0001859392-25-000030
SEC filingGalaxy Digital reported Q2 2025 net income of $30.7M, reversing a $125.6M loss, driven by gains in digital assets and investments.
Galaxy Digital reported Q2 2025 net income of $30.7M, a significant turnaround from a net loss of $125.6M in Q2 2024. Total revenues for the quarter were $8,661.6M, down 2% year-over-year, driven by a 3% decline in digital asset sales to $8,565.0M, partially offset by higher lending income. Gains from operations surged to $395.1M from a loss of $(18.2)M, reflecting strong performance across digital assets and investments. Net gain on digital assets was $134.9M (vs. -$22.0M), benefiting from price increases in bitcoin (+30% in Q2) and ether (+36%). Net gain on investments reached $195.4M (vs. -$101.5M), driven by unrealized gains on bitcoin ETFs and Ripple. Adjusted EBITDA was $211.2M, compared to a loss of $(94.8M) in the prior year quarter. For the six months ended June 30, 2025, net loss was $264.7M (vs. income of $262.5M), impacted by a $57.0M mining equipment impairment in Q1 and a $125.2M unrealized loss on notes payable derivative.
The Digital Assets segment reported a net loss of $(2.5M) in Q2 2025, improving from a loss of $(31.0M) in Q2 2024, with Adjusted EBITDA of $13.0M (vs. -$10.7M). Strong performance in Global Markets and Asset Management drove results. AUM reached $5.8B, up 28% YoY, driven by $1.4B in gross inflows and $1.3B in net market appreciation. The Data Centers segment had no revenue or earnings in Q2, but Helios campus development progressed with 133 MW critical IT load under construction for CoreWeave, expected to generate revenue starting in 2026. Treasury and Corporate segment generated net income of $33.2M (vs. -$92.8M) and Adjusted EBITDA of $198.3M (vs. -$84.1M), driven by gains on proprietary investments and digital assets. Total equity increased to $2.6B, up 20% from December 2024.
Management expects the Data Centers segment to become a significant and diversified source of long-term, predictable revenue, uncorrelated to digital asset prices. The Helios campus conversion is on track, with initial 133 MW delivery by H1 2026 and additional options for 393 MW. The Digital Assets segment continues to expand its product suite, including staking, active ETFs, and structured products. Galaxy raised $477.8M in a June 2025 public offering to fund AI/HPC infrastructure and general corporate purposes. The company believes its existing cash ($691.3M) and cash flows are sufficient for the next 12 months, but additional debt/equity financing may be needed for the Helios conversion. Macro factors such as bitcoin price volatility and regulatory changes remain key risks.
No cash flow data available. The provided document includes only the table of contents and selected financial statements (Operations, Financial Position, Equity) but not the actual Cash Flow Statement. Therefore, analysis cannot be performed.