Galaxy Digital Holdings returned to profitability in the second quarter of 2025, posting net income of US$30.7 million, or US$0.08 a share, after a US$295 million loss in the previous quarter. The result narrowly missed the lowest analyst estimates, while revenue fell to US$9.06 million, short of forecasts of about US$19 million. Even so, adjusted EBITDA swung to a positive US$211 million from a US$290 million deficit, and adjusted gross profit reached US$299 million. The Toronto-listed crypto-finance group strengthened its balance sheet, lifting total assets to US$9.1 billion and equity to US$2.6 billion. The firm ended June with 17,102 bitcoin after buying 4,272 coins during the quarter and held roughly US$1.2 billion in cash and stablecoins. Trading volumes slipped, contributing to the revenue miss, and the stock fell about 4-5 percent in early trading. Chief Executive Officer Mike Novogratz told investors the company recorded its “best month ever” in July and is expanding beyond trading into large-scale digital infrastructure. Galaxy increased the potential capacity of its Helios data-centre project to 3.5 gigawatts after customer CRWV exercised an additional 200 megawatts, a deal the firm says could generate about US$1.2 billion in annual lease revenue. Management is also studying the tokenisation of its own shares as it pursues new blockchain applications.