Galaxy Digital Inc. printed $323 million of net income for the quarter ended September 30, 2026. That is not a Digital Assets franchise recovery. The same exhibit shows the Digital Assets segment still lost $24.7 million on a GAAP basis, while Treasury & Corporate booked about $348 million and Helios posted its first full quarter of lease revenue.
The numbers sit in a Form 8-K accepted by the U.S. Securities and Exchange Commission at 2026-10-27T11:04:45Z (07:04:45 Eastern). Item 2.02 furnishes a press release, a quarterly update deck, and a financial supplement. Bitcoin itself is still sitting in the same band we have been watching: CoinGecko’s desk snapshot had Bitcoin at $79,888 (−0.57% over 24 hours) at 2026-10-27T10:54:16+00:00, with global crypto market cap about $2.68 trillion and bitcoin dominance 60.03%.
I care about this print because Galaxy is one of the few listed firms that still sells both crypto intermediation and AI power. If you only read the headline profit, you will misread which machine actually paid the quarter.
What happened
Galaxy’s current report on Form 8-K (accession 0001859392-26-000108) reports results of operations under Item 2.02, Regulation FD channels under Item 7.01, and exhibits under Item 9.01. The company scheduled an earnings call for 8:30 a.m. Eastern on October 27, 2026. Chief Financial Officer Anthony Paquette signed the filing.
Exhibit 99.1, dated October 27, 2026, is the press release. Headline figures for the three months ended September 30, 2026:
- Net income $323 million (consolidated statement: $322.772 million), versus a $85 million net loss in Q2 2026 ($85.316 million in the adjusted EBITDA bridge).
- Diluted EPS $0.66 and adjusted EPS $0.83 (non-GAAP; Galaxy reconciles those measures in the same exhibit).
- Adjusted gross profit $569 million and adjusted EBITDA $455 million ($569.282 million and $454.749 million in the reconciliations).
- Total equity $3.0 billion. Cash, stablecoins, and U.S. Treasuries $4.9 billion, split as $1,325 million cash, $812 million stablecoins, and $2,756 million Treasury bills and notes at quarter end.
- Year-to-date share repurchases of about 9.8 million Class A shares, completing a February 2026 $200 million authorization on October 15, 2026. The board authorized another $200 million on October 26, 2026. That second program does not obligate any purchases.
- Gross power pipeline “over 5.7 GW.” Helios I, Phase II financed with a completed $3.5 billion senior secured notes offering.
Select financial metrics in the release also show total assets at $16.4 billion versus $10.8 billion in Q2 2026. The unaudited balance sheet lists total assets of $16.416746 billion at September 30, 2026, against $11.348081 billion at December 31, 2025. Non-current notes payable jumped to $6.307116 billion from $2.432510 billion at year-end 2025.
On the tape while this 8-K was hitting EDGAR, Coinbase’s BTC-USD last trade was $79,900.24 at 2026-10-27T11:10:51Z (Coinbase Exchange ticker). Venue stats for the session still showed a high of $80,710.04 and a low of $79,300. That is the same ~$80k neighborhood, not a range break. Best bid/ask at that timestamp was $79,900.23 / $79,900.24.
Context
Segment reporting is the whole story. Digital Assets adjusted gross profit was $71 million ($71.348 million), up 9% from Q2. Digital Assets adjusted EBITDA was still negative at about −$9 million (−$9.022 million). GAAP net income for that segment was −$24.728 million. Impairment of digital assets in the Digital Assets column was $102.282 million for the quarter.
Data Centers adjusted gross profit was $79 million ($79.068 million) and adjusted EBITDA $69 million ($68.746 million). That is the first full quarter of revenue-generating operations under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave by the end of Q2 2026. Data center leasing revenue on the income statement was $79.068 million in Q3 2026 versus zero in Q3 2025. Data Centers still showed a GAAP net loss of $435 thousand after $75.439 million of notes interest allocated to the segment. Data center assets were $6.8 billion and liabilities $5.3 billion. Quarterly capex was $757 million. Helios I, Phase II is under construction, with data hall deliveries scheduled to begin in Q2 2027. Galaxy says it is still talking to tenants for 830 MW of approved Helios II capacity not yet under lease.
Treasury & Corporate is what flipped the firm from red to black quarter on quarter. Adjusted gross profit $419 million ($418.866 million) versus a $42 million loss in Q2. Adjusted EBITDA $395 million ($395.025 million). GAAP net income $347.935 million. The release describes that book as a mix of spot, derivatives, ETFs, equities, venture, private equity, and funds. It does not print a bitcoin coin count in Exhibit 99.1. Equity capital of $3.0 billion is allocated about 33% Digital Assets, 48% Data Centers, and 19% Treasury & Corporate.
The Digital Assets franchise did grow activity. Galaxy says trading volumes rose 12% quarter on quarter while broader spot volumes fell, citing The Block’s industry volume definition. Average loan book size was $1.8 billion, up 27% from $1.4 billion. Combined assets under management and assets under stake ended Q3 at $10.4 billion, up 46% (prices as of September 30, 2026): ETFs $2.5 billion, alternatives $3.3 billion, assets under stake $4.6 billion, with $1.2 billion in both stake and alternatives. Asset Management booked over $160 million of net inflows, including the end-of-quarter Galaxy Sharplink Onchain Yield Fund.
Year over year, this is not a new peak. Q3 2025 net income was $505.057 million. Nine-month 2026 net income is only $21.144 million, versus $240.316 million in the first nine months of 2025. Gross GAAP revenues and gains from operations were about $8.7 billion in both Q3 2026 and Q2 2026; transaction expenses of $8.0 billion still dominate that line.
We already argued, on the GalaxyOne PLOC, that a 50% LTV credit line is not a bitcoin hold. This 8-K is the corporate sequel: more leverage into Helios, a fatter liquid book, and a profit that still does not come from the trading desk covering its own cost of capital. For how to keep ticker last prices separate from an issuer print, use our market snapshot guide. For the broader bitcoin cycle, see the Bitcoin history page and the Bitcoin news desk.
Our read
Stance: treat Galaxy’s Q3 2026 profit as a Treasury mark plus a first Helios lease quarter, not as proof that Digital Assets is earning its keep. Adjusted EBITDA of $455 million is real on Galaxy’s own non-GAAP definition. So is a Digital Assets adjusted EBITDA of −$9 million and a Digital Assets GAAP loss of $24.7 million. Data Centers can look lush on adjusted EBITDA and still print a GAAP loss once Helios notes interest shows up. That is the structure, not a rounding error.
I would rather see a boring Digital Assets profit with a smaller Treasury swing than another quarter where the desk is a volume story and the P&L is a mark-to-market story. Liquidity in the loan book ($1.8 billion average) can grow while segment earnings stay negative. That mix is interesting for Galaxy equity. It is a weak argument that “crypto operating leverage” paid October’s headline.
Falsifiable claim: if Galaxy’s Form 10-Q for the quarter ended September 30, 2026, or an 8-K that amends Exhibit 99.1, reports Digital Assets segment net income of $0 or more for those three months, this read is wrong.
What to watch
First, the Q3 2026 Form 10-Q. Match the segment net income lines, the $102.282 million impairment, and the notes-interest split. If Digital Assets GAAP flips positive in the 10-Q without a restatement note, we update.
Second, Helios I, Phase II. The release says both buildings and the supporting substation are on schedule and within budget, with hall deliveries starting in Q2 2027. Slip that calendar, or lease the leftover 830 MW at Helios II, and the data-center story changes in a way the Q3 lease line cannot hide.
Third, the new $200 million buyback. The completed program bought about 9.8 million shares. Authorization is not execution. Watch 8-Ks and 10-Qs for actual Class A count versus the 191,883,290 shares outstanding at September 30, 2026.
Fourth, bitcoin’s range. A decisive break still needs a Coinbase last trade through this session’s $80,710.04 high or $79,300 low, not a $79.9k print beside a $323 million 8-K. Until then, Galaxy’s treasury marks and Helios coupons are the live variables.