Galaxy Announces First Quarter 2026 Financial Results
NEW YORK, April 28, 2026 — Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released
financial results for the three months ended March 31, 2026. In this press release, a reference to "Galaxy,"
"we," "our" and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization
Transactions, refers to Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and
affiliates, or any one of them, as the context requires.1
— Financial Highlights
•Q1 2026 net loss of $(216) million and diluted and adjusted EPS of $(0.49), driven primarily by the
depreciation of digital asset prices in the quarter.2
•Q1 2026 adjusted gross loss of $(88) million and adjusted EBITDA of $(188) million.2
•Total equity of $2.8 billion and cash and stablecoins holdings of $2.6 billion as of March 31, 2026.
— Corporate Updates
•Galaxy successfully delivered the first data hall to CoreWeave at the Helios data center campus,
marking the transition from construction to revenue-generating operations under the Phase I lease
agreement, and remains on budget and on schedule to deliver substantially all 133 megawatts of
critical IT by the end of Q2 2026.3
•Galaxy received ERCOT approval for an additional 830 megawatts of power capacity at the Helios
campus, doubling total approved capacity to over 1.6 gigawatts.
•During the quarter, Galaxy repurchased 3.2 million shares of its Class A common stock for $65 million
under its previously announced share repurchase program, more than offsetting dilution relating to the
Company’s 2025 employee stock-based compensation issuances.
•Galaxy completed its voluntary delisting from the Toronto Stock Exchange, consolidating its public
listing on Nasdaq as its sole exchange.
SELECT FINANCIAL METRICS | Q1 2026 | Q4 2025 | Q/Q % Change | ||||
Total Assets | $9,992M | $11,348M | (12)% | ||||
Total Equity | $2,779M | $3,035M | (8)% | ||||
Cash & Stablecoins4 | $2,605M | $2,606M | —% | ||||
Net Digital Assets and Investments5 | $1,362M | $1,678M | (19)% | ||||
Net Income / (Loss) | ($216M) | ($482M) | N.M. | ||||
Adjusted EBITDA2 | ($188M) | ($518M) | N.M. | ||||
Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) On May 13, 2025, the Company, Galaxy Digital Holdings Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company’s corporate structure (the “Reorganization Transactions”). (2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 10 through 12 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure. (3) Delivery of first data hall occurred in April 2026. (4) Includes $911M in Cash and Cash Equivalents and $1,694M in Stablecoins as of Q1 2026 and $1,246M in Cash and Cash Equivalents and $1,360M in Stablecoins as of Q4 2025. (5) Refer to page 5 of this release for a breakout of Galaxy’s Treasury & Corporate net digital asset and investment exposure. | |||||||
2 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
— Galaxy Financial Snapshot
•Galaxy reported a net loss of $(216) million for Q1 2026 and diluted and adjusted EPS of $(0.49),
driven primarily by the depreciation of digital asset prices, with total crypto market capitalization
decreasing by approximately 20% in the quarter.1
•Digital Assets generated adjusted gross profit of $49 million and adjusted EBITDA of $(19) million.
Despite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable,
reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale
and provide greater resilience in softer market conditions. Disciplined expense management during the
quarter helped narrow the adjusted EBITDA loss, underscoring a focus on operating efficiency in more
challenging environments.
•Galaxy expects Data Centers adjusted gross profit and adjusted EBITDA to begin ramping in Q2 2026,
following the start of revenue recognition in April 2026 with the delivery of the first data hall to
CoreWeave under the Phase I lease agreement.
•Treasury & Corporate generated adjusted gross loss of $(140) million and adjusted EBITDA of $(167)
million, driven primarily by unrealized losses on digital assets and investments positions.1
GAAP Revenues and Transaction Expenses | Q1 2026 | Q4 2025 | Q/Q % Change | |||
Gross Revenues & Gains/(Losses) from Operations | $10,213M | $10,224M | —% | |||
Gross Transaction Expenses | $10,017M | $10,306M | (3)% | |||
Segment Reporting Breakdown | Q1 2026 | Q4 2025 | Q/Q % Change | |||
Digital Assets Adjusted Gross Profit1 | $49M | $51M | (4)% | |||
Digital Assets Adjusted EBITDA1 | ($19M) | ($29M) | N.M. | |||
Data Centers Adjusted Gross Profit1 | $3.1M | $4.6M | (33)% | |||
Data Centers Adjusted EBITDA1 | ($0.9M) | $0.3M | N.M. | |||
Treasury & Corporate Adjusted Gross Profit1 | ($140M) | ($454M) | N.M. | |||
Treasury & Corporate Adjusted EBITDA1 | ($167M) | ($488M) | N.M. | |||
Adjusted Gross Profit1 | ($88M) | ($398M) | N.M. | |||
Adjusted EBITDA1 | ($188M) | ($518M) | N.M. | |||
Net Income | ($216M) | ($482M) | N.M. | |||
Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non-GAAP Financial Measures below for further information. Refer to pages 10 through 12 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure. | ||||||
3 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
— Digital Assets
Global Markets
Global Markets reported adjusted gross profit of $31 million in the first quarter.1
•Galaxy's digital asset trading volumes remained flat quarter-over-quarter despite industry-wide
digital asset trading volumes declining sharply over the same period.2
•Average loan book size of $1.4 billion declined 20% compared to the prior quarter, driven by digital
asset price depreciation and client deleveraging amidst a volatile market backdrop.
KEY PERFORMANCE INDICATORS | Q1 2026 | Q4 2025 | Q/Q % Change | ||
Global Markets Adjusted Gross Profit1 | $31M | $30M | 3% | ||
Loan Book Size (Average) | $1,427M | $1,795M | (20)% | ||
Total Trading Counterparties | 1,691 | 1,620 | 4% | ||
Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses, and fee revenue associated with the Investment Banking business. Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities. | |||||
Asset Management & Infrastructure Solutions
Asset Management & Infrastructure Solutions generated $18 million of adjusted gross profit in Q1 2026.1
•Galaxy ended Q1 with approximately $5.0 billion in assets under management and $3.2 billion in
assets under stake. Total assets declined QoQ, driven primarily by the depreciation of digital asset
prices during the period.3
•Asset Management generated $69 million of net inflows during the quarter, demonstrating
continued organic growth despite a 20% decline in digital asset prices.
•Subsequent to quarter end, BlackRock selected Galaxy as an approved validator to power staking
for the iShares Staked Ethereum Trust ETF, BlackRock’s first rewards-generating crypto ETP.
•Subsequent to quarter end, Galaxy announced a new Fintech-focused hedge fund targeting the
convergence of traditional finance, blockchain infrastructure, and emerging technologies, expected
to launch on May 1, 2026.
KEY PERFORMANCE INDICATORS | Q1 2026 | Q4 2025 | Q/Q % Change | |||||
Asset Management & Infrastructure Solutions Adjusted Gross Profit1 | $18M | $21M | (14)% | |||||
ETFs | $2,190M | $2,839M | (23)% | |||||
Alternatives | $2,757M | $3,582M | (23)% | |||||
Assets Under Stake | $3,215M | $4,976M | (35)% | |||||
All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments by affiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETF assets are generally the result of performance, inflows/outflows, and market movements. Alternatives: Includes committed capital closed-end vehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments by affiliates, based on prices as of the end of the specified period. For committed capital closed-end vehicles that have completed their investment period, Alternatives are reported as Net Asset Value (“NAV”) plus unfunded commitments. Alternatives for quarterly close vehicles are reported as of the most recent quarter available for the applicable period. Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of Q1 2026, $1.1B of assets are captured within both Assets Under Stake and Alternatives. | ||||||||
(1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 10 for more information and a reconciliation to the most directly comparable GAAP
measure. (2) Source: The Block. Industry-wide trading volumes defined as spot cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH
options volumes. (3) Assumes prices for relevant cryptocurrencies as of 3/31/2026.
4 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
— Data Centers
Helios Data Center Campus:
•Galaxy delivered the first data hall to CoreWeave and remains on budget and on schedule to
deliver substantially all 133 megawatts of critical IT load under the Phase I lease agreement by the
end of Q2 2026.1
•Greenfield development for the 260 megawatt Phase II build is underway, with civil and structural
work advancing. Phase II data hall deliveries are expected to commence in the first half of 2027.
•Galaxy received ERCOT approval for an additional 830 megawatts of power capacity during the
quarter, bringing total approved capacity at Helios to over 1.6 gigawatts. The Company continues to
progress in its discussions with potential tenants for the incremental capacity, supported by robust
demand for large-scale power capacity.
The Helios Campus | CoreWeave Leases (Phases I+II+III) | |||||||
1.63GW | 800MW | 526MW | 15 Years | |||||
Total Approved Gross Power Capacity | Gross Power Capacity | Critical IT Load | Base Lease Term + Two 5-Year Extension Options | |||||
1,500+ | Q2 2026 | $1B+ | 90% | |||||
Campus Acreage | Phase I Rent Commencement Date | Anticipated Average Annual Revenue2 | Anticipated Average Lease- Level EBITDA Margins2 | |||||
(1) Delivery of first data hall occurred in April 2026. (2) Based on committed contractual terms, internal estimates for capital expenditures. Reflects anticipated
average annual revenue across the full 526MW of contracted critical IT load over the lease term. Actual results may differ materially due to business, economic and
competitive uncertainties and contingencies, which are beyond the control of the Company and its management and subject to change.
Galaxy’s Helios Data Center campus under construction for Phase I, April 2026.
5 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
— Balance Sheet
Equity Capital
As of March 31, 2026, Galaxy had $2.8 billion in equity capital, up 46% YoY.
Below is a breakout of how the Company’s equity capital is allocated across its Digital Assets, Data Centers
and Treasury & Corporate segments.
$2.8 billion of equity capital across three segments: | ||||
~33% | ~28% | ~39% | ||
Digital Assets | Data Centers | Treasury & Corporate | ||
Treasury & Corporate Net Digital Asset and Investment
Exposure
The Company’s Treasury & Corporate segment maintains exposure to the digital asset ecosystem through
a diversified allocation across spot positions, derivatives, ETFs, equities, venture investments, private equity
holdings and fund investments.
The below pie chart is representative of the Treasury & Corporate segment’s net digital asset and
investment exposure as of March 31, 2026.
(1) Includes spot BTC, BTC derivatives, short and other hedge positions, associated tokens such as wrapped BTC, and interests in investment vehicles designed
to hold BTC.
(2) Includes spot SOL, SOL derivatives, short and other hedge positions, associated tokens such as wrapped SOL, and interests in investment vehicles designed
to hold SOL, including Galaxy’s investment in Forward Industries.
(3) Includes spot ETH, ETH derivatives, short and other hedge positions, associated tokens such as wrapped ETH, and interests in investment vehicles designed
to hold ETH.
(4) Represents spot and interests in investment vehicles that provide exposure to other digital assets.
(5) Includes publicly traded securities, including those subject to a short-term lock-up.
6 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Earnings Conference Call
An investor conference call will be held today, April 28, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://
investor.galaxy.com/, on the Company's YouTube channel and through the Company’s X profile (@GalaxyDigitalHQ). A replay of the
webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website.
Through June 1, 2026, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and
Canada) and using the passcode: 18446.
About Galaxy Digital Inc. (Nasdaq: GLXY)
Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate
progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset
management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center
infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-
growing data center developers in North America. The Company is headquartered in New York City, with offices across North America,
Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release and the accompanying conference call may contain “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements
regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are
not historical facts, including, without limitation, statements about Galaxy’s business plans and goals, including with respect to the
Helios Data Center, the Fintech-focused hedge fund, future reporting measures and business strategy are forward-looking statements.
In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The
forward-looking statements contained in this document are based on our current expectations and beliefs concerning future
developments and their potential effects on us taking into account information currently available to us. There can be no assurance that
future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1)
the inability to maintain Nasdaq’s listing standards; (2) costs related to AI/HPC plans, transactions, operations and strategy; (3) changes
in applicable laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or
competitive factors; (5) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are
out of our control; (6) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (7) the
possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility
that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to
consummate our business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks
related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease
revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13)
changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in, or failure to close,
the acquisition of the additional land and power adjacent to the Helios campus currently under contract; (15) risks associated with the
leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those
other risks contained in filings we make with the Securities and Exchange Commission (the “SEC”) from time to time, including in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 and available on
Galaxy’s profile at www.sec.gov (our “Form 10-K”), as such factors may be updated from time to time in its filings with the SEC,
including without limitation, its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. Should one or more of
these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements.
Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-
looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities
will continue in the future. Accordingly, you should not put undue reliance on these statements.
This press release and our earnings call contain certain preliminary information about our performance in the first quarter of 2026. This
information is preliminary and represents the most current information available to management. The Company’s actual consolidated
financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or
due to other risks contained in our Form 10-K. Although the Company believes the expectations reflected in this press release are
7 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these
expectations.
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross
profit, adjusted EBITDA, and adjusted EPS, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA, and
adjusted EPS are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in accordance with GAAP.
Please see pages 10 - 12 for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for
our individual segments) during the three months ended March 31, 2026 and 2025, (ii) adjusted EBITDA to net income (loss) (including
for our individual segments) during the three months ended March 31, 2026 and 2025 and (iii) adjusted EPS to diluted EPS for the three
months ended March 31, 2026 and 2025.
It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA, and adjusted EPS
may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same
industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our
business or otherwise.
We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the
impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance,
enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to
important metrics used by our management for financial, risk management and operational decision-making and provides an additional
tool for investors to use to understand and compare our operating results across accounting periods.
Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to
understand and compare our operating results across accounting periods, for risk management and operational decision-making. This
non-GAAP measure provides investors with additional information in evaluating the Company’s operating performance. Adjusted
EBITDA represents Net income / (loss) excluding (i) equity based compensation, (ii) notes interest expense, (iii) taxes, (iv) depreciation
and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon
consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment,
and (vii) other discrete items which are not individually significant that we believe are not indicative of our ongoing results.The above
items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these
items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less
meaningful.
Adjusted EPS is defined as diluted EPS assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP
for Class A common stock of the Company. This non-GAAP financial measure is commonly used as an analytical indicator of
performance by investors within the industries in which we operate. Adjusted EPS should not be considered in isolation or as an
alternative to or a substitute for financial statement data presented in Galaxy’s Digital’s consolidated financial statements as indicators
of financial performance.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.
© Copyright Galaxy Digital 2026. All rights reserved.
8 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Inc.’s Consolidated Statements of Financial Position (unaudited)
(in thousands) | March 31, 2026 | December 31, 2025 | |
Assets | |||
Current assets | |||
Cash and cash equivalents ......................................................................................................................................... | $910,691 | $1,246,240 | |
Digital intangible assets (includes $1,859.8 and $2,717.4 million measured at fair value) .............................. | 2,739,659 | 3,526,216 | |
Digital financial assets ................................................................................................................................................. | 921,017 | 988,621 | |
Digital assets loan receivable, net of allowance ...................................................................................................... | 664,714 | 1,070,029 | |
Investments ................................................................................................................................................................... | 623,592 | 709,069 | |
Assets posted as collateral, net of allowance .......................................................................................................... | 173,732 | 199,983 | |
Derivative assets .......................................................................................................................................................... | 86,234 | 83,807 | |
Accounts receivable (includes $4.2 and $3.4 million due from related parties) ................................................. | 103,192 | 34,012 | |
Digital assets receivable .............................................................................................................................................. | 2,797 | 3,778 | |
Loans receivable, net of allowance ........................................................................................................................... | 627,604 | 554,449 | |
Prepaid expenses and other assets .......................................................................................................................... | 87,382 | 99,734 | |
Total current assets ........................................................................................................................................................... | 6,940,614 | 8,515,938 | |
Non-current assets | |||
Digital assets receivable .............................................................................................................................................. | 2,256 | 4,719 | |
Digital assets loan receivable, net of allowance, non-current ............................................................................... | 5,425 | 8,900 | |
Investments (includes $729.1 and $864.0 million measured at fair value) ........................................................ | 875,076 | 1,023,236 | |
Digital intangible assets ............................................................................................................................................... | 12,943 | 26,824 | |
Loans receivable, net of allowance, non-current ..................................................................................................... | 7,050 | 2,553 | |
Property and equipment, net ...................................................................................................................................... | 1,777,852 | 1,423,113 | |
Other non-current assets ............................................................................................................................................. | 304,242 | 276,275 | |
Goodwill ......................................................................................................................................................................... | 66,523 | 66,523 | |
Total non-current assets ................................................................................................................................................... | 3,051,367 | 2,832,143 | |
Total assets ..................................................................................................................................................................... | $9,991,981 | $11,348,081 | |
Liabilities and Equity | |||
Current liabilities | |||
Derivative liabilities ....................................................................................................................................................... | 99,253 | 40,482 | |
Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties) ................. | 269,979 | 277,663 | |
Digital assets borrowed ............................................................................................................................................... | 1,441,951 | 2,361,161 | |
Payable to customers .................................................................................................................................................. | 82,803 | 85,808 | |
Loans payable ............................................................................................................................................................... | 84,542 | 52,626 | |
Collateral payable ......................................................................................................................................................... | 1,550,976 | 1,980,171 | |
Notes payable - current ............................................................................................................................................... | 432,728 | 428,545 | |
Other current liabilities ................................................................................................................................................. | 122,661 | 85,062 | |
Total current liabilities ....................................................................................................................................................... | 4,084,893 | 5,311,518 | |
Non-current liabilities | |||
Notes payable ............................................................................................................................................................... | 2,625,698 | 2,432,510 | |
Digital assets borrowed - non-current ....................................................................................................................... | 55,361 | 56,107 | |
Other non-current liabilities (includes $71.4 and $72.3 million due to related parties) ...................................... | 447,414 | 513,169 | |
Total non-current liabilities ............................................................................................................................................... | 3,128,473 | 3,001,786 | |
Total liabilities ................................................................................................................................................................ | 7,213,366 | 8,313,304 | |
Equity | |||
Class A common stock, $0.001 par value; 2,000,000,000 shares authorized and 191,850,792 issued and outstanding .................................................................................................................................................................... | 191 | 192 | |
Convertible Class B common stock,$0.0000000001 par value; 500,000,000 shares authorized and 198,408,277 issued and outstanding ........................................................................................................................ | — | — | |
Additional Paid in Capital ............................................................................................................................................ | 1,560,548 | 1,614,660 | |
Accumulated other comprehensive income (loss) .................................................................................................. | 201 | (2,038) | |
Retained Earnings ........................................................................................................................................................ | 250,767 | 342,921 | |
Total stockholders’ equity(1) ......................................................................................................................................... | 1,811,707 | 1,955,735 | |
Noncontrolling interest ................................................................................................................................................. | 966,908 | 1,079,042 | |
Total equity ...................................................................................................................................................................... | 2,778,615 | 3,034,777 | |
Total liabilities and equity ........................................................................................................................................... | $9,991,981 | $11,348,081 |
(1) For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders’ Capital.
9 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Inc.’s Consolidated Statements of Operations (unaudited)
Three Months Ended | |||||
(in thousands) | March 31, 2026 | March 31, 2025 | |||
Revenues ................................................................................................................................ | $10,041,444 | $12,976,206 | |||
Gains / (losses) from operations .......................................................................................... | 171,781 | (120,331) | |||
Revenues and gains / (losses) from operations ...................................................... | 10,213,225 | 12,855,875 | |||
Operating expenses: | |||||
Transaction expenses ........................................................................................................... | 10,016,745 | 12,947,010 | |||
Impairment of digital assets .................................................................................................. | 284,402 | 112,429 | |||
Compensation and benefits .................................................................................................. | 83,548 | 56,953 | |||
General and administrative ................................................................................................. | 20,421 | 86,575 | |||
Technology .............................................................................................................................. | 14,763 | 9,887 | |||
Professional fees .................................................................................................................... | 11,031 | 20,772 | |||
Notes interest expense ........................................................................................................ | 17,576 | 14,071 | |||
Total operating expenses .............................................................................................. | 10,448,486 | 13,247,697 | |||
Other income / (expense): | |||||
Unrealized gain / (loss) on notes payable - derivative ..................................................... | — | 89,606 | |||
Other income / (expense), net ............................................................................................. | 704 | 672 | |||
Total other income / (expense) .................................................................................... | 704 | 90,278 | |||
Net income / (loss) before taxes ......................................................................................... | (234,557) | (301,544) | |||
Income taxes expense / (benefit) ........................................................................................ | (18,246) | (6,112) | |||
Net income / (loss) ................................................................................................................... | $(216,311) | $(295,432) | |||
Other comprehensive income (loss), net of tax | |||||
Change in fair value of cash flow hedges ......................................................................... | 4,550 | — | |||
Other comprehensive income (loss) .................................................................................. | 4,550 | — | |||
Comprehensive income (loss) ............................................................................................. | $(211,761) | $(295,432) | |||
Comprehensive income / (loss) attributed to: | |||||
Class B Unit holders of GDH LP ......................................................................................... | — | (185,490) | |||
Noncontrolling interests ...................................................................................................... | (121,845) | — | |||
Class A common stockholders of the Company(1) ........................................................... | $(89,916) | $(109,942) | |||
Net income / (loss) per share of Class A common stock (2) | |||||
Net income (loss) used in calculation of net income / (loss) per share of Class A common stock (2) ........................................................................................................................ | $(92,154) | $(109,942) | |||
Basic .......................................................................................................................................... | $(0.48) | $(0.86) | |||
Diluted ........................................................................................................................................ | $(0.49) | $(0.86) | |||
Weighted average shares outstanding used to compute net income / (loss) per share(3) ........................................................................................................................................ | |||||
Basic .......................................................................................................................................... | 192,074,376 | 127,863,254 | |||
Diluted ........................................................................................................................................ | 390,482,653 | 127,863,254 | |||
(1) For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP. (2) For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH LP. (3) For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unit. | |||||
10 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Ownership of GDH LP Limited Partnership Interests
March 31, 2026 | December 31, 2025 | |||||||
Ownership | % interest | Ownership | % interest | |||||
Galaxy Digital Inc. ................ | 191,850,792 | 49.2% | 192,695,681 | 49.3% | ||||
Noncontrolling interests ...... | 198,408,277 | 50.8% | 198,408,277 | 50.7% | ||||
Total ...................................... | 390,259,069 | 100.0% | 391,103,958 | 100.0% | ||||
Reconciliation of Revenue and Gains/(Losses) from Operations
The following table reconciles Revenues and gains / (losses) from operations to adjusted gross profit for the three months ended March
31, 2026 and March 31, 2025:
Three Months Ended March 31, 2026 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and Corporate | Total | ||||
Revenues and gains / (losses) from operations ...................... | $10,348,833 | $3,050 | $(138,658) | $10,213,225 | ||||
Less: Transaction expenses ......................................................... | 10,015,414 | — | 1,331 | 10,016,745 | ||||
Less: Impairment of digital assets ............................................... | 284,402 | — | — | 284,402 | ||||
Adjusted gross profit .................................................................. | $49,017 | $3,050 | $(139,989) | $(87,922) | ||||
Three Months Ended March 31, 2025 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and Corporate | Total | ||||
Revenues and gains / (losses) from operations ...................... | $13,063,899 | $— | $(208,024) | $12,855,875 | ||||
Less: Transaction expenses ......................................................... | 12,920,860 | — | 26,150 | 12,947,010 | ||||
Less: Impairment of digital assets ............................................... | 78,308 | — | 34,121 | 112,429 | ||||
Adjusted gross profit .................................................................. | $64,731 | $— | $(268,295) | $(203,564) | ||||
11 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Reconciliation of Adjusted EBITDA
The following table reconciles the Company’s adjusted EBITDA figures to net income for the three months ended March 31, 2026 and
March 31, 2025:
(in thousands) | Digital Assets | Data Centers | Treasury and Corporate | Three Months Ended March 31, 2026 | ||||
Net income / (loss) ......................................................................................... | $(34,304) | $(1,547) | $(180,460) | $(216,311) | ||||
Add back: | ||||||||
Equity based compensation and related expense ................................. | 10,971 | 637 | 6,491 | 18,099 | ||||
Notes interest expense and other expense ............................................. | — | — | 17,576 | 17,576 | ||||
Taxes ............................................................................................................. | — | — | (18,246) | (18,246) | ||||
Depreciation and amortization expense ................................................... | 3,164 | — | 2,675 | 5,839 | ||||
Other (1) .......................................................................................................... | 808 | — | 4,698 | 5,506 | ||||
Adjusted EBITDA ........................................................................................... | $(19,361) | $(910) | $(167,266) | $(187,537) |
(in thousands) | Digital Assets | Data Centers | Treasury and Corporate | Three Months Ended March 31, 2025 | ||||
Net income / (loss) ......................................................................................... | $3,529 | $(2,899) | $(296,062) | $(295,432) | ||||
Add back: | ||||||||
Equity based compensation and related expense ................................. | 5,942 | 471 | 3,601 | 10,014 | ||||
Notes interest expense and other expense ............................................. | — | — | 16,269 | 16,269 | ||||
Taxes ............................................................................................................. | — | — | (6,112) | (6,112) | ||||
Depreciation and amortization expense ................................................... | 3,555 | 1,251 | 7,807 | 12,613 | ||||
Mining related impairment loss / loss on disposal .................................. | — | — | 57,014 | 57,014 | ||||
Unrealized (gain) / loss on notes payable – derivative ........................... | — | — | (89,606) | (89,606) | ||||
Other (1) .......................................................................................................... | — | — | 5,724 | 5,724 | ||||
Adjusted EBITDA ........................................................................................... | $13,026 | $(1,177) | $(301,365) | $(289,516) |
(1) Includes non-operating income and expenses, as well as other discrete items not indicative of ongoing operating performance, none of which were
individually significant.
12 | GLXY • Q1 2026All figures are in U.S. Dollars unless otherwise noted.
Reconciliation of Adjusted Income (Loss) per Share
The adjusted income (loss) per share represents the diluted income (loss) per Class A common stock assuming all outstanding
noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. In periods where the
noncontrolling interest is already included in the GAAP diluted income (loss) per share, the adjusted income (loss) per share is identical
to the GAAP income (loss) per share. Prior to the Reorganization Transactions, the noncontrolling interest were represented by Class
B Units of Galaxy Digital Holdings LP.
The following table reconciles the Company’s adjusted income (loss) per share figures to diluted and basic income (loss) per share for
the three months ended March 31, 2026 and March 31, 2025:
Three Months Ended | |||||
(in thousands, except for share data and per share amounts) | March 31, 2026 | March 31, 2025 | |||
Net income (loss) to Class A common stockholders ........................................................................ | $(92,154) | $(109,942) | |||
Weighted-average Class A common stock outstanding .................................................................. | 192,074,376 | 127,863,254 | |||
Basic earnings (loss) per share ....................................................................................................... | $(0.48) | $(0.86) | |||
Numerator adjustments: | |||||
Net income (loss) attributable to Class A common stockholders — basic ................................. | $(92,154) | $(109,942) | |||
Add: Income (loss) attributable to Noncontrolling interests — net of tax .................................... | (98,945) | — | |||
Net income (loss) to Class A — diluted ............................................................................................ | (191,099) | (109,942) | |||
Denominator adjustments: | |||||
Weighted average Class A common stock outstanding — basic ................................................. | 192,074,376 | 127,863,254 | |||
Add: Noncontrolling interest share exchange ................................................................................. | 198,408,277 | — | |||
Weighted average shares outstanding — diluted .......................................................................... | 390,482,653 | 127,863,254 | |||
Diluted earnings (loss) per share ........................................................................................................ | $(0.49) | $(0.86) | |||
Net income used to calculate diluted EPS ......................................................................................... | $(191,099) | $(109,942) | |||
Noncontrolling interest not included in diluted EPS numerator ...................................................... | — | (185,490) | |||
Net income used to calculate adjusted income (loss) per share ................................................... | $(191,099) | $(295,432) | |||
Weighted average number of Class A Common Stock shares for the purposes of diluted income (loss) per share ........................................................................................................................ | 390,482,653 | 127,863,254 | |||
Additional noncontrolling interest weighted average shares outstanding ..................................... | — | 215,862,343 | |||
Weighted average number of Class A Common Stock shares for the purposes of Adjusted income (loss) per share ........................................................................................................................ | 390,482,653 | 343,725,597 | |||
Adjusted income (loss) per share ................................................................................................... | $(0.49) | $(0.86) | |||