Galaxy Digital has announced robust third-quarter earnings results, primarily attributed to an increase in trading activity and the ongoing expansion of its asset management services. This performance indicates sustained institutional interest in financial services tailored for the cryptocurrency sector.
For the quarter concluding September 30, the company reported a net income of $505 million, with adjusted earnings reaching $629 million. These figures were bolstered by record performance in its digital asset operations and investment gains. Galaxy concluded the quarter with $3.2 billion in equity, which included $1.9 billion in cash and stablecoins.
Trading volumes experienced a significant surge, increasing by 140% compared to the previous quarter. This growth was fueled by higher volumes in both spot and derivatives markets. Notably, the quarter saw the execution of a substantial client transaction involving the sale of over 80,000 Bitcoin (BTC), marking one of the largest cryptocurrency trades recorded to date.
While Galaxy Digital did not disclose the identity of the client involved in the large Bitcoin sale, the company stated that the transaction was part of the investor’s comprehensive estate planning strategy, as previously reported.
Beyond its core trading operations, Galaxy Digital is actively expanding into the data center and high-performance computing infrastructure sectors. The company's Helios campus in Texas is a central component of this strategic initiative, although significant profits from this venture are not anticipated until mid-2026.
In August, Galaxy secured a $1.4 billion loan to facilitate the expansion of the Helios site. The company also anticipates generating approximately $1 billion in annual revenue through a long-term partnership with CoreWeave, a United States-based cloud computing firm specializing in GPU infrastructure for artificial intelligence workloads.
Following the announcement of its earnings, Galaxy Digital's shares saw a notable increase, at one point climbing nearly 16% before settling higher by midday. The stock was last trading above $43, representing a gain of about 9% for the day.
Institutional Momentum Builds
Although Bitcoin experienced a period of relatively stable pricing during the third quarter, Ether (ETH) reached multi-year highs, and several other digital assets demonstrated renewed upward momentum.
According to CoinGecko’s Q3 2025 report, the global cryptocurrency market expanded for the third consecutive quarter. This expansion added approximately $563 billion in value, bringing the total market capitalization to $4 trillion, its highest level since 2021. Galaxy Digital's financial results align with this broader market trend, highlighting the continued strength within the digital asset industry.
The company has also been active strategically, embracing the growing, though sometimes debated, trend of digital asset treasury management. During the quarter, Galaxy announced its intention to participate in a $1.65 billion Solana treasury initiative. This initiative includes other prominent firms such as Cantor Fitzgerald, Multicoin Capital, and Jump Crypto.
The current bull market has also been reflected in the performance of exchange-traded products. BlackRock has reported that its iShares funds for Bitcoin and Ether have positively contributed to their quarterly earnings, driven by substantial investor inflows and associated fee income.