Galaxy Digital spent the second quarter of 2026 in the red. Three months later, it is posting a $323 million net income for the third quarter.
The prior quarter’s figure was an $85 million loss. That is a sharp reversal for one quarter, and the board is marking it with another $200 million share repurchase authorization.
What drove the turnaround
Most of the swing came from investment gains in Galaxy’s Treasury & Corporate segment. When the assets a company holds on its own balance sheet rise in value, those gains flow straight to the bottom line.
The more durable story sits in the data center business. That segment reported $69 million in adjusted EBITDA for the quarter, up from $11 million in the prior quarter.
At the company level, adjusted EBITDA came in at $455 million for Q3 2026.
The balance sheet also grew quickly. Total assets climbed 51% quarter-over-quarter to $16.4 billion, while total equity stood at $3.0 billion.
The buyback and the billions behind Helios
Galaxy’s board approved an additional $200 million for share repurchases. This follows the completion of a previous $200 million program.
Under that earlier program, Galaxy has bought back approximately 9.8 million shares so far in 2026.
The company completed a $3.5 billion senior secured notes offering. The money will fund Phase II construction at Helios I, its data center project in Texas.
Data hall deliveries for Phase II are expected to begin in the second quarter of 2027.
The Helios expansion lifts Galaxy’s total power pipeline to more than 5.7 gigawatts.
Liquidity and the cushion
Galaxy reported liquidity of $4.9 billion. That figure includes cash, stablecoins and US Treasuries.
What this means
For shareholders, the headline profit is welcome, but the composition deserves attention. A large share of the swing came from investment gains, and those can reverse just as quickly as they appeared. A quarter that moved from an $85 million loss to a $323 million profit shows how sensitive the results remain to asset prices.
The data center numbers are the part to watch. Segment adjusted EBITDA rising from $11 million to $69 million suggests the business is starting to scale.
The financing structure cuts both ways. The $3.5 billion in senior secured notes is larger than the company’s $3.0 billion in total equity. That debt is tied to a project whose new data halls are not expected until the second quarter of 2027, so execution risk is real.
Against that, the $4.9 billion liquidity position offers meaningful breathing room.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.