Galaxy Digital’s third-quarter results point to a business increasingly split between digital-asset markets and AI infrastructure. The company reported $323 million in net income, $455 million in adjusted EBITDA, and $569 million in adjusted gross profit for the quarter ended September 30, 2026. Its data-center business recorded a sharp increase in profitability as its Helios campus expansion continued, while trading and asset-management operations remained central to its digital-assets franchise.

The main story is the changing balance of Galaxy’s business: market-related gains helped lift quarterly earnings, while data-center operations added a growing source of operating income. The company also announced a new $200 million share-repurchase authorization.

Galaxy Digital Inc. reported $323 million in net income for the third quarter of 2026, reversing a $85 million loss in the previous quarter as its investment portfolio appreciated and its data-center operations contributed more earnings. The digital-asset financial services company also reported $455 million in adjusted EBITDA and $569 million in adjusted gross profit. Its results highlight Galaxy’s strategy of combining digital-asset trading, financing and investment management with infrastructure for artificial intelligence workloads.

Galaxy Digital Returns to Profit in Q3

Galaxy Digital’s third-quarter results show a substantial improvement from the second quarter, when the company reported an $85 million net loss and negative adjusted EBITDA of $77 million. For the three months ended September 30, 2026, net income reached $323 million, while adjusted EBITDA rose to $455 million. Adjusted earnings per diluted share were $0.83, compared with reported diluted EPS of $0.66.

The company attributed the quarter’s performance to its established digital-assets business, appreciation across its investments portfolio and a growing contribution from data centers. Adjusted gross profit increased to $569 million from $43 million in the prior quarter.

Galaxy reported $8.7 billion in gross revenues and gains from operations, unchanged from Q2, while gross transaction expenses declined 6% to $8 billion. The scale of these gross figures reflects the transaction-heavy nature of the business; they should not be interpreted as equivalent to net revenue or earnings.

Galaxy’s total assets reached $16.4 billion at quarter-end, up 51% from $10.8 billion in Q2. Total equity rose 10% to $3 billion, while cash, stablecoins and U.S. Treasury bills and notes nearly doubled to $4.9 billion.

Digital-Asset Trading and Financing Remain Core Businesses

Galaxy’s Global Markets business recorded $53 million in adjusted gross profit, up 8% quarter-over-quarter. The company said its digital-asset trading volumes increased 12%, outperforming the broader spot market, where volumes declined.

Its average loan book grew 27% to $1.8 billion, supported by demand for the Galaxy Onchain Financing Rate and wider demand for financing as market conditions improved. Galaxy reported 1,763 trading counterparties, compared with 1,741 in the previous quarter.

However, the Digital Assets segment’s adjusted EBITDA remained negative at $9 million, although that was an improvement from a $11 million loss in Q2. This distinction matters: stronger trading activity and adjusted gross profit did not translate into positive segment-level adjusted EBITDA during the quarter.

Galaxy’s Asset Management and Infrastructure Solutions business reported $19 million in adjusted gross profit, up 11%. Combined assets under management and assets under stake reached $10.4 billion, a 46% quarterly increase. The company also reported more than $160 million in net inflows into asset management during the period, driven in part by the launch of the Galaxy Sharplink Onchain Yield Fund, which targets decentralized-finance liquidity protocols and other onchain yield strategies.

Galaxy also entered a multi-year agreement with BNY to support institutional digital-asset infrastructure, including staking capabilities for BNY’s Digital Asset Custody platform. The arrangement places Galaxy in a supporting role as traditional financial institutions continue developing digital-asset services.

Data Centers Deliver a Larger Earnings Contribution

The data-center segment was a major contributor to the quarter’s improvement. Adjusted gross profit climbed to $79 million from $20 million in Q2, while adjusted EBITDA increased to $69 million from $11 million.

The results included the first full quarter of revenue-generating operations under the Helios I, Phase I lease. Galaxy said all 133 megawatts of critical IT load had been delivered to CoreWeave by the end of the second quarter.

Construction of Helios I, Phase II is underway, backed by a completed $3.5 billion senior secured notes offering. Galaxy said the two buildings and supporting substation were progressing on schedule and within budget, with data-hall deliveries expected to begin in the second quarter of 2027.

The company also reported a gross power pipeline exceeding 5.7 gigawatts and said it was discussing potential leases for an additional 830 MW of approved capacity at Helios II that had not yet been leased.

The opportunity comes with substantial capital requirements. Data-center capital expenditure reached $757 million during Q3, up 69% from $448 million in Q2. The segment’s total assets increased to $6.8 billion, while liabilities rose to $5.3 billion. These figures underline the financing and construction commitments associated with expanding high-capacity computing infrastructure.

Capital Allocation and the Outlook

Galaxy’s Treasury & Corporate segment generated $419 million in adjusted gross profit and $395 million in adjusted EBITDA, compared with losses in both measures in Q2. The company linked its broader quarterly performance partly to appreciation across its investments portfolio, making the durability of such gains an important consideration when assessing future results.

Galaxy also completed a $200 million share-repurchase program announced in February 2026, buying approximately 9.8 million Class A shares. On October 26, its board authorized a further $200 million in repurchases. The new authorization does not require the company to purchase a fixed number of shares, and execution will depend on market conditions and other restrictions.

Galaxy’s results illustrate its effort to diversify beyond direct exposure to digital-asset markets. Trading, financing, asset management and institutional infrastructure remain important, while data centers are becoming a larger operating business. The expansion may broaden its earnings sources, but construction spending, financing obligations, leasing progress and fluctuations in digital-asset and investment valuations remain material factors for investors to monitor.

The company’s adjusted gross profit, adjusted EBITDA and adjusted EPS are non-GAAP measures; comparisons should be read alongside its GAAP results and reconciliations.

Market Landscape

Galaxy’s strategy sits at the intersection of two capital-intensive markets: digital-asset financial services and data-center infrastructure. Its Q3 figures show a stronger contribution from data centers alongside improved trading and investment-related results. The company’s ability to convert planned capacity into leased, revenue-generating infrastructure—and to sustain earnings through changing digital-asset market conditions—will be central to evaluating the strategy.

Top Insights

• Profitability rebounded: Galaxy reported $323 million in net income, compared with an $85 million loss in Q2, while adjusted EBITDA reached $455 million.
• Data centers gained momentum: Segment adjusted EBITDA rose to $69 million as Helios I, Phase I entered its first full quarter of revenue-generating operations.
• Expansion requires significant capital: Quarterly data-center capital expenditure reached $757 million, and Helios I, Phase II is being financed through a $3.5 billion senior secured notes offering.
• Digital-asset activity improved: Trading volumes increased 12% quarter-over-quarter, while the average loan book grew 27% to $1.8 billion.
• Shareholder returns continue: Galaxy completed a $200 million repurchase program and authorized another $200 million in potential buybacks.

Get in touch with our fintech expert