Galaxy Digital reported a net loss of $482 million in the fourth quarter of 2025 and a $241 million loss for the full year, attributing the declines to falling digital asset prices and approximately $160 million of one-time costs. The firm said its Q4 losses were “driven primarily by the depreciation of digital asset prices.” Bitcoin fell about 20% during the quarter.
CEO Michael Novogratz said on a shareholder call that crypto markets are in a bear phase and noted historical cycles: “I do think that we’re in the lower end of the range. What I would say is that we’ve been here before. Anyone who’s been in crypto for more than five years realizes that part of the ethos of this whole industry is pain and that often when things feel worse, it’s time to be very focused and potentially accumulating or at least getting prepared to.”
Despite the net losses, Galaxy reported an adjusted gross profit of $426 million for full-year 2025 and ended the year with $2.6 billion in cash and stablecoins. The company closed 2025 with $12 billion in total platform assets and $2 billion in net inflows to its asset management business. Shares of Galaxy (Nasdaq: GLXY) fell about 15% in trading on Tuesday, to $22.48 at the time of publication.
In other company news, Galaxy said in August it would accelerate plans for an artificial intelligence data center in Texas. In January it received Electric Reliability Council of Texas approval for an additional 830 megawatts of power capacity, bringing the facility’s total approved capacity to more than 1.6 gigawatts.
Other crypto-linked companies reported stronger Q4 results: fintech SoFi Technologies posted fourth-quarter revenue of $1 billion, and tokenization firm Securitize Holdings reported revenue growth of more than 840% through September 2025 amid IPO plans.
