Galaxy Digital reported Q2 2025 earnings on August 5 that landed in awkward territory: profitable enough to look healthy, but light enough on revenue to send shares sliding roughly 4% in premarket trading. Digital asset trading volumes across Galaxy’s desk fell 22% quarter-over-quarter. The entire digital asset market saw spot volumes fall by around 30% during the quarter, meaning Galaxy outperformed the broader market even as absolute numbers shrank.
The numbers behind the miss
Galaxy posted net income of $30.7 million for the quarter, translating to a diluted EPS of $0.08. Adjusted EBITDA came in at $211 million.
The Global Markets segment adjusted gross profit climbed 28% quarter-over-quarter to $55.4 million. The company’s average loan book swelled to $1.1 billion, while assets on the platform rose 27% to $8.9 billion.
Balance sheet and post-quarter moves
