Galaxy Digital Posts $482M Net Loss in Q4 2025

Galaxy Digital Holdings Ltd. closed 2025 with a net loss of $241 million and posted a $482 million deficit in the fourth quarter, underscoring how a year defined by slipping digital asset prices pressured balance sheets even as the firm pursued growth initiatives. Management attributed the full-year shortfall to lower digital asset prices and roughly $160 million of one-time costs, while noting an adjusted gross profit of $426 million for the year. The company finished 2025 with $2.6 billion in cash and stablecoins, and $12 billion in total platform assets, alongside $2 billion of net inflows to its asset-management arm. CEO Michael Novogratz framed the results within a prolonged bear market, emphasizing focus and preparedness amid volatility.

Key takeaways

• Net loss for 2025 was $241 million, with Q4 2025 alone totaling about $482 million as asset prices depreciated.
• Despite the losses, Galaxy reported $2.6 billion in cash and stablecoins and $12 billion in total platform assets, with $2 billion in net inflows to its asset-management business.
• Bitcoin price declined roughly 20% in Q4 2025, with Ethereum and other major tokens also retreating in a broader crypto bear market.
• The firm continues an aggressive AI data-center expansion in Texas, supported by regulatory approvals that pushed planned capacity past 1.6 gigawatts.
• Galaxy’s Nasdaq-listed stock (GLXY) traded lower, reflecting market sensitivity to results and the sector’s cyclicality.
• Other crypto-adjacent players posted mixed results: SoFi Technologies (SOFI) reported strong quarter-end revenue, while Securitize noted a surge in revenues as it pursued a public listing path.

Tickers mentioned: $BTC, $ETH, $SOFI, $GLXY

Sentiment: Neutral

Price impact: Negative. Bitcoin (CRYPTO: BTC) fell about 20% in Q4 2025, and Galaxy stock (EXCHANGE: GLXY) dropped on the earnings release, underscoring negative sentiment around crypto-price risk and sector earnings.

Market context: The results map onto a larger crypto environment characterized by muted pricing, ongoing capital discipline, and continued deployment of infrastructure and growth initiatives by crypto-focused firms.

Why it matters

The 2025 performance at Galaxy Digital highlights the fragility of revenue and earnings in a extended bear market for digital assets, even as the firm executes long-term bets to diversify its business. The depreciation of digital asset prices translates into lower mark-to-market valuations and can pressure trading, investment, and yield-generating activities that underpin Galaxy’s reported figures. Yet the company’s balance sheet remains comparatively robust, with $2.6 billion in cash and stablecoins acting as a cushion against fluctuations in crypto markets. The scale of its asset base—$12 billion in total platform assets—coupled with $2 billion of net inflows into asset management, suggests ongoing demand for Galaxy’s diversified set of services, from trading and asset management to strategic advisory for institutional clients.

Beyond the crypto cycle, Galaxy has embedded a strategic emphasis on AI infrastructure. The Texas data-center initiative, accelerated in 2025, represents a core component of the company’s growth narrative as compute demand for both crypto mining and AI workloads remains strong in certain segments. The regulatory greenlight for capacity expansion in January, lifting approved capacity to more than 1.6 GW, signals a degree of political and regulatory alignment in Texas’ energy landscape—an important factor for investors evaluating Galaxy’s ability to scale its operations while managing energy costs and environmental considerations.

Novogratz’s public messaging underscores a familiar theme within crypto circles: downturns are often accompanied by the emergence of disciplined, opportunistic behavior. His remark that the industry has endured cycles of pain and that “often when things feel worse, it’s time to be very focused and potentially accumulating” resonates with investors who view price weakness as a prelude to long-term value realization. While the bear market weighs on current earnings, it also offers an entry point for capital allocation, product refinement, and strategic timing for infrastructure investments that could pay off as crypto prices stabilize or rebound in the next cycle.

The quarter also featured notable signals from adjacent players. SoFi Technologies reported fourth-quarter revenue of $1 billion, reflecting continued consumer engagement with crypto and blockchain-related services amid a broader fintech push. Securitize Holdings disclosed revenue growth of more than 840% through September 2025 as it pursued an IPO pathway via a Cantor SPAC, illustrating how tokenization and crypto-enabled platforms remain a source of momentum even as traditional market conditions fluctuate. Taken together, these developments show a sector-wide mix of resilience in cash-generating activities alongside the need for prudent cost management as the macro environment remains uncertain.

The year’s results and forward-looking commentary emphasize the delicate balance between risk management and growth ambitions in crypto-enabled businesses. Galaxy’s emphasis on liquidity, diversified revenues, and scalable infrastructure signals a strategy designed to weather volatility while positioning the firm to participate in a future cycle when prices recover and demand for institutional-grade products and data capabilities intensifies.

As the market navigates 2026, industry observers will be watching how Galaxy translates its cash reserves into durable earnings, how its Texas data-center program progresses against energy-market dynamics, and whether the bear market environment gives way to a more constructive phase for asset prices. The interplay between crypto prices, asset-management inflows, and strategic capital expenditures will likely shape Galaxy’s trajectory as it moves beyond 2025’s losses toward a clearer path to profitability in a recovery scenario.

What to watch next

• Galaxy Digital’s upcoming quarterly results and any updates to the Texas AI data center roadmap, including milestones on construction and energy agreements.
• Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) price trajectories in early 2026 and how they influence Galaxy’s asset valuations and client demand.
• Progress of SoFi Technologies (EXCHANGE: SOFI) in sustaining crypto-related revenue streams and overall profitability in a tighter macro environment.
• Regulatory and market developments affecting tokenization platforms like Securitize, including any additional disclosures tied to Cantor SPAC plans.

Sources & verification

• Galaxy Digital Holdings Ltd. — Fourth Quarter and Full-Year 2025 Financial Results press release and accompanying disclosures.
• Galaxy Digital shareholder update remarks and executive commentary, including the referenced Q4 remarks by Michael Novogratz.
• August 2025 Galaxy announcement on accelerating its AI data-center initiatives in Texas.
• January 2026 ERCOT capacity approval for the Texas facility, bringing total approved capacity to over 1.6 GW.
• Nasdaq market data for GLXY stock movements following the earnings release.
• SoFi Technologies — Q4 2025 revenue report and related materials.
• Securitize Holdings — revenue growth disclosures through September 2025 and Cantor SPAC-related updates.