Galaxy Digital (NASDAQ:GLXY) posted a fourth-quarter net loss of $482 million, as a downturn in digital asset prices outweighed operational milestones including a Nasdaq listing and a major infrastructure expansion in Texas.
The loss, equivalent to $1.08 per diluted share, reflects the volatility of the crypto markets that Galaxy both trades in and services.
For the full year 2025, the company reported a net loss of $241 million, though it managed a positive adjusted EBITDA of $34 million, according to a statement Tuesday.
Despite the quarterly deficit, Mike Novogratz’s firm maintained a robust liquidity position, ending the year with $2.6 billion in cash and stablecoins.
Total equity stood at $3 billion.
The company also utilized the period to solidify its corporate structure, completing a reorganization and domestication as a Delaware entity.
On the operational front, Galaxy is pivoting toward institutional infrastructure and scaling its mining capabilities.
The firm received approval from ERCOT to expand its Helios data center campus to over 1.6 gigawatts.
It also moved to bolster its institutional offerings by acquiring Alluvial Finance during the year.