Galaxy Digital (GLXY)
Financials · Financial Services & Digital Infrastructure · NASDAQ
Galaxy Digital provides a bridge between traditional finance and the digital asset economy, while simultaneously developing utility-scale data center infrastructure for the AI and HPC sectors.
What Galaxy Digital does
Galaxy Digital is a global financial services and infrastructure company operating across two main segments: Digital Assets and Data Centers. It provides institutional clients with OTC spot and derivative trading, lending, asset management, and blockchain infrastructure services. Additionally, the company develops and operates large-scale, high-performance computing (HPC) data center infrastructure to support AI workloads, anchored by significant power capacity at its Helios campus in Texas.
Themes: digital assets, blockchain infrastructure, AI infrastructure, high performance computing (HPC), staking services, institutional crypto services, data center development
Fundamentals
- Price$22.70 as of 2026-07-27 close
- Market cap$8.9B as of 2026-07-27 (Class A + exchangeable units)
- 1-year return-25.8% 2025-07-25 close $30.59 → 2026-07-27 close $22.70
- P/En/a negative earnings
- Net margin-0.4% FY2025, SEC XBRL
- ROE-8.0% FY2025, SEC XBRL
- ROICn/a No figure: its pre-tax income was zero or negative, so there is no tax rate to apply.
- Debt / equityn/a No figure: its filing reports debt under a line we do not read, so a total would be understated.
- Revenue growth (YoY)+41.8% FY2025, SEC XBRL
- Revenue CAGR (3y)+8.2% SEC XBRL
- Beta3.69 as of 2026-09-03
- Last reported earnings2026-08-05 SEC EDGAR Form 8-K (Item 2.02)
How GLXY compares in its sector
- net profit marginbottom 10% 343 covered Financials peers, as of 2026-09-03
- return on equitybottom 10% 558 covered Financials peers, as of 2026-09-03
- 3-year revenue CAGRmiddle range 347 covered Financials peers
- free cash flow (absolute dollars, latest fiscal year)bottom 10% 430 covered Financials peers, as of FY2025
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Quarterly results
| Quarter | Revenue | Net income | Operating cash flow | Capex |
|---|---|---|---|---|
| Q2 FY2026 2026-06-30 | $8.6B | -$85M | $372M† | $399M† |
| Q1 FY2026 2026-03-31 | $10.0B | -$216M | -$83M | $338M |
| Q4 FY2025 2025-12-31 | $10.4B† | -$482M† | -$1.1B† | $558M† |
| Q3 FY2025 2025-09-30 | $28.4B | $505M | $428M† | $238M† |
| Q2 FY2025 2025-06-30 | $8.7B | $31M | $170M† | $305M† |
| Q1 FY2025 2025-03-31 | $13.0B | -$295M | $159M | $92M |
| Q4 FY2024 2024-12-31 | $15.8B† | $118M† | -$378M† | $26M† |
| Q3 FY2024 2024-09-30 | $8.6B | -$33M | -$49M† | $3M† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$896M
- Short-term investments$658M
- Total debtnot shown the filing reports its long-term debt in a form we do not read yet
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.44 mean, 1=Strong Buy…5=Strong Sell) — 16 analysts
- Mean price target$40.25 range $24.00 – $57.00; median $41.50
Analyst estimates, as of 2026-10-16. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for GLXY
- Consensus EPS estimate-$0.00952 next reporting period, as of 2026-10-16
- Estimate change, 30 days+$0.07334 from -$0.08286, on 2026-09-11, 35-day window
- Readings revised upward33% of 9 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["High sensitivity to digital asset market volatility and pricing.","Significant debt obligations and capital requirements associated with data center development.","Regulatory and legislative uncertainty regarding digital asset and blockchain services."]
What changed in the latest 10-Q
AI-assisted comparison of GLXY's 10-Q filed 2026-08-10 against the prior one filed 2026-05-08.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer MD&A (filed 2026-08-10) adds a Recent Developments section describing the July 28, 2026 issuance and sale of $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031 by Galaxy Helios Data Centers II LLC.
- Newer MD&A (filed 2026-08-10) adds that the Notes bear interest payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027, and mature on August 1, 2031.
- Newer MD&A (filed 2026-08-10) adds that the Notes will amortize semi-annually with the first payment date at least ten months after completion of the Project.
- Newer MD&A (filed 2026-08-10) adds that the Notes are fully and unconditionally guaranteed by Galaxy Helios II LLC and secured by first-priority liens on substantially all assets of Galaxy Data Centers and the Guarantor, as well as equity interests of Galaxy Data Centers.
- Newer MD&A (filed 2026-08-10) adds that GDH LP provided an uncapped completion guarantee with respect to the Project.
- Newer MD&A (filed 2026-08-10) adds that Galaxy recognized its first lease revenue from the Data Centers segment in the second quarter.
- Removed:
- Older MD&A (filed 2026-05-08) includes a paragraph describing the October 2025 launch of GalaxyOne, a retail financial technology platform, which is not present in the newer MD&A.
- Older MD&A (filed 2026-05-08) includes a statement that Galaxy does not currently earn any material revenue from its Data Centers business; this statement is replaced in the newer filing by recognition of first lease revenue in the second quarter.
- Older MD&A (filed 2026-05-08) includes a sentence describing revenue from managing a diversified portfolio of digital assets, venture, private equity, and fund investments, and from bitcoin mining operations reported within the Treasury and Corporate segment; this is not present in the newer MD&A.
- Older MD&A (filed 2026-05-08) includes a Non-GAAP Financial Measures section; this is not present in the newer MD&A excerpt.
- Reworded:
- Newer MD&A (filed 2026-08-10) states Galaxy also develops and operates HPC data center infrastructure; older MD&A (filed 2026-05-08) states Galaxy also develops, and will in the future operate, HPC data center infrastructure.
- Newer MD&A (filed 2026-08-10) reports approximately $7.6 billion in assets across the platform as of June 30, 2026; older MD&A (filed 2026-05-08) reports approximately $8.7 billion in assets across the platform as of March 31, 2026.
- Newer MD&A (filed 2026-08-10) describes Global Markets as providing trading, lending, and structured products (removing 'and' before lending); older MD&A describes trading, lending, and structured products as trading, lending, and structured products.
- Newer MD&A (filed 2026-08-10) states Helios campus has developed the first 133 MW of critical IT load; older MD&A (filed 2026-05-08) states Helios is developing the first 133 MW of critical IT load and includes that substantially all of the 133 MW is expected to be delivered by the end of the first half of 2026.
- Newer MD&A (filed 2026-08-10) states 600 MW of gross power capacity is expected to be delivered starting in the second quarter of 2027; older MD&A (filed 2026-05-08) states it is expected to be delivered starting in 2027.
- Newer MD&A (filed 2026-08-10) reports Net loss of $85.3 million and Net loss of $301.6 million for the three and six months ended June 30, 2026; older MD&A (filed 2026-05-08) reports Net loss of $216.3 million for the three months ended March 31, 2026.
- Newer MD&A (filed 2026-08-10) reports Adjusted EBITDA of $(77.3) million and $(264.8) million for the three and six months ended June 30, 2026; older MD&A (filed 2026-05-08) reports Adjusted EBITDA of $(187.5) million for the three months ended March 31, 2026.
- Newer MD&A (filed 2026-08-10) reports total equity of $2.7 billion and cash and stablecoin holdings of $2.5 billion as of June 30, 2026; older MD&A (filed 2026-05-08) reports total equity of $2.8 billion and cash and stablecoin holdings of $2.6 billion as of March 31, 2026.
- Older MD&A (filed 2026-05-08) includes an operational highlight that Galaxy received ERCOT approval for an additional 830 megawatts, doubling total approved capacity to over 1.6 GWs; newer MD&A does not include this bullet.
- Notes:
- The newer MD&A excerpt appears to be truncated and does not include the full Non-GAAP Financial Measures section or other content that may exist beyond the provided text; comparison is limited to the supplied excerpts.
Risk Factors
- Added:
- Newer filing (2026-08-10) adds the word "material" before "legal, regulatory, operational, reputational, tax and other risks" in the heading "Risks Related to Our Operations".
- Newer filing (2026-08-10) adds a cross-reference to "—Risks Related to Our Operations" for the AI/HPC risk instead of "—Risks Related to Our Business Lines".
- Removed:
- Older filing (2026-05-08) states "The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect our business." Newer filing has slightly different wording.
- Reworded:
- Older filing (2026-05-08) states "we are currently in the process of converting the infrastructure at our Helios mining campus to AI/HPC data center infrastructure and operations" whereas newer filing (2026-08-10) states "we recently converted the infrastructure at our Helios mining campus to AI/HPC data center infrastructure and operations."
- Older filing (2026-05-08) states "we have no experience in developing, retrofitting and offering AI/HPC data centers" whereas newer filing (2026-08-10) states "we have no prior experience in developing, retrofitting and offering AI/HPC data centers."
- Older filing (2026-05-08) cross-references "—Risks Related to Our Business Lines—Our strategy to expand into the AI/HPC data center business may not be successful and may result in adverse consequences to our business, financial condition and results of operations" whereas newer filing (2026-08-10) cross-references "—Risks Related to Our Operations—Our strategy to expand into the AI/HPC data center business has resulted and may continue to result in adverse consequences to our business, financial condition and results of operations, including impairment charges recognized in connection with the conversion of our Helios mining infrastructure and negative Adjusted EBITDA in recent periods."
- Older filing (2026-05-08) states "Our leading sources of revenue are dependent on digital assets" whereas newer filing (2026-08-10) states "Some of our leading sources of revenue are dependent on digital assets."
- Notes:
- The provided text excerpts appear truncated in the newer filing (ending mid-sentence at "breaches o") and in the older filing (ending mid-sentence at "breaches of security or privacy or any inaccessibility..."), so comparisons beyond the visible portion are not possible.
- The comparison is limited to the portions of the Risk Factors sections included in the provided texts.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
2 open-market purchases and 2 open-market sales by insiders in the last 90 days, of which we have read Form 4 filings through 2026-10-16. The 5 days since 2026-10-16 have not been checked yet.
- Last 90 days · read to 2026-10-162 buys ($358545) · 2 sells ($313768) — 2 buying, 2 selling insiders
- Last 180 days · read to 2026-10-162 buys ($358545) · 8 sells ($16M) — 2 buying, 3 selling insiders
Activity heuristic: mixed (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-09-09. Based on Form 4 filings read through 2026-10-16; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about GLXY's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding GLXY as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 40,443,168
- Reported value $1,105,716,215
reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 4 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about GLXY's institutional holders → See what each manager we track holds →
Short interest (FINRA)
GLXY had 32,630,658 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
Short interest as a percent of shares outstanding is not shown for GLXY because we do not hold a verified share count to divide it by. The reported figures above are unaffected.
- Reported short interest (shares) 32,630,658
- Prior settlement (shares) 30,796,359
- Reported change 5.96%
- Days to cover (reported) 6.73
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Coinbase (COIN)
- Bitfarms (BITF)
- CleanSpark (CLSK)
- Marathon Digital (MARA)
- Riot Platforms (RIOT)
- BlackRock (BLK)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does Galaxy Digital (GLXY) do?
Galaxy Digital is a global financial services and infrastructure company operating across two main segments: Digital Assets and Data Centers. It provides institutional clients with OTC spot and derivative trading, lending, asset management, and blockchain infrastructure services. Additionally, the company develops and operates large-scale, high-performance computing (HPC) data center infrastructure to support AI workloads, anchored by significant power capacity at its Helios campus in Texas.
What sector is Galaxy Digital (GLXY) in?
Galaxy Digital (GLXY) is classified in the Financials sector. Its industry is Financial Services & Digital Infrastructure. It trades on NASDAQ.
Who are Galaxy Digital's (GLXY) competitors?
Notable peers of Galaxy Digital (GLXY) include Coinbase, Bitfarms, CleanSpark, Marathon Digital and Riot Platforms. This peer set is informational only — not financial advice.
Where does stocks-llm's data on GLXY come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest; prices are market data, as of 2026-09-03; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-27.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.