Galaxy Digital Inc., doing business as Galaxy, is an American financial services and infrastructure company headquartered in New York City. The company focuses on digital assets, cryptocurrency, blockchain infrastructure, and artificial intelligence and high-performance computing data center infrastructure. Its digital asset businesses include over-the-counter trading, lending, investment banking, asset management, staking, custody, and tokenization technology. It was founded in 2018 by billionaire Michael Novogratz.
Background In February 2018, Galaxy was founded by Fortress Investment Group co-founder Michael Novogratz. Galaxy Digital went public on the Toronto Stock Exchange in 2018.
Galaxy Digital Holdings Ltd. was one of the few cryptocurrency companies required to publish financial results. In the first nine months of 2018, the company lost $136 million in cryptocurrency trading. In November 2018, Galaxy participated in an $80 million funding round for blockchain technology company Bitfury.
During the bankruptcy proceedings of FTX, Forbes reported that a Galaxy-managed fund could realize more than $1 billion in gains from discounted Solana tokens purchased from the FTX estate.
In May 2025, Galaxy completed a reorganization and its Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol GLXY. Galaxy completed its voluntary delisting from the Toronto Stock Exchange in March 2026, consolidating its public listing on Nasdaq as its sole exchange.
Business Galaxy reports its activities across three segments: Digital Assets, Data Centers, and Treasury and Corporate.
For the second quarter of 2026, Galaxy reported a net loss of $85 million, adjusted gross profit of $43 million, and adjusted EBITDA of negative $77 million. The company ended the quarter with $10.8 billion in total assets, $2.7 billion in total equity, and $2.5 billion in cash and stablecoins. Its Digital Assets and Data Centers operating businesses generated a combined $86 million of adjusted gross profit and $1 million of adjusted EBITDA.
Digital assets Galaxy's Digital Assets segment includes its Global Markets business and its Asset Management & Infrastructure Solutions business. The company describes the segment as serving institutional clients through trading, lending, brokerage, investment banking, asset management, staking, self-custody, and tokenization technology.
Galaxy Global Markets provides institutional access to over-the-counter and electronic trading, spot and derivatives execution, lending, structured products, and investment banking services. Galaxy's investment banking business advises digital-asset companies on mergers and acquisitions, capital raising, and capital markets transactions. As of March 31, 2026, Galaxy reported 1,691 trading counterparties and an average loan book of approximately $1.4 billion.
During the second quarter of 2026, Global Markets generated $49 million of adjusted gross profit, compared with $31 million in the first quarter. Galaxy reported 1,741 trading counterparties, an average loan book of approximately $1.44 billion, and a 7% sequential decline in its trading volumes during a period in which broader industry volumes declined by more than ten percent. Galaxy also launched the Galaxy Onchain Financing Rate (GOFR), a managed lending service that provides institutional clients access to onchain credit markets through Galaxy as a single counterparty. Management said GOFR had generated nearly $300 million of loan originations by August 2026. The company also introduced Galaxy Curator, an institutional vault-curation service built on Morpho and integrated with Fireblocks, which management said made curated onchain yield strategies available to more than 2,400 institutional clients.
Galaxy Asset Management provides exchange-traded product strategies, alternative investment strategies, separately managed accounts, venture capital funds, hedge funds, and opportunistic mandates focused on digital assets, blockchain infrastructure, and adjacent emerging technologies. As of March 31, 2026, Galaxy reported approximately $5.0 billion in assets under management, $3.2 billion in assets under stake, and approximately $9 billion in assets on platform, a broader metric that included assets under management, assets under stake, and certain assets managed by a commodity pool operator within Galaxy's Global Markets division, with some overlap among categories.
As of June 30, 2026, Galaxy reported approximately $1.81 billion in exchange-traded products, $2.55 billion in alternative strategies, and $2.79 billion in assets under stake. The company reported $7.1 billion in combined assets under management and assets under stake, with approximately $733 million included in both categories. During the quarter, Galaxy launched the Galaxy Fintech Fund, a long-short equity hedge fund focused on the digital-asset transformation of financial services, with more than $100 million of assets at launch. Galaxy and State Street Investment Management also launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund designed to support 24-hour onchain cash management through stablecoins, subject to stablecoin availability in the fund's portfolio.
Galaxy's Infrastructure Solutions business includes staking, tokenization, and custodial technology. Galaxy's staking platform supports native staking, liquid staking, staking APIs, and the use of staked assets as collateral or working capital. The company reported $3.2 billion of assets under stake as of March 31, 2026, and said its institutional staking infrastructure included globally distributed validators, slashing protection, custody integrations, and API-based reporting for institutional clients. In December 2025, Galaxy acquired Alluvial Finance and became the development company for Liquid Collective, an enterprise-grade liquid staking protocol. In April 2026, BlackRock selected Galaxy as one of the approved validators for the iShares Staked Ethereum Trust ETF, BlackRock's first rewards-generating crypto exchange-traded product.
In the second quarter of 2026, Galaxy entered a multi-year agreement with BNY to help develop BNY's institutional digital-asset infrastructure, including staking support for BNY's Digital Asset Custody platform. Galaxy also became a design partner across BNY's broader digital infrastructure, and management said a team of Galaxy engineers had been deployed to work on the engagement. During the same period, Morgan Stanley Wealth Management selected Galaxy to provide staking infrastructure for two digital-asset exchange-traded products. Galaxy also announced a referral arrangement under which Morgan Stanley Wealth clients could lend digital assets to Galaxy and receive in-kind spot cryptocurrency exchange-traded products.
Galaxy's tokenization business uses GK8, its institutional custody and tokenization platform, to issue, manage, and distribute tokenized financial assets. Galaxy describes its tokenization services as including onchain advisory, tokenization technology, and placement services for institutional tokenized products, including structured products, funds, real-world assets, and equities. In January 2026, Galaxy announced the initial closing of Galaxy CLO 2025-1, a tokenized collateralized loan obligation on the Avalanche blockchain, with approximately $75 million financed at launch and a $50 million anchor allocation from Grove. In September 2025, Galaxy and Superstate announced the tokenization of Galaxy's Class A common stock on the Solana blockchain, with Superstate acting as digital transfer agent for approved investors.
In June 2026, the U.S. Securities and Exchange Commission proposed amendments to rescind Regulation NMS Rule 611, the trade-through rule for national market system stocks, and Rule 610(e), which restricts locking and crossing quotations. Galaxy's head of research, Alex Thorn, argued that the proposal could remove a major market-structure obstacle for tokenized U.S. equities trading in decentralized finance, because automated market makers execute against liquidity pools and bonding curves rather than routing orders across exchanges to comply with protected quotations. The development was relevant to Galaxy's tokenization business, which uses its GK8 platform to tokenize institutional financial assets and has included tokenized structured products, real-world assets, and Galaxy's own Class A common stock.
Galaxy has presented these services as part of a strategy to connect traditional financial institutions with blockchain-based market infrastructure. In its 2025 annual report, Novogratz wrote that the future digital economy would be built on "regulated rails, trusted custody solutions, and tokenization platforms," and said that infrastructure and regulation were converging to bring institutional capital onchain. During Galaxy's first-quarter 2026 earnings call, management said that large financial institutions were preparing to move onto blockchain-based rails and would require wallet and custody technology, trade settlement, clearing, collateral management, corporate treasury, and fund administration infrastructure. Galaxy said it was productizing its digital infrastructure platform into a business-to-business model through white-labeled solutions, bespoke integrations, and custom infrastructure for institutions.
During the second-quarter call, management said institutions were increasingly seeking to own and control core digital-asset technology rather than outsource it entirely. Galaxy said it had reorganized its infrastructure stack into modular components spanning custody, key management, staking, trading, settlement, and wallet infrastructure, allowing institutions to assemble systems around their own operating models. Management described the BNY engagement as an example of monetizing Galaxy's engineering and product capabilities through complex, multi-year strategic integrations.
Data centers Galaxy's Data Centers segment develops high-performance computing infrastructure for artificial intelligence and other compute-intensive workloads. The company's principal data center project is the Helios campus in West Texas, which was originally used for bitcoin mining infrastructure and later converted toward AI and HPC data center use.
Galaxy has said that Helios has more than 3.4 gigawatts of total planned power capacity and, at 1.6 gigawatts of approved grid capacity, is projected to be the largest 100% front-of-the-meter data center campus in the world.
By August 2026, Galaxy reported more than 5.7 gigawatts of potential capacity across its Texas data center pipeline. This included more than 1.6 gigawatts of approved capacity at Helios, two additional one-gigawatt Helios expansion requests progressing through ERCOT's interconnection process, and the Merlin, Caspian, and Selene campuses.
In August 2025, Galaxy announced that it had closed a $1.4 billion project financing for the Helios campus. Under lease agreements with CoreWeave, Galaxy said the Helios campus covered 800 megawatts of gross power capacity and 526 megawatts of critical IT load across Phases I, II, and III. Galaxy described the CoreWeave lease arrangements as having a 15-year base term, two five-year extension options, more than $1 billion of anticipated average annual revenue, and approximately 90% anticipated average lease-level EBITDA margins, based on committed contractual terms and internal estimates.
In its second-quarter 2026 release, Galaxy raised its stated estimate for the CoreWeave leases to more than $1.2 billion of anticipated average annual revenue and anticipated average lease-level adjusted EBITDA margins above 90%, while retaining the 15-year base term and two five-year extension options.