Galaxy Digital Holdings swung back to profitability in the second quarter of 2025, posting net income of $30.7 million after a $295 million loss the previous quarter. Diluted earnings per share came in at $0.08, below analyst estimates ranging from $0.10 to $0.23, and revenue and trading volumes missed market expectations. Adjusted EBITDA recovered to $211 million from a first-quarter deficit of $290 million, while adjusted gross profit reached $299 million. Total assets rose 43% quarter-on-quarter to $9.1 billion and total equity climbed to $2.6 billion, supported by cash and stablecoin holdings of about $1.2 billion. Chief Executive Officer Mike Novogratz told analysts the firm recorded its “best month ever” in July and said the digital-asset trading and mining businesses are “firing on all cylinders.” Galaxy increased its power pipeline to 3.5 gigawatts, enlarging the planned Helios data-centre project; an 800-megawatt tranche already leased is expected to generate roughly $1.2 billion in annual revenue once fully operational. Management said it expects greater visibility on approvals for 1.7 gigawatts of additional Texas power capacity in the second half of the year. The company also confirmed it is studying the tokenisation of its own GLXY shares, part of a broader push to link traditional equity with blockchain infrastructure. Executives said they see tailwinds from a more accommodative U.S. regulatory climate after years of delays that kept the stock from a Nasdaq listing. Investors focused on the earnings miss, sending the Toronto-listed shares down about 4-5 percent in post-announcement trading. Novogratz maintained full-year optimism, citing stronger July performance and expanding exposure to both cryptocurrency and artificial-intelligence data-centre demand.