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Galaxy Digital (TSE:GLXY)
TSX:GLXY

Galaxy Digital (GLXY) AI Stock Analysis

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TSE:GLXY

Galaxy Digital

(TSX:GLXY)

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Neutral 51 (OpenAI - 5.2)
Rating:51Neutral
Price Target:
C$32.00
▼(-9.25% Downside)
The score is held back primarily by volatile financial statement quality (negative reported margins, inconsistent multi-year cash flow/profitability, and meaningful leverage) and a bearish technical setup (below key moving averages with negative MACD). The latest earnings call was a clear positive (record quarter and strategic execution), but valuation signals are limited by a negative P/E and no dividend yield provided.

Galaxy Digital (GLXY) vs. iShares MSCI Canada ETF (EWC)

Galaxy Digital Business Overview & Revenue Model

Company DescriptionGalaxy Digital Holdings Ltd. (GLXY) is a diversified financial services and investment management company operating in the digital asset, cryptocurrency, and blockchain technology sectors. Founded by Michael Novogratz, the company offers a range of services, including trading, asset management, investment banking, and principal investments. Galaxy Digital is known for its expertise in digital assets and aims to bridge the gap between the worlds of cryptocurrency and institutional finance.
How the Company Makes MoneyGalaxy Digital makes money through several key revenue streams. The company operates a trading business that generates income from trading digital assets and providing liquidity in cryptocurrency markets. Through its asset management division, Galaxy Digital earns management and performance fees from a range of investment products, including hedge funds and passive index funds focused on digital assets. The investment banking segment provides advisory services for mergers, acquisitions, and capital raising activities, generating fee-based revenues. Additionally, the company's principal investments arm makes strategic investments in early-stage companies within the blockchain and cryptocurrency sectors, generating returns through capital appreciation and exits. Significant partnerships with other financial institutions and technology firms also contribute to its earnings by expanding its service offerings and market reach.

Galaxy Digital Earnings Call Summary

Earnings Call Date:Oct 21, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Positive
Galaxy Digital had a record-breaking Q3 with significant growth in revenue, assets, and successful large transactions. However, there were challenges related to market structure and regulatory delays. The strong financial performance and strategic investments overshadow the operational and market challenges.
Q3-2025 Updates
Positive Updates
Record-Breaking Quarter
Q3 was the best quarter in Galaxy's history with $500 million plus of net income and assets on platform reaching $17 billion, a record for the company.
Significant Asset Growth
Strong organic growth in asset management and staking, with $4 billion plus of new assets added to the platform.
Data Center Progress
Construction at the Helios data center campus is advancing on budget and on schedule with CoreWeave committing to the full 800 megawatts of approved capacity.
Successful Large Transactions
Completed a $9 billion Bitcoin transaction for a single client and launched the largest Solana DApp, raising $1.65 billion.
New Institutional Investment
Secured a $460 million investment from a large institutional investor to drive the build-out of the Helios data center campus.
Digital Asset Treasury Solutions
Added more than $4.5 billion in AUM and AUS from digital asset treasury mandates, expected to generate more than $40 million in annual recurring fee revenue.
Negative Updates
Impairment and Expenses
A $38 million one-time impairment related to legacy mining infrastructure and an increase in compensation expense contributed to higher operating expenses.
Challenges in Crypto Market
Forced liquidations across the crypto ecosystem led to decreased liquidity and wider bid-out spreads, affecting market structure.
Regulatory and Approval Delays
Delays in additional capacity approvals across Texas due to ERCOT's interim process and scrutiny.
Company Guidance
During Galaxy Digital's third-quarter 2025 earnings call, the company highlighted several key performance metrics and strategic developments. The quarter was described as the best in Galaxy's history, with a record net income of over $500 million and assets on the platform reaching $17 billion. The company executed a substantial $9 billion Bitcoin transaction, underscoring its trusted position in the market. Galaxy also launched the largest Solana decentralized application (DApp), raising $1.65 billion for the Solana ecosystem. The lending book grew to $1.8 billion, while the data center business, particularly the Helios campus, saw significant progress with a $1.4 billion project financing facility secured. Adjusted gross profit reached $728 million, driven by strong performance in digital assets, including trading and asset management. Additionally, GalaxyOne was launched to target high-net-worth individual investors, and the firm is actively engaging in tokenization projects and integrating artificial intelligence to enhance productivity.

Galaxy Digital Financial Statement Overview

Summary
Galaxy Digital Holdings demonstrates strong profitability and a robust balance sheet with no debt, which is a positive sign. However, the volatility in revenue and free cash flow raises concerns about financial stability and cash management. Despite recent profitability improvements, challenges remain in stabilizing revenue streams and optimizing cash flows.
Income Statement
The income statement shows a strong recovery with significant net income in TTM (Trailing-Twelve-Months) compared to previous periods. The gross profit margin is impressive at 61.74%, and the EBIT margin is exceptionally high at 107.94%, indicating efficient operations. However, revenue growth is volatile, with periods of zero revenue, reflecting potential instability in income streams.
Balance Sheet
The balance sheet is strong with no debt, resulting in a debt-to-equity ratio of 0. The equity ratio is high at 91.25%, indicating a solid financial structure. However, fluctuations in stockholders' equity over the years suggest some volatility in the company's capital base.
Cash Flow
Cash flow analysis reveals a negative free cash flow in TTM, a concern despite positive operating cash flow. The operating cash flow to net income ratio indicates that operating cash flow is sufficient to cover net income, but the free cash flow to net income is negative, highlighting potential cash management issues.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue48.02B0.000.000.000.000.00
Gross Profit10.92B0.000.000.000.000.00
EBITDA11.32B0.00-2.16M-2.48M-4.25M-1.90M
Net Income659.53M78.86M454.76M-522.68M402.08M103.39M
Balance Sheet
Total Assets11.52B1.12B875.24M394.27M888.78M267.77M
Cash, Cash Equivalents and Short-Term Investments2.31B1.81M833.00K10.05M26.82M142.40M
Total Debt4.53B0.000.000.000.00366.24M
Total Liabilities8.35B98.19M94.20M94.97M102.48M20.78M
Stockholders Equity1.76B1.02B781.03M299.31M786.29M246.99M
Cash Flow
Free Cash Flow122.52M-18.55M-16.52M-76.77M-19.55M103.39M
Operating Cash Flow757.02M-18.55M-16.52M-76.77M-19.55M103.39M
Investing Cash Flow-703.83M-85.31M6.86M107.40M12.24M-49.28M
Financing Cash Flow622.21M104.83M439.00K-47.40M34.13M49.28M

Galaxy Digital Technical Analysis

Technical Analysis Sentiment
Positive
Last Price35.26
Price Trends
50DMA
37.98
Negative
100DMA
41.33
Negative
200DMA
34.27
Positive
Market Momentum
MACD
-0.93
Negative
RSI
49.68
Neutral
STOCH
74.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GLXY, the sentiment is Positive. The current price of 35.26 is above the 20-day moving average (MA) of 34.70, below the 50-day MA of 37.98, and above the 200-day MA of 34.27, indicating a neutral trend. The MACD of -0.93 indicates Negative momentum. The RSI at 49.68 is Neutral, neither overbought nor oversold. The STOCH value of 74.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GLXY.

Galaxy Digital Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
67
Neutral
C$8.68B32.1818.75%7.46%-4.30%
52
Neutral
C$26.26M-1.88-63.28%36.80%9.34%
51
Neutral
C$13.84B-2.77%-121.84%
49
Neutral
C$138.54M372.410.60%-21.21%-84.82%
46
Neutral
C$2.27B-17.06%51.69%28.00%
44
Neutral
$56.70M-5.41-10.10%39.64%-70.96%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:GLXY
Galaxy Digital
35.37
9.33
35.83%
TSE:NDA
Neptune Digital Assets
1.08
0.13
13.68%
TSE:HUT
Hut 8
80.35
47.35
143.48%
TSE:BIGG
BIGG Digital Assets
0.08
-0.08
-52.53%
TSE:BITF
Bitfarms
4.01
1.79
80.63%
TSE:DMGI
DMG Blockchain Solutions
0.28
-0.06
-18.84%

Galaxy Digital Corporate Events

Business Operations and StrategyM&A Transactions
Galaxy Digital Expands into Liquid Staking with Alluvial Acquisition
Positive
Dec 4, 2025

Galaxy Digital Inc. has expanded its role in the liquid staking market by acquiring Alluvial Finance, the former development company behind Liquid Collective, a leading liquid staking protocol. This acquisition enhances Galaxy’s institutional staking infrastructure and aligns with its mission to provide comprehensive trading and investment services for institutions in onchain markets. By becoming the Development Company for Liquid Collective, Galaxy aims to leverage its expertise to broaden access to compliant liquid-staking products globally, while Liquid Collective continues to operate independently under The Liquid Foundation to ensure neutrality and transparency.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Galaxy Digital Integrates with Coinbase Prime to Enhance Institutional Staking Solutions
Positive
Oct 29, 2025

Galaxy Digital Inc. has announced its integration with Coinbase Prime, enhancing institutional access to secure and scalable staking solutions. This collaboration allows Coinbase Prime clients to utilize Galaxy’s high-performance staking infrastructure, positioning both companies as leading custodial, staking, and liquidity solutions providers for ETFs and ETPs. The integration signifies the maturation of the staking ecosystem and addresses the growing demand for reliable digital asset services among institutions. Galaxy’s extensive validator network and Coinbase’s trusted custody create a robust platform for institutional clients to diversify their staking activities and generate liquidity. This move further solidifies Galaxy’s position in the digital asset industry, following previous integrations with other custodial platforms.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$46.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Private Placements and Financing
Galaxy Digital Upsizes Senior Notes Offering to $1.15 Billion
Positive
Oct 28, 2025

Galaxy Digital Inc. has announced the pricing of an upsized $1.15 billion exchangeable senior notes offering, increased from the initially planned $1.0 billion. The proceeds from this offering are intended to support growth across Galaxy’s core businesses and for general corporate purposes, potentially including the repayment of existing notes. This move is expected to strengthen Galaxy’s financial position and enhance its market presence in the digital asset sector.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$46.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Galaxy Digital Upsizes $1.15 Billion Notes Offering to Fuel Growth
Positive
Oct 28, 2025

Galaxy Digital Inc. has announced an upsized offering of $1.15 billion in exchangeable senior notes, increased from the initially planned $1 billion. The proceeds are intended to support growth in Galaxy’s core operations and may also be used for general corporate purposes, such as repaying existing notes. This move is likely to enhance Galaxy’s financial flexibility and strengthen its market position in the digital asset industry.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$46.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Galaxy Digital Launches $1 Billion Private Offering to Fuel Growth
Positive
Oct 27, 2025

Galaxy Digital Inc. announced a private offering of $1.0 billion in exchangeable senior notes due 2031, with an option for initial purchasers to buy an additional $150 million. The proceeds will support growth in its core businesses and general corporate purposes, including potential repayment of existing notes. This move is subject to market conditions and regulatory approvals, and it reflects Galaxy’s strategic focus on expanding its financial capabilities and market presence.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$46.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Galaxy Digital Reports Strong Q3 2025 Results and Strategic Developments
Positive
Oct 21, 2025

Galaxy Digital Inc. reported a significant increase in financial performance for Q3 2025, with a net income of $505 million and adjusted EBITDA of $629 million, driven by record results in its digital assets business. The company also announced several strategic developments, including a new financial technology platform, GalaxyOne, and a $460 million equity investment to support the expansion of its Helios data center campus, indicating a strong growth trajectory and enhanced market positioning.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Galaxy Digital Secures $460 Million Strategic Investment to Boost Data Center Expansion
Positive
Oct 10, 2025

Galaxy Digital Inc. has secured a $460 million strategic investment from a leading asset management firm, marking a significant boost to its financial position. This investment will support Galaxy’s expansion of its Helios data center campus and enhance its ability to scale its data center business while maintaining financial flexibility for future growth. The investment underscores confidence in Galaxy’s strategic vision and positions the company to strengthen its market presence in digital assets and data centers.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$34.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Financial Disclosures
Galaxy Digital to Announce Q3 2025 Financial Results on October 21
Neutral
Oct 10, 2025

Galaxy Digital Inc. announced it will release its third quarter 2025 financial results on October 21, 2025, before the market opens. CEO Michael Novogratz and the management team will host a conference call to discuss the company’s activities and results, providing insights to investors and analysts. The webcast will be available live and as a replay on the company’s website and YouTube channel. This announcement reflects Galaxy’s commitment to transparency and engagement with its stakeholders, potentially impacting its market perception and investor relations.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$34.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Galaxy Digital Launches GalaxyOne Platform for Individual Investors
Positive
Oct 6, 2025

Galaxy Digital Inc. has launched GalaxyOne, a new financial technology platform aimed at U.S.-based individual investors. This platform offers competitive yield products, including an 8.00% APY for accredited investors and a 4.00% APY on cash deposits, alongside access to crypto and U.S. equities trading. GalaxyOne combines traditional and digital market access in a single platform, enhancing Galaxy’s mission to provide trusted and regulated financial services across market segments. The launch is expected to strengthen Galaxy’s position in the market by offering a unified financial experience supported by its institutional expertise.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$34.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 30, 2025