Galaxy Digital reported a sharp fourth-quarter loss as falling digital asset prices continued to pressure earnings across its trading and treasury businesses, even as the firm expanded its role in institutional crypto and tokenization infrastructure.
Galaxy Posts $482mn Q4 Loss as Market Weakness Weighs on Results
3 February 2026 - 14:56 CET
By Matt Neill
The company posted a Q4 2025 net loss of $482mn, compared with a profit of $118mn in the year-earlier quarter, and giving a full-year 2025 net loss of $241mn.
Galaxy said the decline was driven primarily by the depreciation of digital asset prices during the quarter, which reduced the value of its treasury holdings and investment positions. Total equity stood at $3.0bn at year-end, with $2.6bn held in cash and stablecoins.
Trading activity slowed markedly after a record third quarter. Digital asset trading volumes fell around 40% quarter on quarter, contributing to weaker results in Global Markets. While lending demand remained stable, lower prices and reduced market activity weighed on overall profitability.
Infrastructure and institutional push continues
Despite the losses, Galaxy continued to expand its institutional footprint in tokenization, staking and market infrastructure.
In December, the firm completed its first commercial paper issuance on a public blockchain, arranging a Solana-based transaction that settled in USDC and was purchased by institutional investors, including Franklin Templeton. The deal marked one of the first instances of US corporate debt being issued and settled end-to-end on a public chain.
Galaxy has also deepened its partnerships with traditional financial institutions. In December, it teamed up with State Street Global Advisors to launch a tokenized liquidity sweep fund aimed at institutional cash management, positioning the firm as a service provider for banks and asset managers exploring onchain settlement and faster capital movement.
Data centres and balance sheet positioning
Beyond financial services, Galaxy continues to build out its data centre business.
The company said it remains on track to deliver the first phase of its Helios data centre campus in Texas in the first half of 2026. In January, it received regulatory approval for additional power capacity, lifting total approved capacity at the site to more than 1.6 gigawatts.
Management said the combination of capital raised in 2025 and a strengthened liquidity position leaves Galaxy well-placed to fund growth initiatives, even as near-term earnings remain sensitive to digital asset price movements.
