Galaxy Digital Swings to $31M Profit in Q2 as Bitcoin Holdings Top 17,000
Galaxy Digital has returned to profitability in the second quarter of 2025, reporting $30.7 million in net income, a sharp turnaround from the $295 million loss in Q1. The recovery was driven by robust treasury gains and improved performance across its global markets division.
Bitcoin Holdings Jump to 17,102
The firm added 4,272 BTC during the quarter, bringing its total Bitcoin holdings to 17,102 BTC — currently valued at approximately $1.95 billion. In addition to Bitcoin, Galaxy’s broader digital asset portfolio, which includes Ether (ETH), USDC, Solana (SOL), and XRP, reached a total carrying value of $3.56 billion.
Bitcoin remains Galaxy’s single largest holding and represents more than half of the company’s assets measured at fair value.
$211M EBITDA Backed by Treasury Gains
Galaxy’s adjusted EBITDA came in at $211 million, underpinned by a $228 million profit from its treasury and corporate operations. Its digital assets segment also delivered a strong performance, generating $71.4 million in gross profit — up 10% from the prior quarter. However, adjusted EBITDA from this segment remained flat at $13 million due to rising expenses.
“I couldn’t be more excited. July was, by all accounts, the best month we’ve had at Galaxy. All our businesses are starting to fire on all cylinders,” said Mike Novogratz, CEO of Galaxy Digital.
Global Markets and Margin Lending Surge
Galaxy’s Global Markets division recorded a 28% increase in gross profit quarter-over-quarter, totaling $55.4 million, even as overall trading volumes fell 22%. The company attributed the growth to strong margin lending activity, which boosted its average loan book to $1.1 billion.
Asset Management Growth Offset by Decline in Staking Rewards
The asset management and infrastructure segment saw a 26% drop in profit amid reduced onchain activity and lower staking yields. Nevertheless, assets under management (AUM) and stake grew 27%, reaching $9 billion, thanks to increasing crypto prices and new capital inflows.
Major Operational Milestones Achieved
In Q2, Galaxy also completed the sale of over 80,000 BTC on behalf of a client — one of the largest over-the-counter Bitcoin transactions ever conducted.
Meanwhile, the company’s Helios data center campus continues to scale rapidly. Cloud computing firm CoreWeave has committed to the full 800 megawatts of approved capacity. Galaxy also acquired an additional 160 acres and submitted a 1 GW interconnection request, aiming to scale Helios up to 3.5 gigawatts of power capacity.
“Helios will be a top five data center in the world if we get that built out,” Novogratz stated. “I couldn’t be more bullish.”
Galaxy began trading on the Nasdaq under the ticker GLXY in May following its corporate restructuring.
