Galaxy Digital is a crypto investment bank and bitcoin miner, running trading desks, lending, and data centers for digital assets. Think of it as a Wall Street firm that only deals in blockchain money.
Revenue comes from trading, lending, and mining fees, hitting USD 61.36B in 2025, but gross margin is razor-thin at 1.87% and net income is negative. The business is volatile, with quarterly swings from losses to small gains, not steady recurring cash.
Competitors like Coinbase and MicroStrategy have deeper liquidity and brand trust, while Galaxy's scale is smaller and margins are paper-thin. Its moat is weak because crypto services are commoditized and clients can easily switch to larger, cheaper platforms.
Key events, in time order
Trump backs data center buildout, warns Texas against opposition, spotlighting AI compute demand.
EPS loss of $0.09 beat estimates, revenue missed
Facility on Monad via Accountable's Vault, fully subscribed
Galaxy expands data center footprint with new AI/HPC campus in McGregor, Texas, initial phase 74MW.
Company announces pricing of $3.507B senior secured notes, a major capital move
Deal includes NIL opportunities and West Texas investments, marking brand expansion
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