Galaxy Digital Q3 2026 Earnings Recap

Galaxy’s shares rose 9.6% after earnings, as investors responded to a rebound in crypto activity and the company’s growing data-center revenue. The upside is tempered by the lack of a Helios II leasing agreement: Galaxy passed on proposed terms and is continuing discussions.

Key Takeaways

• Bitcoin rose more than 40% during the quarter, and Galaxy said its global markets business saw higher trading volumes and client engagement.
• Helios Phase I is generating approximately $80 million of leasing revenue per quarter.
• Galaxy expects to exit 2027 with an annualized leasing revenue run rate of $80 million to $150 million as Phase II comes online.
• Helios II leasing discussions remain active, but Galaxy did not proceed with a potential deal after market dynamics shifted; it cited more than 800 megawatts of secured power and infrastructure and planned delivery in 2028.
• Galaxy repurchased $200 million of shares year to date and announced an additional $200 million repurchase authorization.