Mike Novogratz's crypto conglomerate posted solid profits but couldn't escape a broader trading slowdown that spooked investors
Galaxy Digital reported Q2 2025 earnings on August 5 that landed in awkward territory: profitable enough to look healthy, but light enough on revenue to send shares sliding roughly 4% in premarket trading. Digital asset trading volumes across Galaxy’s desk fell 22% quarter-over-quarter. The entire digital asset market saw spot volumes fall by around 30% during the quarter, meaning Galaxy outperformed the broader market even as absolute numbers shrank.
The numbers behind the miss
Galaxy posted net income of $30.7 million for the quarter, translating to a diluted EPS of $0.08. Adjusted EBITDA came in at $211 million.
The Global Markets segment adjusted gross profit climbed 28% quarter-over-quarter to $55.4 million. The company’s average loan book swelled to $1.1 billion, while assets on the platform rose 27% to $8.9 billion.
Balance sheet and post-quarter moves
Galaxy ended the quarter with total equity of $2.6 billion and net digital assets of $1.27 billion sitting on its balance sheet. That includes 17,102 bitcoins. The firm also reported holding $1.2 billion in cash and stablecoins.
After the quarter closed, Galaxy facilitated the sale of more than 80,000 bitcoins on behalf of a client. On the infrastructure side, CoreWeave committed to the full 800 megawatts of capacity at Galaxy’s Helios campus.
