Galaxy Digital Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • First NASDAQ-listed Earnings Call: Q2 2025 marked Galaxy’s first earnings release post-U.S. listing and corporate restructuring.
  • Adjusted Gross Profit: $299 million total—Digital Assets contributed $71 million (up 10% QoQ), Treasury & Corporate added $228 million.
  • Adjusted EBITDA: Introduced as a new performance metric, totaling $211 million in Q2.
  • GAAP Results: Net income was $31 million (impacted by a $125 million mark-to-market adjustment). GAAP operating income stood at $166 million.
  • Balance Sheet: Equity capital rose $700 million QoQ to $2.6 billion. Digital assets held: approx. $2 billion. Cash and stablecoins: $1.2 billion.
  • Capital Raise: Nearly $500 million in equity raised in May 2025.

Segment Highlights

  • Digital Assets:
    • Global Markets gross profit: $55 million (vs. $43M in Q1), despite 30% industry volume decline.
    • Crypto trading volumes were down 20% QoQ.
    • Lending reached $1.4 billion in loans outstanding with loan book surpassing $1 billion for the first time.
    • Advisory win: Advised Bitstamp on its acquisition by Robinhood.

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Operator: Good morning, and welcome to the Galaxy Digital Second Quarter 2025 Earnings Call. Today's call is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Jonathan Goldowsky, Head of Investor Relations. Please go ahead, sir. Jonathan Goldowsky: Good morning, and welcome to Galaxy's second quarter 2025 earnings call. Before we begin, please note that our remarks, including answers to your questions, may include forward-looking statements. Actual results could differ materially from those described in these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings, which have been filed with the U.S. Securities and Exchange Commission and on SEDAR+. Forward-looking statements speak only as of today and will not be updated. Additionally, we may discuss references to non-GAAP metrics, the reconciliations of which can also be found in our earnings release. Finally, none of the information on this call constitutes a recommendation, solicitation, or offer by Galaxy or its affiliates to buy or sell any securities. With that, I'll turn it over to Mike Novogratz, Founder and CEO of Galaxy. Michael Edward Novogratz: Yes. Good morning, everyone. I don't really give a weather report, and it's pretty darn nice here in New York. Listen, this is our first earnings call after being a U.S. public-listed company, so that's exciting. Tony and Chris are going to go through t

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