Galaxy Digital Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Quarter: Q3 2025 marked the best quarter in Galaxy’s history with over $505 million in GAAP net income and $728 million in adjusted gross profit.
  • Earnings Growth: Adjusted EBITDA surged to $629 million, a significant increase from $211 million in Q2 2025.
  • Asset Growth: Assets on platform reached $17 billion, a record level, bolstered by $4.5 billion from digital asset treasury mandates. Assets under stake grew to $7 billion.
  • Digital Asset Segment: Delivered $318 million in adjusted gross profit, reflecting record trading volumes (up 140% QoQ), with one major Bitcoin deal for $9B+ notional value.
  • Trading & Lending: Lending book grew to $1.8 billion, with a focus on capital efficiency and client scaling, although net interest margins compressed slightly.
  • Asset Management: Increased to $9 billion in AUM and $23 million in adjusted gross profit driven by strategic mandates and ETF inflows.

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Operator: Good morning, and welcome to the Galaxy Digital Third 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 Third 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 Novogratz: Well, good morning, everyone. Chris Ferraro would get upset with me if I didn't give you a New York weather report. It is a gorgeous day here in the Big Apple, a great fall day. I couldn't be more excited to be with you. I want to welcome our new friends who are lo

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