Galaxy Digital turns red
#MikeNovogratz reports a loss of $482M in Q4 due to the collapse of the crypto market
Resilience under fire
Shares of #GalaxyDigital (GLXY) suffered a blow of more than 6% in pre-market trading after revealing a fourth quarter of 2025 marked by turbulence. Despite the red numbers, Mike Novogratz's firm shows a robust
cash position to navigate the winter.
1. The anatomy of the losses
The fourth quarter was particularly hard on the company's balance:
Q4 net loss: The company reported a loss of $482 million, primarily dragged down by the depreciation of digital assets.
Extraordinary costs: Approximately $160 million in one-time expenses related to mining infrastructure and its corporate reorganization in the U.S. were reported.
Annual result: The 2025 fiscal year closed with a total net loss of $241 million ($0.61 per share).
2. The "Strength" of Galaxy: Liquidity and Management
Not everything is negative; the report reveals an operating base that continues to grow:
Financial muscle: Galaxy ended the year with $2.6 billion in cash and stablecoins, and a total equity capital of $3 billion.
Asset Management on the rise: The platform attracted $2 billion in net inflows last year, raising its total assets under management to $12 billion.
Operating earnings: Despite the GAAP net loss, the firm generated $426 million in adjusted gross earnings throughout 2025.
3. Market Context
The 6.44% drop in the quote (hovering around $26.44) occurs while the rest of the ecosystem tries to recover from a collapse that knocked Bitcoin out of the "Top 10" global assets by capitalization. The market is punishing Galaxy's direct exposure to price volatility, momentarily ignoring its record trading volumes.
