Galaxy Digital (GLXY) Stock Surges 11% After Annual Report Surprises the Market

TLDR

• Galaxy’s stock closed up 11.3% at $21.15, making it one of the top-performing crypto stocks on the day.
• The company posted a full-year 2025 net loss of $241 million, largely due to unrealized losses on digital asset holdings.
• Its Digital Assets segment — covering trading, lending, asset management, and staking — generated $505 million in adjusted gross profit.
• Galaxy recorded adjusted EBITDA of $216 million, showing the core operating business remains profitable on a non-GAAP basis.
• The Helios data center in West Texas has secured a 800 MW contract with CoreWeave and approval to scale to 1.6 gigawatts.

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Galaxy’s stock surged more than 11% on Wednesday after the firm published its 2025 annual report — a result that turned heads given the company also reported a $241 million net loss for the year.

Galaxy Digital, GLXY

The market reaction made GLXY one of the top-performing crypto-related stocks tracked that day. Investors looked past the headline loss and focused on the underlying business numbers.

The net loss was driven largely by unrealized losses on digital asset holdings and investment positions. Strip those out, and the picture changes considerably.

Galaxy’s Digital Assets segment — which covers trading, lending, asset management, and staking — generated $505 million in adjusted gross profit. That’s the engine of the business, and it ran well in 2025.

The company also posted adjusted EBITDA of $216 million. On a non-GAAP basis, the core operations were profitable.

Helios Data Center Locks In CoreWeave Deal

One of the clearest growth catalysts flagged in the report is the Helios data center, located in West Texas. The facility has received ERCOT approval to expand its capacity to 1.6 gigawatts.

CoreWeave has already signed a contract to use 800 MW of that capacity. That’s a concrete, long-term revenue commitment tied directly to demand for AI computing infrastructure.

The data center play gives Galaxy a revenue stream that sits outside of crypto market volatility — something investors appear to be pricing in.

GalaxyOne Adds Retail Dimension

Last year, Galaxy also launched GalaxyOne, a retail fintech platform offering FDIC-insured, yield-bearing deposit accounts through banking partner Cross River Bank.

The retail push is a newer direction for a firm that built its reputation serving institutional clients. It adds another layer to what Galaxy is trying to build.

The institutional side still dominates. Galaxy’s model includes derivatives and OTC trading, custody, tokenization, staking, investment banking, and venture capital — a broad footprint across the crypto financial services space.

The Digital Assets segment’s $505 million in adjusted gross profit remains the clearest proof point that institutional demand for these services held up through 2025.

GLXY closed Wednesday at $21.15, up 11.3%.

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