From Bitcoin to AI: How Galaxy Digital Just Had Its Biggest Quarter Ever

Galaxy Digital posted its most profitable quarter ever, with earnings soaring 1,546% to $505 million, driven by record trading volumes, treasury gains, and momentum in its artificial-intelligence infrastructure business.

Core earnings nearly tripled to $629 million, while total assets climbed 27% to $11.5 billion.

Founder and CEO Mike Novogratz described the results as the culmination of eight years of growth spanning both crypto markets and physical infrastructure. “We’re half a data-center company and half a digital-assets company,” he said, noting that Helios, Galaxy’s 800-megawatt Texas campus, is central to the firm’s future. Originally a major Bitcoin mining site, Helios is being converted for AI workloads through a long-term partnership with CoreWeave, funded by $1.4 billion in project financing and an additional $460 million raised earlier this month.

The strategic pivot aligns with broader market trends, coming just ahead of BlackRock and Nvidia’s $40 billion acquisition of Aligned Data Centers, which highlighted the high value of power infrastructure for AI workloads, effectively validating Galaxy’s move.
Galaxy’s digital-assets division contributed $318 million in adjusted gross profit, powered by a 140% surge in trading volumes and a $9 billion Bitcoin transaction for a client. Asset-management inflows added over $4.5 billion in treasury mandates, lifting total platform assets to $17 billion.

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CFO Chris Ferraro called the results a “breakout quarter,” citing strong performance across trading, investment, and the Helios AI transition. Galaxy ended the quarter with $1.9 billion in cash and stablecoins and $3.2 billion in equity, with revenue from Helios expected to begin flowing in early 2026.

Analyst Brett Knoblauch of Cantor praised the Helios project as “fully funded and strategically aligned,” raising Galaxy’s price target to $53 and reaffirming a buy-equivalent rating. Shares hit a record $44.30 after the earnings release, though they’ve eased to around $42, marking a 330% gain since April.

Galaxy’s results underscore its dual focus on bridging digital finance with AI-compute infrastructure, positioning the firm at the intersection of two rapidly growing markets.