Data Center Capacity Expansion and Execution
Helios campus now has more than 1.6 GW of approved power capacity after a recent 830 MW incremental ERCOT approval; 800 MW is contracted under the CoreWeave lease. First data halls for Phase 1 are on track to be delivered in Q1 with the full 133 MW of critical IT for Phase 1 expected in H1 2026. Phase 2 site work has commenced (260 MW incremental IT capacity planned) and two additional interconnect applications totaling ~1.8 GW are progressing.
Record Trading Volumes and Global Markets Strength
Global Markets delivered $30 million adjusted gross profit in Q4 and $423 million for the full year, an 88% year-over-year increase. The firm reported record trading volumes in 2025, including executing one of the largest notional Bitcoin transactions in digital asset history.
Digital Assets Operating Momentum
Digital assets segment generated record adjusted gross profit of $5 million in 2025, up from $3 million in 2024 (≈67% YoY growth). The company reported $12 billion of assets on platform and grew assets under stake by $750 million during the year.
Positive Adjusted EBITDA and Loan Book Resilience
Despite macro headwinds, Galaxy delivered $34 million of adjusted EBITDA in 2025. The average loan book held steady at ~$1.8 billion, with continued originations and healthy collateralization (management described collateral levels as north of ~110%).
Strong Liquidity and Strategic Capital Raises
Ended the year with $11.3 billion of total assets and over $3 billion of equity capital. Cash and stablecoins were $2.6 billion, up approximately $700 million from Q3 following Q4 capital raises (a $1.3 billion exchangeable note issuance and a $325 million equity investment), generating ~ $1.6 billion of net proceeds.
Asset Management Product and Distribution Wins
Asset management delivered $2 billion of net inflows in 2025 (≈30% organic growth). The company launched new products and partnerships (Invesco Galaxy Solana ETP, collaboration with State Street on a tokenized private liquidity fund), closed the acquisition of Alluvial Finance to enter liquid staking, and announced an initial closing of a tokenized CLO.
Early Traction for Galaxy One Deposit Products
Galaxy One showed early momentum within the first four months of launch with strong adoption of its high-yield products and product enhancements (daily buys, lower minimums, in-app staking & custody forthcoming), offering an 8% yield product to accredited investors under current structure.