Galaxy posts $323 million Q3 profit as crypto unit records adjusted loss

Galaxy Digital reported $323 million of net income for the third quarter, reversing an $85 million loss in the preceding three months, as investment valuations and its expanding data-center business outweighed a continuing adjusted loss in the company’s digital-assets segment.

The Nasdaq-listed company released the preliminary results on October 27 for the three months ended September 30. Galaxy reported $0.66 in diluted earnings per share and $455 million in adjusted earnings before interest, taxes, depreciation and amortization, compared with negative adjusted EBITDA of $77 million in the second quarter.

The distinction between those measures matters. Net income is calculated under generally accepted accounting principles. Adjusted EBITDA is an unaudited, company-defined measure that excludes equity compensation, interest, taxes, depreciation, amortization and certain other items. Galaxy cautioned that its final consolidated statements may change as normal quarterly accounting procedures are completed.

Investment gains supplied most of the improvement

Galaxy’s Treasury and Corporate segment generated $419 million of adjusted gross profit during the quarter, compared with a $42 million adjusted loss in the second quarter. The company attributed the increase largely to appreciation in digital-asset positions and private investments.

That segment’s contribution was substantially larger than the operating result from Galaxy’s core crypto services. The Digital Assets segment recorded $71 million of adjusted gross profit for the September quarter, up 9% from $66 million during the three months ended June 30. Its adjusted EBITDA remained negative at $9 million, though that was narrower than the preceding quarter’s $11 million adjusted loss.

Digital-asset trading volume increased 12% quarter over quarter, according to Galaxy, while its average loan book grew 27% to $1.8 billion from $1.4 billion. The loan figure represents the average market value of open loans during each quarter and excludes uncommitted credit facilities. Galaxy did not disclose absolute trading volume or define the external spot-market dataset behind its claim that the broader market contracted, limiting independent comparison.

Data centers become a second earnings engine

Galaxy’s Data Centers segment produced $79 million of adjusted gross profit and $69 million of adjusted EBITDA in the third quarter. Those measures were $20 million and $11 million, respectively, during the June quarter.

The September period was the first full quarter in which all 133 megawatts of critical information-technology load delivered under Galaxy’s Helios Phase I lease contributed revenue. The 133-megawatt figure is cumulative tenant capacity delivered by quarter-end, not a measurement of average utilization or power consumption throughout the period.

The result illustrates how far Galaxy has moved beyond a business driven solely by cryptocurrency trading and investment performance. It also complicates comparisons with crypto-native companies: data-center leasing and digital-asset services now contribute different revenue profiles, capital requirements and risks to the same consolidated result.

Another buyback is authorized, not completed

Galaxy separately disclosed that its board authorized a new share-repurchase program of up to $200 million on October 26. The company completed an earlier $200 million authorization on October 15 after repurchasing approximately 9.8 million Class A shares during 2026.

The new authorization has no fixed expiration date and does not require Galaxy to purchase any shares. Actual repurchases will depend on market conditions, legal restrictions, prevailing share prices and capital needs, so the authorization should not be treated as a completed return of $200 million to shareholders.

For now, the quarter shows a profitable consolidated company whose largest disclosed adjusted contribution came from treasury and investment exposure, while the digital-assets operating segment remained modestly negative on Galaxy’s preferred adjusted measure. The forthcoming quarterly filing will be the next check on whether the preliminary figures, accounting classifications and segment results remain unchanged.