vehicles.
