Galaxy Digital (GLXY) AI Stock Analysis

• Market Cap: C$12.53B
• Dividend Yield: N/A
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.31
• Revenue Growth: N/A
• EPS Growth: -121.84%
• Country: CA
• Employees: 528
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -1.47
• Shares Outstanding: 190,688,110
• 10 Day Avg. Volume: 1,412,856
• 30 Day Avg. Volume: 1,578,110
• PEG Ratio: 0.24
• Price to Book (P/B): 1.85
• Price to Sales (P/S): 0.06
• P/FCF Ratio: -2.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$56.63
• Price Target Upside: 60.61% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): -0.44
• Revenue Forecast (FY): C$67.98B

• Rating: 45 Neutral
• Price Target: C$31.00 ▼(-12.08% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is primarily held back by weak financial performance (losses, cash burn, and elevated leverage). Technical indicators also remain soft with negative MACD and the stock below key longer-term moving averages. Offsetting factors come from the earnings call, where liquidity was strengthened and execution progress was highlighted, but near-term revenue ramp timing and crypto-market sensitivity remain meaningful risks.

Positive Factors

Data‑center capacity & CoreWeave contract

Large secured power approvals and a material 800 MW CoreWeave contract create durable, long‑term revenue optionality once capacity is energized. Owning/controlling permitting and site build reduces future supply constraints and positions Galaxy to capture structural demand for hosted compute and infrastructure services.

Global Markets trading leadership

Sustained growth and record AGP in Global Markets signal durable client franchise, execution capability, and scale in institutional crypto trading. A leading trading business provides recurring fee and spread income that can support margins and diversify earnings away from mark‑to‑market principal exposure over the medium term.

Strengthened liquidity from capital raises

A sizable liquidity cushion and successful capital raises materially reduce immediate refinancing pressure and fund multi‑year projects like data centers. Strong liquid resources improve optionality for capital allocation, support near‑term operations, and lower the probability of forced asset sales during market stress.

Negative Factors

High leverage and debt burden

Substantial debt relative to equity increases financial vulnerability to market swings and confines strategic flexibility. Elevated leverage raises refinancing and interest risks, making the company more sensitive to revenue volatility and potentially constraining investment or distribution choices if operating performance weakens.

Persistent cash burn and negative free cash flow

Large negative free cash flow indicates the business currently consumes cash to sustain operations and capex, increasing reliance on external funding. Continued cash burn amid heavy infrastructure spending risks dilution or debt growth and raises execution risk if capital markets tighten or asset realizations underperform.

Weak GAAP profitability & volatile investment marks

Low reported margins and recurring GAAP losses reflect underlying profitability challenges and earnings sensitivity to volatile digital‑asset valuations. Mark‑to‑market swings in treasury and principal investments reduce earnings predictability and can erode capital when markets decline, weakening long‑term return generation.

Galaxy Digital Business Overview & Revenue Model

Company Description

Galaxy 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 Money

Galaxy Digital primarily generates revenue from (1) its Global Markets activities, where it earns trading-related revenue from market making, principal trading, and client execution across digital assets, and may also earn fees/spreads associated with facilitating trades and providing liquidity; (2) its Asset Management business, where it earns management fees (and, where applicable, performance/incentive fees) for managing investment funds and other investment products tied to digital assets and blockchain-related opportunities; and (3) its Principal Investments segment, where it seeks returns through gains and income on its balance-sheet investments in digital assets, tokens, and equity stakes in blockchain/digital-asset companies (these returns can be realized through asset price appreciation, dispositions, or other monetization events). Overall earnings are sensitive to digital-asset market conditions such as trading volumes, volatility, asset prices, and investor risk appetite, which can materially affect trading revenue, AUM-linked fees, and the valuation/realization of principal investments. null

Galaxy Digital Financial Statement Overview

Summary

Despite a rebound in reported revenue, profitability and cash generation are weak (net losses, negative EBITDA, and significant free-cash-flow burn). Leverage is elevated (debt-to-equity ~2.77x), increasing financial risk if results remain volatile.

Income Statement

The latest annual period (2025) shows a sharp rebound in reported revenue (+27.8%), but profitability is weak: gross margin is very low (~1.9%) and the company posted a net loss (about -$82M). Operating profitability is also challenged (negative EBITDA), suggesting earnings quality and cost structure remain pressured despite top-line recovery. Prior years show inconsistent revenue disclosure in the provided data, which reduces visibility into underlying operating momentum.

Balance Sheet

The balance sheet is mixed. Total assets are sizable (~$11.35B) and equity is meaningful (~$1.92B), but leverage is elevated with debt-to-equity around 2.77x and total debt of ~$5.33B. Returns to shareholders were negative in the latest year (negative return on equity), indicating the current capital structure is not translating into profitable growth and increases financial risk if earnings remain volatile.

Cash Flow

Cash generation is a key weak point. In 2025, operating cash flow was negative (~-$256M) and free cash flow was deeply negative (~-$1.45B), with a significant year-over-year deterioration in free cash flow. While free cash flow to net income appears positive (driven by both being negative), the underlying reality is cash burn, which can pressure liquidity and increase reliance on external funding if sustained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022
Income Statement
Total Revenue	61.36B	0.00	0.00	0.00	0.00
Gross Profit	1.15B	0.00	0.00	0.00	0.00
EBITDA	-177.36M	0.00	-2.16M	-2.48M	-4.25M
Net Income	-82.40M	78.86M	454.76M	-522.68M	402.08M
Balance Sheet
Total Assets	11.35B	1.12B	875.24M	394.27M	888.78M
Cash, Cash Equivalents and Short-Term Investments	6.67B	1.81M	833.00K	10.05M	26.82M
Total Debt	5.33B	0.00	0.00	0.00	0.00
Total Liabilities	8.31B	98.19M	94.20M	94.97M	102.48M
Stockholders Equity	1.92B	1.02B	781.03M	299.31M	786.29M
Cash Flow
Free Cash Flow	-1.45B	-18.55M	-16.52M	-76.77M	-19.55M
Operating Cash Flow	-256.47M	-18.55M	-16.52M	-76.77M	-19.55M
Investing Cash Flow	-1.29B	-85.31M	6.86M	107.40M	12.24M
Financing Cash Flow	2.39B	104.83M	439.00K	-47.40M	34.13M

Galaxy Digital Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 35.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GLXY, the sentiment is Neutral. The current price of 35.26 is above the 20-day moving average (MA) of 29.79, above the 50-day MA of 33.74, and below the 200-day MA of 36.99, indicating a neutral trend. The MACD of -0.48 indicates Negative momentum. The RSI at 53.39 is Neutral, neither overbought nor oversold. The STOCH value of 69.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:GLXY.

Galaxy Digital Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HUT	57 Neutral	C$7.87B	-21.04	18.75%	―	7.46%	-4.30%
BIGG	52 Neutral	C$24.51M	7.22	-63.28%	―	36.80%	9.34%
BITF	46 Neutral	C$1.83B	-4.86	-20.47%	―	51.69%	28.00%
GLXY	45 Neutral	C$12.53B	-43.24	12.11%	―	―	-121.84%
DMGI	44 Neutral	$50.56M	-5.39	-10.10%	―	39.64%	-70.96%
NDA	43 Neutral	C$105.19M	-6.21	-11.71%	―	-21.21%	-84.82%

Galaxy Digital Corporate Events

Galaxy Digital to Drop TSX Listing and Focus Trading on Nasdaq

Galaxy Digital plans to voluntarily delist its Class A common stock from the Toronto Stock Exchange later this month, maintaining its sole listing on the Nasdaq under the symbol GLXY. The move reflects the company’s shift toward U.S. markets, where most of its trading volume already occurs, and is aimed at reducing redundant listing costs and administrative burdens.

Following the delisting, Galaxy’s normal course issuer bid on Canadian venues will terminate, though the firm may continue repurchasing up to 5% of its outstanding Class A shares through Nasdaq under applicable rules. The company will remain a reporting issuer in Canada, continue to provide full securities disclosures, and expects Canadian investors to access Nasdaq trading via domestic brokers with cross-border capabilities.

The most recent analyst rating on (TSE:GLXY) stock is a Sell with a C$28.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Digital Authorizes $200 Million Share Buyback to Signal Confidence and Boost Capital Flexibility

Galaxy Digital Inc. has launched a share repurchase program authorizing the buyback of up to $200 million of its Class A common stock over a 12-month period, signaling management’s view that the current share price undervalues the business and reflecting confidence in the company’s long-term prospects and balance sheet strength. The program, which may be executed via open market purchases, private transactions, or Rule 10b5-1 trading plans on Nasdaq and potentially the TSX subject to regulatory approvals and caps, gives Galaxy flexibility in capital allocation and could enhance shareholder returns, though the company is under no obligation to repurchase any specific amount and the pace and scale of buybacks will depend on market, business, legal, and regulatory conditions.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$50.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Digital Posts 2025 Loss but Ramps Up Trading, Staking and Infrastructure Expansion

Galaxy Digital reported a net loss of $482 million for the fourth quarter of 2025 and a full-year net loss of $241 million, as falling digital asset prices and roughly $160 million in one-time costs weighed on results despite generating $426 million in adjusted gross profit and positive adjusted EBITDA of $34 million for the year. The company nonetheless strengthened its balance sheet with $3.0 billion in total equity and $2.6 billion in cash and stablecoins, completed a corporate reorganization and Nasdaq listing, expanded its global markets and asset management franchises to record trading and $12 billion of assets on platform, advanced its infrastructure footprint through 800 MW of long-term data center agreements and new power approvals in Texas, and deepened its staking capabilities via the acquisition of Alluvial Finance and multiple custodian integrations, signaling continued strategic investment and scale-building across its core crypto businesses despite market volatility.

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.

Galaxy Digital Sets February 3 Date to Report 2025 Results

Galaxy Digital said it will release its fourth-quarter and full-year 2025 financial results before markets open on February 3, 2026, on Nasdaq and the Toronto Stock Exchange. Chief executive Michael Novogratz and other members of management will host a conference call and live webcast that morning to brief investors and analysts on the company’s recent performance and operational developments, with a replay to be made available on its investor relations website and YouTube channel, underscoring its efforts to maintain active engagement and transparency with the market.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Digital Doubles Approved Power Capacity at Helios AI Data Center to Over 1.6 GW

Galaxy Digital has completed a Large Load Interconnection Study and secured approval from Texas grid operator ERCOT for an additional 830 megawatts of power at its Helios data center campus in West Texas, doubling the site’s approved capacity to more than 1.6 gigawatts under utility contracts with AEP Texas and transmission support from WETT. The expanded capacity underpins Helios’s evolution into a multi-gigawatt, multi-tenant AI and high-performance computing hub, reinforces Galaxy’s credentials as a hyperscale data center developer, and extends its development runway as it begins delivering initial power under a long-term lease with CoreWeave in early 2026 while exploring further land and power opportunities in Texas and other markets.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Raises $75 Million in Debut Tokenized CLO to Bring Private Credit Onchain

Galaxy Digital has completed the initial closing of its debut tokenized collateralized loan obligation, Galaxy CLO 2025-1, raising $75 million with an approximately $50 million anchor investment from Grove, an institutional-grade credit protocol in the Sky ecosystem. Issued and tokenized on the Avalanche blockchain and structured by Galaxy’s lending, infrastructure, and asset management units, the CLO finances an uncommitted credit facility to Arch Lending—backed by Galaxy Ventures—that provides overcollateralized consumer crypto loans, and can scale up to $200 million, offering monthly distributions and a senior coupon of SOFR plus 570 basis points. The deal is among the first of its kind in onchain credit, with INX handling token issuance and anticipated trading on its ATS platform, Anchorage Digital providing trustee, custody, and real-time collateral monitoring via its Atlas network, and Accountable supplying continuous loan-level data verification, collectively positioning Galaxy as a frontrunner in bringing private credit onchain and giving institutional investors a familiar securitization structure with enhanced transparency, efficiency, and potential secondary-market liquidity.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.