Galaxy Digital Holdings swung to a profit in the second quarter of 2025, posting net income of $30.7 million after a $290 million loss in the prior three months. Earnings came in at $0.08 a share, below the $0.23 consensus, while revenue reached $9.06 million against analyst expectations of $19.83 million. Operating momentum improved sharply: adjusted EBITDA turned positive at $211 million compared with a negative $290 million in the first quarter. Total assets rose 43% from the previous quarter to $9.1 billion and total equity climbed 38% to $2.6 billion. The company held about $1.2 billion in cash and stablecoins at quarter-end. Galaxy also expanded its power pipeline to 3.5 gigawatts; management said the final 200 MW of capacity with customer CRWV has been exercised, and an 800 MW lease could generate roughly $1.2 billion in annual revenue. Chief Executive Officer Mike Novogratz told investors July was the firm’s "best month ever," citing renewed strength across its digital-asset businesses.