Overview

Galaxy Digital Inc., doing business as Galaxy, is an American financial services and infrastructure company headquartered in New York City. The company focuses on digital assets, cryptocurrency, blockchain infrastructure, and artificial intelligence and high-performance computing data center infrastructure. Its digital asset businesses include over-the-counter trading, lending, investment banking, asset management, staking, custody, and tokenization technology. It was founded in 2018 by billionaire Michael Novogratz.

Background

In February 2018, Galaxy was founded by Fortress Investment Group co-founder Michael Novogratz. Galaxy Digital went public on the Toronto Stock Exchange in 2018.

Galaxy Digital Holdings Ltd. was one of the few cryptocurrency companies required to publish financial results. In the first nine months of 2018, the company lost $136 million in cryptocurrency trading. In November 2018, Galaxy participated in an $80 million funding round for blockchain technology company Bitfury.

During the bankruptcy proceedings of FTX, Forbes reported that a Galaxy-managed fund could realize more than $1 billion in gains from discounted Solana tokens purchased from the FTX estate.

Business

Galaxy reports its activities across three segments: Digital Assets, Data Centers, and Treasury and Corporate.

For the second quarter of 2026, Galaxy reported a net loss of $85 million, adjusted gross profit of $43 million, and adjusted EBITDA of negative $77 million. The company ended the quarter with $10.8 billion in total assets, $2.7 billion in total equity, and $2.5 billion in cash and stablecoins. Its Digital Assets and Data Centers operating businesses generated a combined $86 million of adjusted gross profit and $1 million of adjusted EBITDA.

Digital assets

Galaxy's Digital Assets segment includes its Global Markets business and its Asset Management & Infrastructure Solutions business. The company describes the segment as serving institutional clients through trading, lending, brokerage, investment banking, asset management, staking, self-custody, and tokenization technology.

Galaxy Global Markets provides institutional access to over-the-counter and electronic trading, spot and derivatives execution, lending, structured products, and investment banking services. Galaxy's investment banking business advises digital-asset companies on mergers and acquisitions, capital raising, and capital markets transactions. As of March 31, 2026, Galaxy reported 1,691 trading counterparties and an average loan book of approximately $1.4 billion.

During the second quarter of 2026, Global Markets generated $49 million of adjusted gross profit, compared with $31 million in the first quarter. Galaxy reported 1,741 trading counterparties, an average loan book of approximately $1.44 billion, and a 7% sequential decline in its trading volumes during a period in which broader industry volumes declined by more than ten percent. Galaxy also launched the Galaxy Onchain Financing Rate (GOFR), a managed lending service that provides institutional clients access to onchain credit markets through Galaxy as a single counterparty.

Management said GOFR had generated nearly $300 million of loan originations by August 2026. The company also introduced Galaxy Curator, an institutional vault-curation service built on Morpho and integrated with Fireblocks, which management said made curated onchain yield strategies available to more than 2,400 institutional clients.

Data centers

Galaxy's Data Centers segment develops high-performance computing infrastructure for artificial intelligence and other compute-intensive workloads. The company's principal data center project is the Helios campus in West Texas, which was originally used for bitcoin mining infrastructure and later converted toward AI and HPC data center use.

Galaxy has said that Helios has more than 3.4 gigawatts of total planned power capacity and, at 1.6 gigawatts of approved grid capacity, is projected to be the largest 100% front-of-the-meter data center campus in the world.

By August 2026, Galaxy reported more than 5.7 gigawatts of potential capacity across its Texas data center pipeline. This included more than 1.6 gigawatts of approved capacity at Helios, two additional one-gigawatt Helios expansion requests progressing through ERCOT's interconnection process, and the Merlin, Caspian, and Selene campuses.