Galaxy Digital Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Galaxy Digital Q4 & Full-Year 2025 Earnings Summary

  • Galaxy Digital reported a GAAP net loss of $241 million for 2025, or $0.61 per share. This includes $160 million of one-time charges related to legacy Bitcoin mining infrastructure, reorganization, and adjustments to exchangeable notes.
  • Adjusted EBITDA reached $34 million for 2025, despite a 10% decline in total crypto market cap and a 24% drop during Q4 alone.
  • Digital assets operating segment delivered record adjusted gross profit of $5 million, up 67% from $3 million in 2024.
  • Treasury and corporate segment posted an $86 million adjusted gross loss, reflecting unrealized losses from falling digital asset prices.
  • Galaxy ended 2025 with $11.3 billion in assets and $3 billion in equity capital. Cash and stablecoins totaled $2.6 billion, up $700 million from Q3, largely due to $1.6 billion in net proceeds from an exchangeable notes issuance and a $325 million equity investment from a major asset manager.

Business Segment Performance

Digital Assets
  • Global Markets generated $423 million in adjusted gross profit for 2025, up 88% year-over-year. Q4 profit was $30 million.
  • Trading volumes fell 40% quarter-over-quarter after a record Q3, reflecting softer overall crypto activity. Loan book averaged $1.8 billion in Q4, slightly up despite market declines.

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Operator: Good morning. And welcome to the Galaxy Digital fourth quarter 2025 earnings call. Today's call is being recorded. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. 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 fourth quarter and full Year 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 US Securities and Exchange Commission and on SEDAR plus. 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 Novogratz: Good morning, everybody. We're in New York City. We've got ice in the Hudson. Still chilly out here. Listen. I think about

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