Galaxy: The Ultimate Crypto x AI Play

Digital Assets 

Digital Assets is Galaxy’s core division, earning fees and spreads across trading, lending, asset management and staking. The segment is volume driven, performing best when crypto market activity and liquidity are high. Within Digital Assets, Galaxy operates an integrated institutional platform built on two pillars, Global Markets and Asset Management and Infrastructure Solutions, which together provide a full spectrum of services for institutions, corporates, and an increasingly active individual client base.

Digital Assets delivered $238M EBITDA in Q3 2025, with a LTM EBITDA margin of 50%, showing operating leverage as net revenue grew faster than costs in headcount and technology costs. Q3 benefited from strong crypto prices and volumes. While we expect Q4 to moderate, we see a structurally higher baseline as the regulatory backdrop improves and supports higher institutional activity across trading flows, loan book growth and assets under management (AUM) and assets under stake (AUS).

Global Markets 

Franchise Trading is Galaxy’s core sell side trading and financing desk, providing principal liquidity, derivatives, and structured lending to more than 1,500 institutional counterparties. The desk offers OTC spot and derivatives market making, margin and collateralized lending, and structured products that give clients leverage, hedging, and treasury management tools.

Investment Banking provides specialized crypto and financial advisory services to public and private clients in the cryptocurrency world. The team advises on M&A, equity and debt capital markets, and general strategic mandates, arranging transactions, and positioning Galaxy as a lead adviser for issuers, funds, and platforms across the sector.

Global Markets generated about $295M of net revenue in Q3 2025, driven by record spot and derivatives activity and broader client engagement. Loan book size rose 60% QoQ to nearly $1.8B, although net lending revenue was negative in the quarter. Global Markets net revenue was instead driven by trading, with the desk executing large blocks, including an 80,000 BTC sale, and generating record take rates of about 1% on roughly $28B of digital asset volume (“digital assets sales costs” in financial reports). Investment banking fees from capital raises and M&A likely provided incremental upside, although management did not disclose a detailed split.