TLDR
- GLXY drops 7% despite strong Q2 profit, Nasdaq debut, and Helios growth
- Galaxy Digital posts gains, but market shrugs off solid Q2 performance
- GLXY earnings beat, but trading volumes and costs weigh on sentiment
- Strong Q2 can’t stop GLXY slide as Helios and Nasdaq moves gain steam
- Galaxy grows profit, expands Helios, but stock sinks post-earnings
Galaxy Digital (GLXY) dropped over 7% on Tuesday morning, falling from $29.90 to below $27.00 in early trading.
This sharp decline came despite the firm posting strong financials for Q2 2025, including $30.7 million in net income. Market activity remained intense as traders responded to earnings, Helios campus expansion, and the company’s recent Nasdaq debut.
Q2 Profit Rises While Digital Asset Division Delivers Mixed Results
Galaxy Digital reported $30.7 million in net income for the second quarter of 2025, equivalent to $0.08 per diluted share. The firm also posted an adjusted EBITDA of $211 million, supported by gains in digital asset valuations and investment returns. However, despite the earnings beat, some segments faced quarterly declines.
Galaxy Digital released its Q2 financial report, which includes: an addition of 4,272 bitcoins in Q2, bringing total holdings to 17,102 bitcoins as of June 30; Q2 net revenue of $30.7 million; total equity value of $2.6 billion; and holdings of $1.2 billion in cash and…
— Wu Blockchain (@WuBlockchain) August 5, 2025
Digital Assets operations generated $71.4 million in adjusted gross profit, up 10% from the previous quarter. Adjusted EBITDA for this division fell to $13.0 million as operating costs, including compensation, increased. Trading volumes dipped 22%. Galaxy performed better than the broader market, which dropped around 30%.
Global Markets drove $55.4 million in adjusted gross profit, growing 28% quarter-over-quarter. Margin lending demand and client activity helped expand the average loan book size to $1.1 billion. Additionally, the firm booked investment banking revenue from its advisory role in Bitstamp’s acquisition by Robinhood.
Helios Campus Expansion Continues as AI and HPC Demand Grows
Galaxy advanced its infrastructure strategy with continued investment into the Helios data center campus in Texas. In Q3, CoreWeave exercised its final option to access an additional 133 MW of critical IT capacity. This move brought CoreWeave’s commitment to the full 800 MW currently approved for Helios.
Galaxy also signed a definitive agreement to acquire 160 acres of land and a 1 GW interconnection request. This acquisition will extend the Helios footprint to over 1,500 acres and increase power capacity to 3.5 GW. The company plans to begin generating data center revenue in early 2026 under the Phase I lease.
All related expenses are being capitalized, maintaining the balance sheet’s strength. Galaxy ended the quarter with $1.2 billion in cash and stablecoins, and $2.6 billion in total equity. The firm continues to position itself as a key infrastructure provider for AI and high-performance computing.
Nasdaq Debut Highlights Corporate Milestones and Strategic Focus
Galaxy officially listed on the Nasdaq under the GLXY ticker on May 16, 2025. This marked the completion of its reorganization and domestication as a Delaware entity. The listing aligns with Galaxy’s strategy to scale its capital markets presence and improve visibility.
July delivered record financial results for the company’s Digital Assets business, mainly in Global Markets. Galaxy also completed one of the largest-ever bitcoin transactions, selling over 80,000 BTC on behalf of a client. These moves underscore its growing influence in the digital asset and infrastructure sectors.
Galaxy ended Q2 with $9 billion in combined assets under management and stake. Although adjusted gross profit from this segment declined 26% QoQ due to lower onchain activity, net inflows remained positive. The firm also expanded access to its staking services by integrating with Fireblocks’ global network.
