Galaxy Digital Posts $323 Million Q3 Profit as Data Centers Drive Turnaround

Galaxy Digital reported net income of $323 million for the third quarter of 2026, reversing an $85 million loss in the prior quarter, as its treasury and data-center operations generated positive adjusted EBITDA.

Adjusted gross profit reached $569 million, while adjusted EBITDA came in at $455 million. The result marks a clear shift in the composition of the firm's earnings: infrastructure and treasury, not digital asset trading, carried the quarter.

The segment breakdown shows how uneven the recovery was:

• Treasury and corporate operations contributed $395 million of adjusted EBITDA — roughly 87% of the group total.
• The data-center business contributed $69 million.
• Digital asset operations recorded a $9 million adjusted EBITDA loss.

Digital asset trading volume increased 12% from the previous quarter, but volume did not translate into profitability for that segment. Assets under management and staking rose 46% quarter over quarter to $10.4 billion, a pace that, sustained over a full year, would compound the asset base at rates few institutional managers in the sector currently match.

What does the quarter change for Galaxy's infrastructure strategy?

The most consequential development sits in the data-center business. Galaxy completed delivery of all 133 megawatts of critical IT load from the first phase of Helios I to CoreWeave, the AI-cloud tenant that anchors the project. The second phase secured full financing, removing a funding overhang that typically stalls multi-phase builds of this scale.

Galaxy also completed a $3.5 billion senior secured notes issuance during the quarter. That debt raise, paired with fully financed phase two, gives the company a funded pipeline rather than a construction plan dependent on future capital markets.

The scale of the pipeline matters for context: Galaxy's data-center projects have potential total power capacity above 5.7 gigawatts. At 133 megawatts delivered, Helios I phase one represents only about 2% of that ceiling, which frames how much of the company's infrastructure story remains ahead of it.

Where the earnings mix stands now

The quarter's results varied sharply across Galaxy's three operating lines. Treasury and corporate operations dominated the adjusted EBITDA contribution at $395 million. The data-center segment, at $69 million, is growing from a smaller base but is now a repeatable contributor backed by contracted delivery to CoreWeave.

Digital asset operations remain the outlier. A $9 million adjusted EBITDA loss, despite 12% quarter-over-quarter growth in trading volume, indicates that the traditional trading franchise is not yet a profit engine under current market conditions. For practitioners watching Galaxy as a proxy for diversified crypto-financial firms, the signal is that balance-sheet management and compute infrastructure — not market-making — are producing the earnings.

What comes next

The operational milestone to watch is the ramp of Helios I phase two, now fully financed, alongside whether the data-center segment's $69 million contribution scales as additional megawatts come online against the 5.7-gigawatt pipeline ceiling. The trajectory of the $10.4 billion asset management and staking base will determine whether Galaxy's fee-related earnings can diversify the mix further.