Galaxy Digital reported third-quarter net income of US$323 million, reversing a US$85 million loss in the second quarter. Adjusted EBITDA rose to US$455 million from a US$77 million loss. Those headline figures show a strong consolidated recovery, but the segment breakdown is essential: the Digital Assets business still produced negative adjusted EBITDA of US$9 million.[1][2]
Digital Assets adjusted gross profit increased to US$71 million from US$66 million, trading volumes rose 12% and the average loan book reached US$1.8 billion, up 27%, all quarter on quarter. Galaxy also reported US$10.4 billion in combined assets under management and assets under stake, up 46%. The company notes that US$1.2 billion appears in both its Alternatives and Assets Under Stake categories, so the combined figure is not a measure of distinct client assets.[1]
Where the reported earnings came from
Galaxy third-quarter segment picture
| Measure | Q3 2026 | Reading |
|---|---|---|
| Consolidated net income | US$323 million | Strong group profit after a Q2 lossSource 1 |
| Consolidated adjusted EBITDA | US$455 million | Includes major contributions outside Digital AssetsSource 1 |
| Digital Assets adjusted EBITDA | Negative US$9 million | Improved from negative US$11 million but not positiveSource 1 |
| Data Centers adjusted EBITDA | US$69 million | Material positive contributionSource 1 |
| Treasury and Corporate adjusted EBITDA | US$395 million | Largest stated segment contributionSource 1 |
The composition matters to anyone treating Galaxy as a pure read-through on crypto brokerage or asset management. Data Centers and Treasury and Corporate were major contributors, while the business branded Digital Assets remained below zero on adjusted EBITDA. Consolidated profitability therefore does not establish that the core digital-asset operating segment was independently profitable during the quarter.[1][2]
Group liquidity includes cash, stablecoins and Treasuries
Galaxy reported US$4.9 billion of cash, stablecoins and U.S. Treasury holdings and US$3.0 billion of equity. The liquidity total comprises approximately US$1.325 billion of cash and equivalents, US$812 million of stablecoins and US$2.756 billion of Treasury bills and notes. It is a group balance-sheet measure, not a segregated-customer-assets total.[1]
Galaxy’s results show appreciation across its investment portfolio and the first full quarter of revenue-generating operations under the initial Helios data-centre lease. Those sources help explain why group adjusted EBITDA recovered much more strongly than the Digital Assets segment. The release includes a reconciliation of the non-GAAP measures to the financial statements.[1][2]
Sources & further reading
- Galaxy Announces Third Quarter 2026 Financial Results Galaxy Digital via PR Newswire · 27 Oct 2026 · Accessed 30 Oct 2026
- Galaxy third-quarter 2026 results release and reconciliation Galaxy Digital · 27 Oct 2026 · Accessed 30 Oct 2026