Galaxy Digital Inc. GLXY
Galaxy is a global financial services and infrastructure company focused on digital assets and HPC. We aim to facilitate efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop, and will in the future operate, HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated AI growth.
Galaxy was founded in 2018 by Wall Street veterans who recognized the evolving needs of both traditional financial institutions and the emerging technology-driven financial system. We developed a suite of financial products and services tailored for institutions looking to allocate capital to the digital asset space. From derivatives instruments to venture capital funds to investment banking services, we positioned ourselves as a one-stop shop for companies seeking exposure to every corner of the digital assets ecosystem. Since inception, we have established institutional partnerships with some of the world's largest traditional finance firms and have been onboarded onto top-tier institutional wealth and custody platforms.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $60.24B | $42.50B | $51.58B | — |
| SG&A | $182.9M | $279.3M | $58.4M | — |
| Total operating expenses | $61.59B | $43.40B | $51.96B | — |
| Pre-tax income | -$270.7M | $329.8M | $244.4M | — |
| Income tax | $29.3M | $16.9M | $15.9M | — |
| Net income | -$241.3M | $346.7M | $228.5M | — |
| Shares, diluted (wtd. avg.) | $366.5M | $356.7M | $326.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $1.25B | $462.1M | $316.6M | $542.1M |
| Short-term investments | $709.1M | $834.8M | — | — |
| Receivables | $34.0M | $55.3M | — | — |
| Total current assets | $8.52B | $5.88B | — | — |
| Property, plant and equipment | $1.42B | $237.0M | — | — |
| Goodwill | $66.5M | $58.0M | $44.3M | — |
| Other intangibles | $29.5M | $37.4M | — | — |
| Total assets | $11.35B | $7.12B | — | — |
| Accounts payable | $17.6M | $6.9M | — | — |
| Total current liabilities | $5.31B | $3.89B | — | — |
| Total liabilities | $8.31B | $4.93B | — | — |
| Retained earnings | $342.9M | $0 | — | — |
| Total equity | $1.96B | $2.19B | $1.71B | $1.42B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$316.6M | -$205.1M | -$4.1M | — |
| Depreciation and amortisation | $34.1M | $46.9M | $22.9M | — |
| Stock-based compensation | $53.6M | $74.9M | $81.7M | — |
| Capital expenditure | $1.19B | $59.0M | $45.6M | — |
| Investing cash flow | -$1.29B | -$521.6M | -$284.8M | — |
| Financing cash flow | $2.39B | $872.2M | $63.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001859392-26-000037.
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