Galaxy Digital
ConvictionModerate
Diversified crypto merchant bank: (1) Digital Assets operating segment (trading/market-making, lending/prime, investment banking, asset management + ETFs, staking); (2) Data Centers segment leasing power/critical-load capacity (Helios, West Texas) to AI/HPC tenants under long-term contracts; (3) Treasury/Corporate (own balance-sheet crypto and venture positions). Earnings mix is transaction/spread + fee + AUM + emerging long-term lease revenue.
Revenue
Gross revenues & gains: $61.4B FY2025$10.0B Q1 2026 (turnover-inflated, n/m); total adjusted gross profit $426M FY2025 (Digital Assets segment $505M, Data Centers $7.2M, Treasury/Corporate -$86MRev growth
n/m at gross levelDigital Assets operating adjusted gross profit +67% YoY FY2025 (~$303M FY2024 -> $505M FY2025Gross margin
n/mgross revenue = trading turnover, ~fully offset by transaction expenseOp margin
Negative on GAAP: FY2025 net loss -$241MEPS -$0.61); Q4 2025 net loss -$482M (EPS -$1.08); Q1 2026 net loss -$216.3M (EPS -$0.49) — swung to loss on unrealized digital-asset/investment marks and impairmentsCapex intensity
High and rising: $337.9M PP&E capexin Q1 2026 alone (mainly AI/HPC data centers); $1.4B Helios project-financing facility (~$1.1B drawn by Q1 2026Market cap
Reported ~$4.7BNasdaq: GLXY Class A float, ~190M sh x ~$24.6, Jul 2026); on an all-classes basis ~$9B (~370M sh incl. Novogratz's large Class B control stake x ~$24.6The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Galaxy Digital
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence