Core Insights - Galaxy Digital's digital assets segment achieved a record adjusted gross profit of $505 million in 2025, representing a 67% year-over-year growth from $303 million in 2024 [1] - Despite a 10% decline in total crypto market capitalization for the year, Galaxy reported an adjusted EBITDA of $34 million for 2025 [2] - The company faced a GAAP net loss of $241 million for 2025, primarily due to approximately $160 million in one-time charges related to legacy Bitcoin mining infrastructure and corporate restructuring [3] Financial Performance - Galaxy's adjusted gross profit in the global markets business reached $423 million for the full year, up 88% year-over-year, while Q4 generated $30 million of adjusted gross profit [12] - The average loan book size remained stable at $1.8 billion in Q4, despite a 40% decline in trading volumes quarter-over-quarter [13] - The company ended 2025 with total assets of $11.3 billion and over $3 billion in equity, with $2.6 billion in cash and stablecoins after Q4 financings [6][10] Data Center Expansion - Galaxy's Helios data center platform has over 1.6 GW of approved power capacity, with 800 MW contracted to CoreWeave and initial revenue recognition expected in Q1 [5][15] - The first data hall is anticipated to be delivered to CoreWeave later in Q1, with remaining data halls scheduled for the first half of the year [17] - The company is negotiating with potential tenants for the newly approved 830 MW capacity, focusing on large hyperscaler customers [18] Market Context - CEO Mike Novogratz described the broader crypto market as being in a bear phase, with Bitcoin trading in a range of approximately $75,000 to $100,000 [8] - Management emphasized that the digital assets business remained operationally profitable despite industry challenges and balance-sheet pressures [4][7] - Galaxy's liquidity position is expected to support general corporate purposes, including potential repayment of $445 million in exchangeable notes maturing in December 2026 [11]