Galaxy profit jumps 1,500% in record quarter as Novogratz calls Helios AI-compute campus its ‘cornerstone’

Galaxy Digital reported the best quarter in its history, with profit surging 1,546% to $505 million as record trading volumes and treasury gains combined with momentum in its artificial-intelligence infrastructure business.

Core earnings nearly tripled to $629 million from $211 million in the previous quarter, with total assets up 27% to $11.5 billion, according to Tuesday’s report.

Founder and CEO Mike Novogratz said the results capped eight years of building across both crypto markets and physical infrastructure.

"We're half a data-center company and half a digital-assets company," he told investors. "Helios is the cornerstone of our future."

Galaxy's 800-megawatt Helios campus in Texas was once among North America’s largest bitcoin mines, and is now in the process of being refitted for artificial-intelligence workloads under a long-term lease with CoreWeave. The firm closed $1.4 billion in project financing to fully fund its first-phase build and, earlier this month, raised another $460 million to accelerate the conversion.

The move came ahead of last week’s $40 billion BlackRock-Nvidia acquisition of Aligned Data Centers, which valued power capacity about 160% higher than comparable bitcoin miners, a deal that effectively validated Galaxy’s pivot from mining to AI infrastructure.

'Breakout quarter'

Galaxy’s digital assets division delivered $318 million in adjusted gross profit, driven by a 140% jump in trading volumes and a single $9 billion bitcoin transaction executed for a client. Asset-management inflows also climbed, adding more than $4.5 billion in digital-asset-treasury mandates and pushing total platform assets to $17 billion.

CFO Chris Ferraro called the period "a breakout quarter for Galaxy," citing record results across the trading and investment business as well as Helios' progress. Galaxy ended the quarter with $1.9 billion in cash and stablecoins and $3.2 billion in total equity. Revenue from the Helios facility is expected to begin contributing in the first half of 2026, as Galaxy continues to bridge digital-finance infrastructure with the growing demand for AI-compute capacity.

“Galaxy is operating on all cylinders,” Cantor analyst Brett Knoblauch wrote in a Tuesday note, calling the Helios project “fully funded and strategically aligned with CoreWeave’s growth.” Cantor raised its price target to $53 and reiterated a buy-equivalent rating.

Galaxy shares hit a record high of $44.30 following the results, but have since eased to around $42 according to The Block's price data. The stock has remained up more than 330% since early April, when it traded below $10.