Everything in Observer
Public Companies
Business Description
Galaxy Digital Holdings, incorporated in Delaware and founded in 2018 by Michael Novogratz, operates across two segments (Digital Assets and Data Centers) and completed a redomicile from the Cayman Islands to list on the Nasdaq Global Select Market as GLXY on May 16, 2025, having previously traded on the Toronto Stock Exchange.
The Digital Assets platform covers trading (electronic and OTC), lending, derivatives, staking, asset management, investment banking, tokenization, and custody. Galaxy reported more than 1,600 institutional trading counterparties as of Q1 2026, an average loan book of $1.4 billion, and $9 billion in total assets on platform as of March 31, 2026. The asset management unit, operating since 2018, manages ETFs, hedge funds, venture capital strategies, and active and passive funds across digital assets, public equities, and alternative assets. Custody infrastructure is supplied by GK8, an enterprise-grade self-custody platform Galaxy acquired. Venture arms include Galaxy Ventures (stage-agnostic investing in protocols, DeFi, and Web3 infrastructure) and Galaxy Interactive (gaming and virtual worlds). The GalaxyOne consumer app offers multi-asset investing, staking, and an 8.00% cash yield product for U.S. accredited investors.
The Data Centers segment is anchored by the Helios campus in Dickens County, Texas: a 1,500-plus-acre site, formerly a Bitcoin mining facility, converted for AI and high-performance computing workloads. ERCOT approved an additional 830 megawatts at Helios in January 2026, doubling total approved power to more than 1.6 gigawatts. Galaxy signed CoreWeave as anchor tenant for 800 megawatts of gross power capacity (526 MW critical IT load) under a 15-year lease projected to generate more than $1 billion in average annual revenue, with anticipated lease-level EBITDA margins of approximately 90%. Galaxy closed a $1.4 billion project financing facility in August 2025 to fund construction, and Phase 2 permits filed in Dickens County carry a combined $3.5 billion price tag. The first Helios data hall was delivered to CoreWeave in Q1 2026, with revenue recognition commencing in April 2026; substantially all 133 megawatts of Phase I critical IT capacity is targeted for completion by end of Q2 2026.
Galaxy's digital asset treasury held 25,723 BTC, 61,137 ETH, and 775,289 SOL as of December 31, 2025, per BitcoinMiningStock.io data, with an enterprise value of $9.61 billion as of May 8, 2026. For Q1 2026, Galaxy reported a net loss of $216 million, driven by a roughly 20% decline in total crypto market capitalization, while total equity stood at $2.8 billion and combined cash and stablecoin holdings reached $2.6 billion. The Digital Assets segment generated $49 million in adjusted gross profit in the quarter. Full Phase I delivery to CoreWeave in Q2 2026 marks Galaxy Digital's transition from a pure digital-asset firm to a diversified digital-assets and AI infrastructure operator.
