Galaxy Stock Rallies 11% Despite $241 Million Net Loss as Core Business Turns Profitable

Shares of Galaxy Digital climbed more than 11% after the company released its annual report, even though it posted a $241 million net loss for full-year 2025. The stock, trading under GLXY, closed at $21.15, ranking as the second-best performing crypto-related stock tracked on industry equity listings that day.

The company reported that its core operating business remained profitable on an adjusted, non-GAAP basis. Galaxy recorded an adjusted annual gross loss of $86 million and adjusted EBITDA of $216 million, largely due to unrealized losses on digital asset holdings and investment positions.

CEO Highlights Infrastructure and Long-Term Strategy

Chief Executive Officer Mike Novogratz said the company is positioned to benefit from rising demand for blockchain infrastructure. He pointed to the Helios Data Center, which received approval from Electric Reliability Council of Texas to expand to 1.6 gigawatts capacity.

Cloud firm CoreWeave has signed a long-term agreement to utilize 800 megawatts from Helios, providing stable infrastructure revenue. Galaxy’s Digital Assets segment including trading, lending, asset management and staking generated $505 million in adjusted gross profit, reinforcing Novogratz’s view that the industry is shifting from narrative-driven growth to infrastructure-based development.

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