Galaxy Digital
- Open
- 23.68
- Day high
- 23.99
- Day low
- 23.25
- Prev close
- 24.60
- Volume
- 409K
- Mkt cap
- $4.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.5
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.1M over the last 3 months (2 open-market buys, 3 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Galaxy Digital (GLXY) is a Financial Services company listed on NASDAQ. The stock is down 3% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 3 sales (SEC Form 4).
Galaxy Digital (GLXY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GLXY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.46 | $-0.09 | +80.5% | $8.7B | -1.6% |
| Apr 28, 2026 | $-0.44 | $-0.49 | -11.4% | $10.2B | +17.0% |
| Feb 3, 2026 | $-1.24 | $-1.08 | +12.9% | $10.2B | -30.6% |
| Oct 21, 2025 | $0.38 | $1.12 | +194.7% | — | — |
GLXY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Ferraro Christopher Cofficer: President and CIO | Option | 50,000 | $4.83 |
| Aug 14, 2026 | DEASON DOUGLAS Rdirector | Buy | 12,000 | $21.54 |
| Aug 10, 2026 | Rico Robert Danielofficer: Chief Accounting Officer | Option | 18,784 | $9.63 |
| Aug 10, 2026 | Adams Medina Rhondadirector | Grant | 7,866 | — |
| Aug 10, 2026 | Koutsouras Billdirector | Grant | 7,866 | — |
| Aug 10, 2026 | Dietze Jane Adirector | Grant | 7,866 | — |
| Aug 10, 2026 | DAFFEY MICHAEL Ddirector | Grant | 7,866 | — |
| Aug 10, 2026 | BANDROWCZAK STEVEN JOHNdirector | Buy | 5,100 | $19.63 |
| Aug 10, 2026 | BANDROWCZAK STEVEN JOHNdirector | Grant | 34,086 | — |
| Aug 10, 2026 | Rico Robert Danielofficer: Chief Accounting Officer | Sell | 9,095 | $19.66 |
| Aug 10, 2026 | Rico Robert Danielofficer: Chief Accounting Officer | Option | 9,095 | $11.77 |
| Aug 10, 2026 | Rico Robert Danielofficer: Chief Accounting Officer | Option | 710 | $4.83 |
| Aug 10, 2026 | Ferraro Christopher Cofficer: President and CIO | Option | 50,000 | $4.83 |
| Aug 10, 2026 | DEASON DOUGLAS Rdirector | Grant | 7,866 | — |
| Aug 7, 2026 | Paquette Anthonyofficer: Chief Financial Officer | Option | 75,000 | $11.77 |
Source: GLXY SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full GLXY insider & 13F page →Galaxy Digital company profile
Overview
Galaxy Digital Inc. (TSX:GLXY) is a diversified financial services and technology company that specializes in the digital asset and blockchain ecosystem. Founded by Michael Novogratz, a former Goldman Sachs partner and Fortress Investment Group principal, Galaxy Digital was established to capitalize on the growing institutional adoption of cryptocurrencies and blockchain technology. The company went public through a reverse takeover in 2018 and has since evolved into one of the leading institutional players in the digital asset space, offering a comprehensive suite of services including trading, asset management, and blockchain infrastructure solutions.
Business
Galaxy Digital operates as a comprehensive digital asset financial services firm, serving institutional clients and high-net-worth individuals seeking exposure to cryptocurrencies and blockchain technology. The company functions similarly to a traditional investment bank but focuses exclusively on the digital asset ecosystem, which includes cryptocurrencies like Bitcoin and Ethereum, as well as emerging blockchain-based technologies and decentralized finance (DeFi) protocols. The company operates through three primary business segments. Global Markets represents the largest revenue contributor, providing digital asset trading services, derivatives products, structured financial instruments, and bespoke lending solutions to institutional clients. This division essentially acts as a market maker and prime brokerage for digital assets, similar to how traditional investment banks facilitate trading in stocks and bonds. Asset Management offers institutional-grade investment products and strategies focused on digital assets, including funds that provide exposure to various cryptocurrency investment strategies such as quantitative trading, arbitrage, and macro positioning. The third segment, Digital Infrastructure Solutions, encompasses the company's technology investments and operations, including Bitcoin mining activities, blockchain validator services for proof-of-stake networks, and enterprise-grade custody technology solutions. The company's flagship technology platform, GalaxyOne, serves as a unified interface for institutional investors to access various digital asset services, providing portfolio management tools, trading capabilities, and custody solutions in a single integrated system. This platform addresses the operational complexity that traditional financial institutions face when attempting to incorporate digital assets into their investment processes.
Revenue model
Galaxy Digital generates revenue through multiple streams that mirror traditional financial services models but are adapted for the digital asset ecosystem. The Global Markets division earns money primarily through trading spreads, transaction fees, and interest income from lending digital assets to institutional clients. When clients trade cryptocurrencies through Galaxy's platform, the company captures the bid-ask spread, similar to how traditional market makers profit from the difference between buying and selling prices. The Asset Management segment generates revenue through management fees charged on assets under management (AUM), typically ranging from 1-2% annually, plus performance fees when funds exceed certain return thresholds. This creates a recurring revenue stream that grows with the size of managed assets. The Digital Infrastructure Solutions segment earns revenue through Bitcoin mining rewards, transaction fees from blockchain validation services, and licensing fees for custody technology solutions. Several factors significantly impact Galaxy Digital's profitability margins. Cryptocurrency price volatility represents the most significant external factor, as rising digital asset prices generally increase trading volumes, asset values, and client demand for services, while declining prices can severely impact all revenue streams. Regulatory developments in major markets like the United States and European Union can either expand or contract the addressable market for institutional digital asset services. Competition from traditional financial institutions entering the digital asset space, such as JPMorgan's cryptocurrency trading desk or Goldman Sachs' digital asset offerings, can compress margins and reduce market share. Network transaction costs and mining difficulty adjustments directly affect the profitability of the infrastructure segment, while interest rate environments influence the attractiveness of digital asset lending and borrowing activities.
Competitive moat
Galaxy Digital's competitive moat is moderately strong but faces increasing pressure from traditional financial institutions entering the digital asset space. The company's primary advantages stem from its first-mover advantage in institutional digital asset services and deep expertise in navigating the complex regulatory and operational challenges of cryptocurrency markets. Galaxy has built substantial relationships with institutional clients who require specialized knowledge to safely and compliantly access digital assets, creating switching costs as these clients have invested significant time and resources in onboarding and compliance processes. The company's integrated platform approach provides some defensive characteristics, as clients benefit from accessing multiple services through a single relationship rather than working with separate providers for trading, custody, and asset management. Galaxy's technology infrastructure, particularly the GalaxyOne platform, represents years of development tailored specifically for institutional digital asset needs, creating some technical barriers for competitors. However, the moat faces significant challenges. Traditional financial giants like Goldman Sachs, JPMorgan, and Fidelity possess vastly superior capital resources, established client relationships, and regulatory expertise that they can leverage to compete directly with Galaxy's services. These institutions can potentially offer digital asset services as loss leaders while cross-selling other profitable products. Additionally, the commoditization risk in digital asset trading is substantial, as cryptocurrency markets are inherently global and standardized, making it difficult to maintain pricing power over time. The company's moat is further weakened by the relatively low barriers to entry for new digital asset service providers, particularly as regulatory frameworks become clearer and more standardized.
Risks & safety
Galaxy Digital presents a moderate margin of safety profile with several concerning liquidity characteristics but reasonable solvency metrics. • Cash position and liquidity: The company maintains only $1.8 million in cash and short-term investments as of Q4 2024, representing an extremely low cash buffer relative to its $43.5 million in current liabilities, though current assets of $116.4 million provide a current ratio of 2.68. • Debt and solvency: Galaxy Digital operates with zero debt-to-equity ratio, indicating no traditional debt burden, with total liabilities of $98.2 million against total assets of $1.12 billion, suggesting reasonable solvency. • Cash flow concerns: The company generated negative operating cash flow of $18.5 million for fiscal 2024, indicating ongoing cash consumption despite positive net income, primarily due to the mark-to-market nature of digital asset valuations. • Valuation metrics: Trading at 36.2x trailing earnings and 2.79x book value, with highly volatile earnings driven by cryptocurrency price movements rather than consistent operational performance. • Asset concentration risk: Substantial portion of assets likely consists of digital assets subject to extreme price volatility, creating significant balance sheet risk during cryptocurrency market downturns.
Recent development
Based on the available financial data, Galaxy Digital has experienced significant volatility in financial performance over recent years, reflecting the cyclical nature of cryptocurrency markets. The company demonstrated remarkable resilience during the 2022 cryptocurrency bear market, when it recorded a substantial net loss of $522.7 million, followed by a strong recovery in 2023 with net income of $454.8 million as digital asset prices rebounded. Throughout 2024, the company's performance has been mixed, with quarterly results showing both profitable and unprofitable periods. The company achieved positive net income of $109.9 million in Q1 2024, followed by losses in Q2 and Q3, before returning to profitability with $34.7 million in net income during Q4 2024. This pattern reflects the company's sensitivity to cryptocurrency price movements and trading volumes. The company has maintained its focus on expanding its institutional client base and developing its technology infrastructure, as evidenced by the continued investment in the GalaxyOne platform and digital infrastructure solutions. Galaxy Digital has also been positioning itself to benefit from the growing institutional adoption of digital assets, particularly as regulatory clarity improves in major markets. The company's ability to generate positive annual net income of $78.9 million in 2024, despite negative EBITDA of $3.2 million, indicates that much of its profitability comes from mark-to-market gains on digital asset holdings rather than consistent operational earnings.
GLXY company profile · for informational purposes only — not investment advice.
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