Galaxy Digital’s Stunning Turnaround: Swings from $295M Loss to $31M Profit in Just 90 Days

From red to black—and Wall Street didn't see it coming.

Galaxy Digital just pulled off one of crypto's most dramatic rebounds, flipping a $295 million loss into a $31 million profit in a single quarter. Here's how the crypto giant defied the odds.

The Lazarus act no one predicted

While traditional finance analysts were busy downgrading crypto stocks, Galaxy quietly restructured its debt, capitalized on altcoin rallies, and turned its mining ops into profit machines. The result? A $326 million positive swing that left short-sellers scrambling.

Betting big when others ran scared

While rivals were cutting staff and freezing withdrawals (looking at you, hedge funds), Galaxy doubled down on institutional crypto services—proving once again that in volatile markets, the house always wins. Just don't ask them about their 2022 tax strategy.

The lesson? In crypto, fortunes change faster than a DeFi exploit gets rugged. And Galaxy just wrote the playbook for turning a crisis into a payday.

TLDR

• Galaxy Digital posted $30.7 million net income in Q2 2025, reversing a $295 million Q1 loss
• Bitcoin holdings increased to 17,102 BTC (worth $1.95 billion) after adding over 4,200 BTC during the quarter
• Global Markets revenue jumped 28% quarter-over-quarter to $55.4 million despite 22% decline in trading volumes
• CoreWeave exercised final option for 800MW capacity at Galaxy’s Helios data center campus
• Stock dropped 8% after earnings as investors took profits, despite strong financial results

Galaxy Digital returned to profitability in the second quarter of 2025 with net income of $30.7 million. The digital asset company reversed a $295 million loss from the first quarter.

The company’s Bitcoin holdings grew to 17,102 BTC by the end of June, valued at $1.95 billion. Galaxy held 13,704 BTC at the end of March, meaning it added over 4,200 Bitcoin during the quarter.

Total digital assets across all cryptocurrencies reached $3.56 billion in carrying value. bitcoin represents more than half of Galaxy’s fair value-measured assets.

The company posted adjusted earnings before interest, taxes, depreciation and amortization of $211 million. Treasury and corporate segments contributed $228 million in adjusted gross profit.

Digital assets generated $71.4 million in adjusted gross profit, up 10% from the previous quarter. However, adjusted EBITDA in the Digital Assets business remained flat at $13 million due to higher expenses.

CEO Mike Novogratz said July was the company’s best month ever. He noted that all business units are performing well together.

Global Markets Division Drives Growth

Galaxy’s Global Markets unit delivered strong results with adjusted gross profit rising 28% quarter-over-quarter to $55.4 million. This growth occurred despite trading volume falling 22% during the period.

The average loan book expanded to $1.1 billion, driven by demand for margin lending services. This compares to competitor Coinbase’s loan book of $879 million.

The asset management and infrastructure solutions segment saw profit decline 26% due to slower onchain activity and reduced staking rewards. Assets under management and stake still increased 27% to $9 billion from higher crypto prices and new inflows.

Galaxy completed the sale of over 80,000 BTC on behalf of a client during the quarter. The company described this as one of the largest such transactions to date.

Helios Data Center Expansion Continues

Galaxy’s Helios data center campus secured full commitment from CoreWeave for 800 megawatts of capacity. CoreWeave exercised its final option for an additional 133MW during the quarter.

The company acquired 160 acres of adjacent land with a 1 gigawatt interconnection request. This expansion could increase Helios’ total capacity to 3.5 gigawatts.

Novogratz said Helios could become a “top five datacenter in the world” if fully built out. He expressed strong confidence in the project’s potential.

Galaxy Digital ended the quarter with $2.5 billion in total liquidity. This includes $1.1 billion in cash and stablecoins, plus $1.3 billion in net digital assets.

The company maintains $1.1 billion in corporate debt. Galaxy began trading on Nasdaq under ticker GLXY in May after completing its corporate reorganization.

Despite strong earnings results, Galaxy shares fell 8% after the announcement. The decline coincided with broader crypto market weakness, as Bitcoin dropped over 1% to $113,000.