Galaxy Digital reported strong third-quarter earnings results, driven primarily by higher trading activity and continued expansion in asset management, signaling steady institutional interest in crypto-focused financial services.
The company reported net income of $505 million for the quarter ending Sept. 30, with adjusted earnings of $629 million, boosted by record results in its digital asset operations and investment gains. Galaxy closed the quarter with $3.2 billion in equity, including $1.9 billion in cash and stablecoins.
Trading volumes jumped 140% from the previous quarter, fueled by increased spot and derivatives volumes. The quarter included the execution of a major client transaction involving the sale of more than 80,000 Bitcoin (BTC) — one of the largest crypto trades to date.
While Galaxy did not disclose the client’s identity, it said the sale was part of the investor’s “broader estate planning strategy,” as previously reported by Cointelegraph.
Outside its core trading business, Galaxy is moving into data center and high-performance computing infrastructure. Its Helios campus in Texas is a key part of that push, though it isn’t expected to generate meaningful profits until mid-2026.
In August, Galaxy secured a $1.4 billion loan to expand the Helios site and said it expects to generate around $1 billion in annual revenue from a long-term partnership with CoreWeave, a US-based cloud computing company specializing in GPU infrastructure for artificial intelligence workloads.
Galaxy Digital shares jumped on the earnings news, climbing nearly 16% at one point before settling higher midday. The stock last traded above $43, up about 9% on the day.
Related: Galaxy Digital stock goes onchain with Solana tokenization
Institutional momentum builds
Although Bitcoin remained largely rangebound during the third quarter, Ether (ETH) surged to multi-year highs and several other digital assets showed renewed momentum.
According to CoinGecko’s Q3 2025 report, the global crypto market expanded for a third consecutive quarter, adding roughly $563 billion in value to reach $4 trillion, its highest level since 2021. Galaxy’s results reflected that broader trend, underscoring continued strength across the digital-asset industry.
The company also stayed active on the strategic front, embracing the growing, though sometimes controversial, digital-asset treasury trend. During the quarter, Galaxy announced plans to participate in a $1.65 billion Solana treasury initiative alongside Cantor Fitzgerald, Multicoin Capital and Jump Crypto.
As Cointelegraph reported, the bull market was also reflected in exchange-traded products, with BlackRock noting that its Bitcoin and Ether iShares funds contributed positively to quarterly earnings, driven by strong investor inflows and fee income.
Related: Bitcoin whales quietly embrace BlackRock ETF following SEC rule change