Galaxy Digital reported $323 million in net income for the third quarter of 2026, reversing an $85 million loss in the previous quarter as its digital-asset and data-center businesses both contributed to a stronger result. The New York-based company also said its board authorized another $200 million share repurchase program on October 26, one day before the earnings release. The authorization gives management capacity to buy shares; it is not a commitment that the full amount will be spent.

Profitability returned across a larger balance sheet

Galaxy reported diluted earnings of $0.66 per share, adjusted earnings of $0.83 per share and adjusted EBITDA of $455 million. Adjusted gross profit reached $569 million. The adjusted measures are company-defined, non-GAAP figures intended to show operating performance without certain accounting items, so they should be read alongside the reported net-income result. Total assets rose to $16.4 billion from $10.8 billion at the end of the second quarter. Cash, stablecoins and U.S. Treasuries nearly doubled to $4.9 billion, while net digital assets and investments increased to $1.7 billion.

Related reporting: Nvidia lifts share-buyback capacity to $235B through fiscal 2028

Trading and data centers supported the quarter

Digital-asset trading volumes increased 12% from the second quarter, according to the company. Galaxy's data-center segment generated $79 million in adjusted gross profit and $69 million in adjusted EBITDA, reflecting the first full quarter of revenue from Helios I Phase I. The mix matters because Galaxy is no longer only a market-sensitive crypto trading and asset-management business. It is also committing capital to large-scale computing infrastructure, which could diversify revenue but introduces construction, financing and power-delivery risks.

The new buyback follows rapid use of the prior plan

Galaxy completed its previous $200 million repurchase program on October 15. It said 9.8 million shares had been repurchased during 2026 through the earnings date, more than offsetting dilution from equity-based compensation. The new authorization may support per-share metrics by reducing the share count, but the eventual effect depends on the number and price of shares actually bought. Repurchases also compete with other uses of capital, including expansion of the Helios data-center campus and balance-sheet liquidity for the trading business.

Helios adds opportunity and execution risk

Galaxy said its data-center development pipeline exceeds 5.7 gigawatts and that it completed a $3.5 billion senior secured financing for Helios I Phase II. Those projects tie the company more directly to demand for artificial-intelligence and high-performance-computing capacity. They also make permitting, grid interconnection, customer concentration and construction schedules increasingly material to investors. Galaxy specifically identifies financing availability, ERCOT approvals and Helios delivery timing among the risks that could affect its plans.

What investors should watch next

The quarter shows how Galaxy's two main exposures can reinforce one another when digital-asset activity and infrastructure demand are both favorable. It does not remove volatility. Trading results can change quickly with crypto prices and client activity, while data-center returns depend on long construction cycles and contracted demand. The independent question after this earnings rebound is whether Galaxy can convert its larger liquidity position and Helios financing into durable cash generation without weakening capital discipline. For shareholders, capital allocation is therefore central: management must balance repurchases against liquidity buffers and infrastructure commitments that may take years to generate returns. Future repurchase disclosures, segment margins and construction milestones will provide clearer evidence than the authorization alone.

Sources

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