Overview
- Galaxy reported $505 million in net income and $629 million in adjusted EBITDA for Q3, propelled by a 140% quarter‑over‑quarter jump in trading volumes.
- The quarter included execution of a roughly $9 billion notional Bitcoin trade of about 80,000 BTC for a client, bolstering Global Markets results.
- Assets on platform reached about $17 billion, including roughly $9 billion in assets under management and $7 billion in assets under stake, with the average loan book at $1.8 billion.
- Helios Phase I is fully funded with a $1.4 billion project facility and fully leased to CoreWeave across 800 MW, with the first data hall slated to power on in early December and 133 MW delivery targeted for the first half of 2026.
- Shares rose to record levels after the release as Cantor, Canaccord Genuity, and Benchmark raised price targets, while Galaxy highlighted a stronger balance sheet with about $1.9 billion in cash and stablecoins and roughly $3.2 billion in equity.