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Galaxy Digital’s main business serves institutions that want to trade, borrow against or invest in digital assets. Digital-asset sales account for most of its revenue; it earns spreads and transaction fees on client trades, plus interest and loan-structuring fees from borrowers. It also trades and invests its own capital, so its earnings include gains and losses on those positions. Clients pay management fees to invest through its funds, sometimes with performance fees, while digital-asset companies pay for fundraising and merger advice.
The business depends heavily on digital-asset prices, trading activity and market liquidity. Regulation also limits what it can offer: its broker-dealer subsidiaries do not underwrite or privately place token and digital-asset offerings, or accept digital assets as payment for their services.
Galaxy Digital is also converting its Helios campus in West Texas from bitcoin-mining infrastructure into facilities for artificial intelligence and high-performance computing. It plans to earn rental income by leasing computing capacity to cloud providers, with CoreWeave as its contracted tenant. This leasing business is still in development and is not yet generating revenue. It initially depends heavily on CoreWeave, and delivery depends on construction, financing and reliable electricity.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Coinbase Global competes with Galaxy Digital for institutions’ cryptocurrency trades: Coinbase provides trading and custody, while Galaxy earns spreads by arranging trades directly with clients. Coinbase’s institutional trading activity is the part to compare with Galaxy’s client-trading business, rather than its consumer fees.
Galaxy Digital’s planned data-center rent depends on CoreWeave, which sells AI cloud services to enterprises, AI labs and technology companies and has contracted for 526 MW of critical IT capacity at Helios by 2028. Watch delivery of that capacity: Galaxy expected to start supplying CoreWeave in 2026, after reporting no data-center revenue yet.
CoinShares PLC competes with Galaxy Digital to manage investors’ digital assets, with both also offering trading, staking and lending alongside investment management. CoinShares’ recurring management fees are the useful comparison for Galaxy’s fees on managed assets; its trading and lending returns are a separate business line.
Core Scientific competes with Galaxy Digital to develop power-intensive data centers for AI and other high-performance computing tenants, which pay for space and infrastructure to run their equipment. Watch Core Scientific’s conversion of mining facilities to high-density hosting, the business that overlaps with Galaxy’s Helios development.
Applied Digital competes with Galaxy Digital for cloud customers paying to lease large, high-density data centers under long-term contracts. Its progress securing power and grid connections is worth watching: Applied Digital identifies those as the main constraint on bringing new high-performance computing capacity online.
TeraWulf competes with Galaxy Digital to build high-performance computing campuses and collect long-term rent from cloud and enterprise customers using high-density capacity. Watch delivery at Lake Mariner, where some contracted capacity began coming online in 2025 and further deliveries extended into 2026, as a comparison for Galaxy’s Helios rollout.
BitGo Holdings, Inc. competes with Galaxy Digital for institutions paying to trade digital assets, borrow, stake tokens and use wallet technology. BitGo’s wallet-service fees and lending interest are the relevant lines to compare with Galaxy’s self-custody technology licensing and client lending, rather than its digital-asset sales revenue, which records the full value traded.
Cipher Digital competes with Galaxy Digital to develop large, power-ready facilities for cloud and hyperscaler tenants running high-performance computing workloads. Watch its 600 MW of facilities under development across two sites for hyperscaler tenants, rather than mining revenue: through December 31, 2025, Cipher’s revenue still came from bitcoin mining.
Defi Technologies, Inc. overlaps with Galaxy Digital in managing digital-asset investments, arranging trades directly with clients and advising digital-asset companies. Watch Valour’s investment-product pricing—its Bitcoin and Ethereum Zero products charge no management fees—as a concrete comparison for Galaxy’s fee-earning asset-management business.
Gemini Space Station, Inc. competes with Galaxy Digital for institutions’ cryptocurrency trades, including trades arranged directly with clients rather than through an exchange. Gemini’s institutional exchange and direct-client trading volumes are the useful comparison: customers pay Gemini transaction fees, while Galaxy earns spreads on client trades.
Strategy and Galaxy Digital both have substantial bitcoin exposure, so bitcoin price changes reach both companies’ results even though Strategy sells analytics software to enterprises and Galaxy serves digital-asset clients. Strategy’s unrealized bitcoin gains or losses are the relevant signal, not its software subscriptions; Galaxy identified lower digital-asset prices as the main driver of its 2025 net loss.
Hut 8 competes with Galaxy Digital to develop power-ready infrastructure for customers running high-density computing. Watch Hut 8’s powered sites and grid connections: it chooses sites and designs infrastructure around available power, while Galaxy’s Helios business develops large, power-ready facilities for AI and high-performance computing tenants.
IREN and Galaxy Digital both serve demand for power-ready AI computing infrastructure, but IREN sells customers a cloud service combining data centers, computing and software, while Galaxy develops capacity to lease to cloud providers. IREN’s operating AI cloud capacity—not its much larger power pipeline—is the concrete measure to watch alongside Galaxy’s capacity deliveries.
Antalpha Platform Holding Company competes with Galaxy Digital in bitcoin-backed financing and financing services for institutional cryptocurrency and mining clients; Antalpha charges customers technology financing or platform fees, while Galaxy earns lending interest and loan-structuring fees. Antalpha’s margin and supply-chain loan balances are the concrete comparison for Galaxy’s client loan book.
Forward Industries, Inc. affects Galaxy Digital on both sides: it paid Galaxy to arrange and advise on its private fundraising, but Galaxy’s Forward investments also contributed materially to its 2025 investment losses. For Galaxy holders, watch those investment values and fundraising fees rather than Forward’s design-service revenue from predominantly U.S. medical and technology customers.
Galaxy Digital Inc. earningsThis company
Galaxy Digital's report will show whether Helios is turning contracted computing capacity into lease revenue and broadening a business still exposed to volatile digital-asset trading.
Read Data Centers revenue alongside that segment's profit or loss, then compare Digital Assets fees and lending interest with trading revenue. Lease revenue from Helios with a narrowing Data Centers loss, while fees or interest hold up, would show the new business beginning to contribute; little lease revenue and no narrowing of the loss, with results still moving mainly with trading and asset prices, would show the transition has not yet built a steadier earnings base. Digital-asset sales are reported at the full transaction value, so large revenue does not mean large profit.
Fed Interest Rate Decision
Galaxy’s Helios loan costs more or less to service as policy decisions influence benchmark rates that feed into its floating-rate SOFR borrowing, affecting earnings; interest-rate caps partly cushion increases.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates above expectations, higher benchmark rates can raise the interest Galaxy owes on its Helios loan, though its interest-rate caps partly limit the added cost and earnings pressure.
If it comes in below expectations
If the Fed sets rates below expectations, lower benchmark rates can reduce the interest Galaxy owes on its Helios loan, easing borrowing costs and supporting earnings.
Coinbase Global, Inc. earningsCOIN
Coinbase's report will show how active institutional crypto trading is in the business it competes for with Galaxy Digital.
Look at Coinbase's institutional trading activity alongside Galaxy Digital's client-trading business. Strong activity would show that institutions are trading, but also that competition for those trades is active; weakness would suggest a smaller pool of shared trading opportunities, not by itself that Galaxy has lost customers or share.
Strategy Inc earningsMSTR
Strategy's report will show the unrealized gains or losses from bitcoin price changes, a reference for the same price exposure in Galaxy Digital's results.
Compare Strategy's unrealized bitcoin gains or losses with the direction of Galaxy Digital's digital-asset valuation changes. If they move together, bitcoin prices may be driving results through a shared channel; if they diverge, company-specific holdings or other factors may explain the difference. Neither outcome measures Galaxy's client-trading demand.
CoinShares PLC earningsCSHR
CoinShares PLC's recurring management fees will show investor demand for paid digital-asset products in an area where it competes with Galaxy Digital.
Focus on CoinShares PLC's recurring management fees, not its trading or lending returns. Growing fees would show investors are still using products that generate management fees, leaving demand for Galaxy Digital to compete for; falling fees would raise the possibility of weaker demand or pricing pressure, but would not prove Galaxy's assets under management or fees moved the same way.
Core Scientific, Inc. earningsCORZ
Core Scientific's report will show whether converted mining facilities are reaching high-density hosting service, a direct comparison for Galaxy Digital's Helios buildout.
Look for converted high-density hosting capacity entering service and generating hosting revenue. If it comes online and earns revenue, the conversion from mining facilities to HPC hosting is proving workable, offering a relevant execution comparison for Helios; if conversion or service is delayed and hosting revenue remains limited, construction, equipment or power constraints may be getting in the way, but that does not establish a delay at Helios.
Antalpha Platform Holding Company earningsANTA
Antalpha's loan balances and margins will show financing demand from institutional crypto and mining clients, a useful comparison for Galaxy Digital's lending business.
Read Antalpha's loan balances alongside its margins. Growing balances with steady margins would point to expanding financing activity without obvious price pressure; shrinking balances or margins would suggest weaker demand or tougher competition, relevant to Galaxy Digital's loan book and interest income but not a direct match because their customers and loans differ.
CoreWeave, Inc. earningsCRWV
CoreWeave's report will show whether it can sell and deploy its AI cloud services, informing the customer outlook behind Galaxy Digital's Helios leases.
Look at demand for CoreWeave's AI cloud services and its deployment of computing capacity. Strong demand and expanding deployment would support its ability to use the capacity contracted at Helios; weak demand or slower deployment would put customer absorption and ability to meet commitments under closer scrutiny. CoreWeave's results alone would not prove Galaxy's delivery schedule or lease terms have changed.
