Galaxy Digital reported $323 million in third-quarter net income, reversing an $85 million loss in the previous quarter. The firm also announced a new $200 million share buyback, as trading, lending and data center businesses grew.
Galaxy Digital reported $323 million in net income for the third quarter of 2026, swinging back into profit after an $85 million loss in the previous quarter. The Mike Novogratz-led firm posted $569 million in adjusted gross profit for the three months ended Sept. 30, according to its earnings release.
Net income was lower than a year earlier, however, when Galaxy made $505 million. Adjusted EBITDA reached $455 million, compared with negative $77 million in the second quarter.
Trading and lending volumes grow
Galaxy reported a 12% increase in digital asset trading volumes from the previous quarter, despite lower volumes across the broader spot market. Its average loan book reached $1.8 billion, up 27%.
Treasury & Corporate made the largest contribution, recording $419 million in adjusted gross profit compared with a $42 million loss in the second quarter. Management said the gains came largely from higher valuations of its digital asset holdings and private investments. Galaxy also said it had $10.4 billion in combined assets under management and assets under stake at the end of September, up 46% from the end of June.
Data centers earn $79 million
Data centers produced $79 million in adjusted gross profit in the third quarter, nearly four times the $20 million recorded in the previous quarter. The figures include the first full quarter of revenue from its Helios I Phase I lease in Texas.
Novogratz said on the earnings call that Galaxy expects to exit 2027 with an annualized leasing revenue run rate of $800 million to $850 million as Helios I Phase II comes online. In the release, he said: "Galaxy delivered a strong third quarter".
New $200 million buyback
Galaxy's board authorized another $200 million in Class A common stock repurchases on Oct. 26. The company completed its previous program on Oct. 15, purchasing approximately 9.8 million shares.
The new program has no set end date, and Galaxy is under no obligation to buy back the full $200 million, the firm said.
Source: The Block
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