TLDR
- Galaxy stock closed at $21.15, up 11.3% after the annual report was released.
- Galaxy posted a full-year 2025 net loss of $241 million.
- The Digital Assets segment generated $505 million in adjusted gross profit.
- Galaxy reported adjusted EBITDA of $216 million for the year.
- CoreWeave signed a contract for 800 MW at Galaxy’s Helios data center.
Galaxy stock rallied 11% on Wednesday after its annual report showed its core business stayed profitable, despite a $241 million net loss in 2025. The move made GLXY the second-best performing crypto-related stock tracked on The Block’s crypto equities page.
The report showed pressure from unrealized losses on digital asset and investment positions. Still, Galaxy said its main operating units remained profitable on an adjusted, non-GAAP basis.
Galaxy shares rise as investors focus on core operations
Galaxy closed at $21.15 a share, up 11.3% on the day. The gain followed the release of its annual report. Investors appeared to focus on the firm’s operating results.
The company reported a full-year net loss of $241 million. It also recorded an adjusted annual gross loss of $86 million. At the same time, adjusted EBITDA came in at $216 million.
Galaxy said unrealized losses weighed on the final net result. However, its core business produced positive adjusted results. That split helped shape the market reaction.
Digital Assets unit posts strong adjusted gross profit
Galaxy’s Digital Assets segment was a key driver in the report. The unit includes trading, lending, asset management, and staking services. It generated $505 million in adjusted gross profit.
The company has built its business around institutional crypto services. Those services include derivatives and over-the-counter trading. They also include lending, tokenization, custody, and staking support.
Galaxy has also expanded into crypto investment banking and venture capital. In addition, it has increased its focus on high-performance computing and AI infrastructure. That wider model now sits alongside its digital asset business.
The company launched GalaxyOne last year. The retail fintech platform offers FDIC-insured, yield-bearing deposit accounts. Those accounts are provided through banking partner Cross River Bank.
Novogratz points to infrastructure and Helios growth
In his letter, CEO Mike Novogratz said Galaxy sees a broad opening in blockchain infrastructure. He linked that view to the company’s crypto platform and data center assets. He said the business is positioned for the next stage of the market.
“The platform we have built, spanning institutional markets, asset management, onchain infrastructure, and AI data centers, is exactly what this moment requires,” Novogratz wrote. He added, “The digital economy is still in its early innings, and Galaxy intends to be at the center of it for decades to come.”
Novogratz also wrote, “The most consequential shift in this industry right now is the move from narrative to infrastructure.” He said digital assets had long depended on stories and market attention. He added that those stories “don’t build an economy.”
Helios remains central to that strategy. The West Texas data center received ERCOT approval to expand to 1.6 gigawatts. CoreWeave has already signed a long-term contract for 800 MW at the site.
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