Galaxy Digital Shares Jump on Swing to 3Q Profit, Surging Revenue

By Connor Hart

Shares of Galaxy Digital climbed after the company swung to a profit and revenue surged in the third quarter, boosted by a sharp uptick in demand as companies aim to break into the cryptocurrency industry.

The stock jumped 11% to $43.99 in premarket trading Tuesday. Through Monday's close, shares have more than doubled since the beginning of the year.

Galaxy--which bridges traditional finance and the digital economy, in part offering trading and investment-banking services to businesses looking to branch into the industry--reported a profit of $505.1 million, or $1.01 a share. That is compared with a loss of $33.3 million, or 10 cents a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $1.12 a share. Analysts polled by FactSet expected adjusted earnings of 38 cents a year.

Revenue more than tripled to $28.4 billion and topped the $17.1 billion that Wall Street modeled.

Quarterly digital asset trading volumes surged 140% sequentially, which the company attributed to increased spot and derivatives activity, as well as the sale of more than 80,000 bitcoin on behalf of a client.

New legislation passed under the Trump administration has helped establish long-awaited guardrails for the crypto industry, which has in turn prompted demand to surge, executives previously said.

"It's like you took a bunch of third graders and locked them in a gymnasium and fed them candy," Jason Urban, Galaxy's global head of trading, said in July. "We just blew open the doors to the playground, and now everybody's out running around."

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 21, 2025 09:09 ET (13:09 GMT)