Novogratz’s Galaxy Digital posts $482 million loss as cash pile swells
The Block
Galaxy Digital reported a $482 million net loss in Q4 2025 due to slumping digital asset prices, despite increasing its cash reserves to $2.6 billion.Summary
Mike Novogratz's Galaxy Digital recorded a net loss of $482 million in the fourth quarter of last year, contributing to a total annual net loss of $241 million, primarily attributed to lower digital asset prices and $160 million in one-time costs. This performance contrasts sharply with a record Q3 2025 profit of $505 million. Trading volumes declined by about 40% from the prior quarter, reflecting softer client activity. Despite the revenue drop, Galaxy strengthened its balance sheet, increasing its cash and stablecoin holdings by 36% to $2.6 billion by the end of the quarter, bolstered by significant equity and senior note offerings. Following the announcement, Galaxy's stock (GLXY) fell 13% in early trading.
(Source：The Block)