Galaxy Digital (Nasdaq: GLXY), the crypto finance and data-center company led by Mike Novogratz, reported its third-quarter 2026 results on Tuesday, October 27. After a loss in the spring, it was back in clear profit, and its board approved a new $200 million share buyback.
The quarter in numbers
For the three months to September 30, 2026, compared with the second quarter:
- Net income: $323 million, after a loss of $85 million.
- Earnings per share (diluted): $0.66.
- Adjusted gross profit: $569 million, up from $43 million.
- Adjusted EBITDA (operating profit before interest, taxes and depreciation, excluding one-off items): $455 million, after a loss of $77 million.
Crypto business
- Assets Galaxy manages for clients plus crypto staked through it reached $10.4 billion, up 46% in three months. Staked assets alone rose 64%, to $4.6 billion.
- Its average loan book grew 27%, to $1.8 billion.
Data centers
Galaxy is turning its former Bitcoin mining site in Texas, called Helios, into data centers for AI computing. All 133 megawatts of the first phase are now delivered to its tenant, CoreWeave. The data-center business made $79 million in adjusted gross profit this quarter, up from $20 million the quarter before. Galaxy says its total power pipeline is over 5.7 gigawatts, and it raised $3.5 billion in bonds to build the next phase.
Cash and buybacks
At the end of September Galaxy held $4.9 billion in cash, stablecoins and US Treasury bills, almost double the $2.5 billion three months earlier. Shareholders’ equity was about $3 billion.
The $200 million buyback announced in February was finished on October 15, after Galaxy bought back about 9.8 million of its shares. On October 26 the board approved another $200 million. Galaxy is not required to use all of it.
Why it matters
Galaxy is one of the largest listed crypto companies, so its results are a good read on how the industry’s big players are doing. This quarter shows the two halves of its business: crypto profits that rise and fall with markets, and a fast-growing data-center arm that earns steadier rent from AI companies. Buying back shares is a sign management thinks the stock is cheap.
This article is for information only and is not financial advice.
