Galaxy’s stock surged more than 11% on Wednesday after the firm published its 2025 annual report — a result that turned heads given the company also reported a $241 million net loss for the year.
The market reaction made GLXY one of the top-performing crypto-related stocks tracked that day. Investors looked past the headline loss and focused on the underlying business numbers.
The net loss was driven largely by unrealized losses on digital asset holdings and investment positions. Strip those out, and the picture changes considerably.
Galaxy filed its inaugural annual report as a U.S.-listed company on @Nasdaq. The digital economy is real, it is here, and $GLXY is positioned to be a leader in it–from onchain finance to powering AI.
Read @novogratz's shareholder letter and the full report here:…
— Galaxy (@galaxyhq) April 9, 2026
Galaxy’s Digital Assets segment — which covers trading, lending, asset management, and staking — generated $505 million in adjusted gross profit. That’s the engine of the business, and it ran well in 2025.
The company also posted adjusted EBITDA of $216 million. On a non-GAAP basis, the core operations were profitable.
CEO Mike Novogratz used the annual letter to lay out his view of where the company sits heading into 2026. “As we enter 2026, we are more clear-eyed about our opportunity than we have ever been,” he wrote. “The platform we have built, spanning institutional markets, asset management, onchain infrastructure, and AI data centers, is exactly what this moment requires.”
He also pointed to a shift in the broader industry. “The most consequential shift in this industry right now is the move from narrative to infrastructure,” Novogratz wrote. “For years, digital assets ran on stories. Those stories were important. They attracted capital, talent, and attention. But stories alone don’t build an economy.”
One of the clearest growth catalysts flagged in the report is the Helios data center, located in West Texas. The facility has received ERCOT approval to expand its capacity to 1.6 gigawatts.
CoreWeave has already signed a contract to use 800 MW of that capacity. That’s a concrete, long-term revenue commitment tied directly to demand for AI computing infrastructure.
The data center play gives Galaxy a revenue stream that sits outside of crypto market volatility — something investors appear to be pricing in.
Last year, Galaxy also launched GalaxyOne, a retail fintech platform offering FDIC-insured, yield-bearing deposit accounts through banking partner Cross River Bank.
The retail push is a newer direction for a firm that built its reputation serving institutional clients. It adds another layer to what Galaxy is trying to build.
The institutional side still dominates. Galaxy’s model includes derivatives and OTC trading, custody, tokenization, staking, investment banking, and venture capital — a broad footprint across the crypto financial services space.
The Digital Assets segment’s $505 million in adjusted gross profit remains the clearest proof point that institutional demand for these services held up through 2025.
GLXY closed Wednesday at $21.15, up 11.3%.
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