stockrowWhat it does
Galaxy Digital is a financial services and infrastructure company focused on digital assets and high-performance computing. Founded in 2018, it is headquartered in New York and led by chief executive Michael Novogratz.
Its Digital Assets business helps institutions trade, borrow against and invest in digital assets. It offers over-the-counter trading, derivatives, lending and advice on mergers and capital raising. It also manages investment funds and provides technology for staking, tokenization and self-custody. Staking involves operating validator nodes that help secure blockchains and enable clients to earn rewards; self-custody technology helps institutions manage their own digital asset keys.
Galaxy also serves individual investors through GalaxyOne, a platform offering access to deposit accounts, equities and crypto trading through partners. For eligible investors, it also offers access to a Galaxy-issued debt security.
The Data Centers business develops facilities for power-intensive computing, including artificial intelligence workloads. Its Helios campus in West Texas leases capacity to cloud provider CoreWeave. Galaxy delivered the Phase I data halls to CoreWeave before the end of the second quarter of 2026. It is also developing additional capacity and sites. A separate Treasury and Corporate segment holds digital assets and other investments and includes bitcoin mining operations.
How it makes money
Galaxy earns money from trading, lending, investment banking, asset management and digital infrastructure services. Its trading business acts as principal in spot and derivatives transactions, earning trading spreads and transaction fees, typically tied to volume, as well as gains or losses on positions. Lending produces interest income and loan-structuring fees. Investment banking fees can depend on transaction value or capital raised, while some mandates carry fixed fees.
Asset management earns fees based on assets under management and, for certain alternative strategies, investment performance. The infrastructure business earns fees on assets staked to its validator nodes and licensing fees from institutions using its self-custody technology. These arrangements can generate continuing fees, although asset values, client activity and performance can change.
In FY2025, digital asset sales revenue was $59.9 billion; Data Centers revenue was $0.00. Digital asset sales are reported revenue from transactions, while the business also earns spreads and can record gains or losses on principal positions.
Galaxy expects most Data Centers revenue to come from long-term leases with cloud service providers. The initial Helios capacity is leased to CoreWeave under a 15-year agreement. Galaxy delivered the Phase I data halls before the end of the second quarter of 2026, when the segment had its first quarter of operating financial results. Treasury and Corporate includes returns from Galaxy’s own investment portfolio and bitcoin mining operations.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Digital assets sales | $59.9 billion | 99.3% | 42.0% |
| Blockchain rewards | $220.0 million | 0.37% | 21.6% |
| Fees | $158.6 million | 0.26% | 53.7% |
| Proprietary mining | $14.5 million | 0.02% | −77.1% |
Customers and how it sells
Galaxy’s digital asset customers include institutional allocators, asset managers, hedge funds, family offices and high-net-worth individuals. Its investment banking clients include public and private companies and startups in the digital asset sector. Banks, trust companies, custodians and asset managers use its self-custody technology. GalaxyOne also targets individual investors.
Galaxy had relationships with more than 1,600 trading counterparties and approximately $12.3 billion in assets across its platform as of December 31, 2025. Two digital asset trading platforms accounted for 38.0% of FY2025 revenue. Clients can access trading through voice and electronic execution, including application programming interfaces and user interfaces.
CoreWeave leases data center capacity at Helios in West Texas. Galaxy has also entered a multiyear agreement with Bank of New York to develop institutional digital asset infrastructure, including support for staking on its custody platform.
Galaxy operates globally from its New York headquarters. Its ETF partnerships span the United States, Canada, Brazil and Europe. A regulated U.K. subsidiary conducts financial services activity there, while a Bahamas subsidiary extends the trading and lending business and offers market making.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Digital Assets | $60.3 billion | 100.0% | 42.1% |
| Data Centers | $0.00 | 0.00% | — |
| Treasury and Corporate | −$11.5 million | −0.02% | −112.4% |
Suppliers and costs
Galaxy relies on third-party technology providers for cloud computing, data security, compliance and blockchain data feeds. Its technology infrastructure includes Amazon Web Services, third-party data centers and its own Helios campus. GalaxyOne’s deposit account is offered by Cross River Bank, while partners provide equities and crypto trading.
Data center development requires electrical equipment and construction services. Galaxy has hired HITT Contracting as general contractor for Helios Phase II. It has placed deposits and purchase orders for long-lead electrical equipment, including main power transformers and switchgear. Galaxy has said lead times for this equipment stretch to multiple years.
Galaxy completed a $3.5 billion senior secured notes offering for Helios Phase II in July 2026. It said Phase II was funded from both debt and equity, while a further debt financing was likely for Phase III. The company expects operating expenses to increase as it grows. It has also experienced higher costs to comply with swap dealer requirements.
- Revenue$60.4B
- Cost of revenue−$60.2B
- Selling, general and administrative−$557.8M
- Other operating costs−−$136.0M
- Operating income−$237.8M
Competitive position
Galaxy competes across digital asset trading, investment banking, asset management, staking and data center infrastructure. In trading and lending, competitors include over-the-counter brokers, derivatives platforms, prime brokerages and decentralized finance platforms. Its advisory business competes with specialist boutiques and global investment banks, while asset management faces both established and crypto-native managers. Staking rivals include specialist operators and cloud providers offering node hosting.
In data centers, Galaxy competes with operators expanding into high-performance computing, cloud infrastructure providers and former crypto miners repurposing facilities. Competition centers on power, connectivity, cooling and real estate. Galaxy does not name specific competitors in these markets.
Galaxy’s potential defenses include relationships with more than 1,600 trading counterparties, a range of connected financial services, patented custody technology and approved power capacity at Helios. It also has long-term leases with CoreWeave.
Our reading: The combination of client relationships and services offers some competitive protection because institutions can use Galaxy for several activities, but each activity has established or specialized rivals. Our reading: Helios power access and leases provide a tangible infrastructure position, although competing developers also seek power-ready sites and Galaxy must deliver its contracted capacity. Our reading: Patented custody technology supports differentiation, but the evidence does not establish how difficult it is for rivals to offer alternatives.
Growth opportunities
Galaxy is expanding both its institutional digital asset services and its data center portfolio. In digital assets, it has brought staking, tokenization, wallet infrastructure, vaults and curation into an institutional offering. Its agreement with Bank of New York includes work on digital asset infrastructure and staking support. Galaxy also launched an over-the-counter prediction markets offering for institutional hedging and Galaxy Curator, an institutional vault curation service.
At Helios, Galaxy delivered Phase I to CoreWeave before the end of the second quarter of 2026. The company expects the Phase II and Phase III leases to bring CoreWeave’s contracted Helios capacity to 526 MW of critical IT load by 2028. Galaxy says Phase II is funded with debt and equity and expects a further debt financing for Phase III.
Beyond those contracted phases, Galaxy has discussed the 830 megawatts of approved Helios II power capacity with potential tenants. It was reported on 28 October 2026 that this capacity remained unleased. Galaxy has also acquired or secured control over additional data center sites; it says Helios and its new campuses have more than 5.7 gigawatts of potential power capacity. Potential capacity is not the same as leased or delivered capacity, and the company says the amount of Helios III capacity deliverable during the relevant grid confirmation process remains unknown.
- $51.6BFY2023
- $42.6BFY2024
- $60.4BFY2025
Structural risks
- Digital asset markets: Galaxy depends on trading activity and prices that can be volatile. Price declines can reduce the value of its inventory, and changes in investor confidence can reduce trading volumes.
- Concentration and counterparties: Two digital asset trading platforms accounted for 38.0% of FY2025 revenue. Galaxy also depends on trading platforms and over-the-counter markets and may need to return borrowed digital assets or collateral to counterparties.
- Data center financing and delivery: Helios conversion requires substantial capital. Galaxy has funded Phase II, but expects a further debt financing for Phase III; equipment lead times can stretch to multiple years.
- Power and leasing: The amount of Helios III capacity deliverable under the grid confirmation process is unknown. It was reported on 28 October 2026 that Helios II’s 830 MW of approved power capacity remained unleased.
- Regulation and systems: Digital asset regulation changes across jurisdictions, and regulators may disagree with Galaxy’s assessment of whether an asset is a security. Network outages, security breaches or failures of third-party platforms can also affect operations.
Bottom line
Our reading
Galaxy combines a digital asset financial business exposed to trading activity and asset values with a data center development business built around long-term leases. The first Helios phase has been delivered, but later development still depends on financing, power processes and execution. Client relationships and custody technology support the digital business, while competition and regulatory uncertainty remain across its markets.