Galaxy Digital Reports 1,500% Profit Surge in Q3, Expands Helios Data Center with Major Financing

Galaxy Digital announced on Tuesday that its third-quarter net income skyrocketed by 1,500% to $505 million, highlighting the crypto market's robust rebound. The company reported diluted earnings per share of $1.01 and adjusted EPS of $1.12, with adjusted EBITDA reaching $629 million, largely driven by gains from its crypto trading desk and investment positions.

As of September 30, total equity stood at $3.2 billion, including $1.9 billion in cash and stablecoins. Trading volumes surged 140% compared to the previous quarter, fueled by demand for spot and derivatives, and the firm executed a $9 billion Bitcoin sale involving over 80,000 BTC. Galaxy attributed its performance to record trading activity and rising institutional participation.

The Helios data center project in Texas remained on schedule, with Phase I fully funded after securing a $1.4 billion project financing facility, covering the total $1.7 billion cost. CoreWeave signed a Phase II lease agreement, committing to an additional 133 megawatts of power, bringing its total to the full 800 MW capacity approved for AI and high-performance computing. Galaxy also received a $460 million equity investment from a major asset manager, generating $325 million in net proceeds for Helios and operations, and expanded the site to over 1,500 acres with 2.7 gigawatts of potential power capacity, pending ERCOT review.

Galaxy's Global Markets division posted a record adjusted gross profit of $295 million, while the average loan book grew to $1.8 billion. In investment banking, the firm advised on Forward Industries' $1.65 billion private placement and Coin Metrics' sale to Talos. Asset Management and Infrastructure Solutions reported $23 million in adjusted gross profit, supported by $2 billion in net inflows into alternative products and ETFs. Assets under management totaled $9 billion, with $7 billion in assets under stake, boosted by $4.5 billion in new digital treasury mandates generating $40 million in annual recurring fees. After the quarter, staking services integrated with a global custodian, and total platform assets reached a record $17 billion.