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Galaxy Digital Slips 8% Post-Earnings as Investors Take Profits Following Big Run Higher
Helmed by CEO Mike Novogratz, the firm secured the entire 800MW of HPC capacity at Helios after CoreWeave exercised its final option.
Aug 5, 2025, 2:28 p.m.
What to know:
- Galaxy Digital reported $166 million in second quarter operating income and $30.7 million in net income.
- Global Markets revenue rose 28% QoQ to $55.4 million despite a 22% drop in trading volumes, noted KBW.
- CoreWeave exercised its final 133MW option at Galaxy’s Helios campus.
A modestly hot name since obtaining a U.S. listing on the Nasdaq a few months back, Galaxy Digital (GLXY) is seeing some selling after posting second quarter earnings on Tuesday morning.
Global Markets revenue rose 28% quarter-over-quarter to $55.4 million despite a 22% decline in trading volumes, as Galaxy outperformed broader market trends, said brokerage KBW. The firm’s average loan book grew to $1.1 billion versus peer Coinbase’s (COIN) hitting $879 million.
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Assets on Galaxy’s platform rose 27% to $8.9 billion, though adjusted gross profit in asset management fell 26% due to lower on-chain activity.
As expected, CoreWeave also exercised its final option to access an additional 133MW of compute at Helios, bringing the site’s total committed capacity to 800MW, the report said.
Galaxy separately agreed to acquire 160 acres of adjacent land, including a 1GW interconnection request, potentially expanding Helios’ capacity to 3.5GW.
The firm ended the quarter with $2.5 billion in total liquidity, including $1.1 billion in cash and stablecoins, and $1.3 billion in net digital assets. Corporate debt stood at $1.1 billion.
The company's digital asset holdings as of June 30 include 17,102 bitcoin valued at $1.8 billion versus 13,704 bitcoin valued at $1.3 billion six months earlier.
The third quarter is off to a strong start, said KBW, with record activity in July as Galaxy helped facilitate the sale of over 80,000 bitcoin and secured the final tranche of AI/HPC compute capacity at its Helios data center through a deal with CoreWeave (CRWV).
Shares are lower by 8% Tuesday alongside a selloff in crypto prices, with bitcoin shedding more than 1% to $113,000. The stock remains higher by 13% since listing on Nasdaq in May.
Read more: Galaxy Positioned to Capture Favorable Regulatory Upside, Jefferies Says as It Initiates With Buy
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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