Galaxy Swings to $323M Q3 Profit, Authorizes New $200M Buyback
GLXY sits 17% above its 52-week low of $14.185.
Summary
Galaxy flipped from an $85 million Q2 loss to $323 million of net income in Q3, though that is still below the $505 million earned a year earlier. The swing came mostly from the Treasury and Corporate segment, which posted $419 million in adjusted gross profit versus a $42 million loss last quarter on markups of digital asset holdings and private investments, including AI chip startup Etched and Solana treasury firm Forward Industries (FWDI). Data centers are the second engine: $79 million of adjusted gross profit, nearly four times the prior quarter, in the first full quarter of Helios I Phase I revenue after delivering all 133 MW to CoreWeave. CEO Novogratz guided to $800-850 million of annualized leasing revenue exiting 2027 as Helios I Phase II comes online, with a power pipeline above 5.7 gigawatts, and said the firm passed on a Helios II leasing deal this summer to reconsider terms. The board authorized a fresh $200 million buyback on Oct. 26 after finishing the prior $200 million authorization on Oct. 15 with roughly 9.8 million shares repurchased. Trading and lending improved modestly — volumes up 12% quarter over quarter and the average loan book up 27% to $1.8 billion — but the digital assets division still ran a $9 million adjusted EBITDA loss.
At the time of this announcement, GLXY was trading at $16.58 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $14.19 to $41.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.