Galaxy Digital Returns to Profit With $323 Million Quarter and a Fresh $200 Million Buyback

Galaxy Digital closed the third quarter with $323 million in net income, a sharp turnaround from the $85 million loss it booked three months earlier. Adjusted gross profit reached $569 million and adjusted EBITDA hit $455 million, compared with just $43 million and negative $77 million in the prior quarter. Profit still trailed the $505 million earned in the same period last year. The board also approved another $200 million for share repurchases on October 26. The earlier program wrapped up on October 15 after about 9.8 million shares were bought, and the new one has no end date or obligation to spend the full amount.

Where the Quarter’s Gains Came From

Most of the lift came from the treasury and corporate arm, which produced $419 million in adjusted gross profit after a $42 million loss last quarter. Management credited higher values on its crypto holdings and private bets, including AI chip startup Etched and Solana treasury company Forward Industries. Assets under management and stake climbed 46% since June to $10.4 billion.

Crypto Trading and Lending Growth

Trading volumes rose 12% even though the wider spot market slowed. The average loan book grew 27% to $1.8 billion, helped by a product launched in July that taps DeFi lenders such as Aave and Morpho.

Galaxy AI Data Center Business and Helios Expansion

Data centers delivered $79 million in adjusted gross profit, almost four times the previous quarter, with $69 million in adjusted EBITDA. This was the first full quarter of revenue from the Texas Helios lease after all 133 MW was handed to CoreWeave. The power pipeline now tops 5.7 GW, and the next phase is due to start delivering data halls in the second quarter of 2027.