Galaxy Digital Holdings Ltd

Latest Results (18.01.2026):

Galaxy Digital Holdings Ltd — Third quarter 2024 (Q3 2024): Galaxy reported a Q3 2024 net loss of $54 million, a marked narrowing from Q2, while delivering >30% quarter‑over‑quarter operating revenue growth despite weaker industry volumes and lower ether prices; for the nine months ended Sept 30, 2024 the company reported net income of $191 million and $2.1 billion of equity capital as of quarter‑end.

Financial result snapshot

Net loss for Q3 2024: $(54)M (improved from $(177)M in Q2 2024). Nine‑month 2024 net income: $191M. Book value per share: CAD $8.24. Equity capital (Sept 30, 2024): $2.081B.

Revenue growth despite market headwinds

Operating revenue rose >30% QoQ in Q3 2024 even though industry spot trading volumes fell ~15% and ether declined ~24% in the quarter. Total reported revenue and gains for Q3 were $143.0M.

Global Markets (GGM) — strong trading and lending

Counterparty trading revenue jumped to $54M in Q3 (up 117% QoQ) despite a ~20% decrease in trading volumes. Average loan book expanded to $863M (up 23% QoQ) and total trading counterparties reached 1,280.

Asset Management (GAM)

Third‑quarter management and performance fees were $8.1M (down 44% QoQ). Total AUM was $4.608B (up 2% QoQ) with Passive AUM $2.466B, Active $647M and Venture $1.495B. GAM launched three actively managed ETFs in partnership with State Street.

Digital Infrastructure & Mining (GDIS)

Mining revenue in Q3: $18.5M with a reported 46% direct mining profit margin (after curtailment credits). Proprietary BTC mined: 176 (Q3). Total hashrate under management 6.2 EH/s (up 11% QoQ); proprietary hashrate 3.5 EH/s.

Staking and blockchain services

Assets under stake rose 58% QoQ to $3.394B as of Sept 30, 2024. Blockchain rewards (net of staking costs) were $10.7M in Q3 (up 26% QoQ). GK8 added one new client during the quarter.

Balance sheet and liquidity

Liquidity reported at $1.506B. Cash & net stablecoins: $475M. Net digital assets (digital assets less digital asset liabilities) reported at approximately $818M. Total assets for GDH LP were $5.717B and total equity $2.081B as of Sept 30, 2024.

Expense and financing trends

Q3 operating expenses included $40M compensation, $13M equity‑based compensation, $48M general & administrative, and increased staking costs of $39M (up ~30% QoQ). Interest expense rose to $29M (up ~38% QoQ) reflecting increased wholesale financing to support trading and lending growth.

Strategic updates

Post‑quarter, Galaxy executed a non‑binding term sheet with a U.S. hyperscaler to potentially allocate up to Helios’ approved 800 MW to high‑performance computing hosting (subject to definitive agreements and approvals). Galaxy is also pursuing domestication to Delaware and a Nasdaq listing; its SEC registration amendment is under review.