Galaxy Digital reported a net loss of $482 million for the fourth quarter of 2025 and a $241 million loss for the full year, blaming weaker digital-asset prices and about $160 million in one-time charges. The company said the Q4 result was driven largely by depreciation in crypto values; Bitcoin declined roughly 20% during the quarter.
CEO Michael Novogratz characterized the market as being in a bear phase and noted that downturns are part of crypto’s historical cycles. He said experienced participants understand the industry’s recurring pain and that such periods can be a time to focus, prepare or selectively accumulate.
Despite the headline losses, Galaxy reported an adjusted gross profit of $426 million for 2025 and finished the year with $2.6 billion in cash and stablecoins on hand. The firm closed 2025 with $12 billion in total platform assets and recorded $2 billion of net inflows into its asset management business.
Shares of Galaxy (Nasdaq: GLXY) fell about 15% in Tuesday trading, trading near $22.48 at the time of publication.
Separately, Galaxy said in August it would accelerate plans to build an artificial intelligence data center in Texas. In January the company secured Electric Reliability Council of Texas approval for an additional 830 megawatts of power capacity, increasing the facility’s total approved capacity to more than 1.6 gigawatts.
Outside of Galaxy, other crypto-linked firms posted stronger Q4 results. Fintech SoFi Technologies reported approximately $1 billion in fourth-quarter revenue, while tokenization firm Securitize Holdings said revenue grew by more than 840% through September 2025 as it pursues initial public offering plans.