Galaxy Digital reported a net income of $30.7 million for the second quarter, reversing a loss of $295 million from the previous quarter.
According to a press release on Tuesday, the digital asset and infrastructure company cited gains from its balance sheet holdings and strong performance in its global markets division as key drivers of its recovery.
At the end of the quarter, Galaxy's Bitcoin holdings increased to 17,102 BTC, valued at $1.95 billion. The company held 13,704 BTC at the end of the first quarter, indicating an increase of 4,272 BTC during the second quarter, as disclosed in its financial supplement.
The company's total digital assets, including BTC, Ethereum (ETH), USDC, Solana (SOL), and Ripple (XRP), had a book value of $3.56 billion. Bitcoin remains the largest single holding, accounting for more than half of Galaxy's fair value measured assets.
Adjusted EBITDA was $211 million, supported by $228 million in adjusted gross profit from the treasury and corporate divisions.
Meanwhile, digital assets generated $71.4 million in adjusted gross profit, a 10% increase from the previous quarter. However, the adjusted EBITDA for the digital asset business remained unchanged at $13 million due to increased expenses.
"I couldn't be more excited. From every angle, July was Galaxy's best month. All of our businesses are starting to operate at full throttle," said Galaxy founder and CEO Mike Novogratz.
Galaxy's global markets division performed exceptionally well, with adjusted gross profit increasing by 28% quarter-over-quarter to $55.4 million. Despite a 22% decline in trading volume, the company managed to outperform the broader market trend. The average loan book expanded to $1.1 billion, driven by demand for margin lending.
The company's asset management and infrastructure solutions division saw profits decline by 26%, reflecting a slowdown in on-chain activity and reduced staking rewards. Nevertheless, managed assets and staked assets grew by 27% to $9 billion, driven by rising cryptocurrency prices and new capital inflows.
In addition to its financial performance, Galaxy made significant operational progress. It completed a transaction representing the sale of over 80,000 BTC on behalf of clients, one of the largest such transactions to date.
Meanwhile, its Helios data center campus is expanding, with CoreWeave now committed to utilizing the full 800 megawatts of approved capacity. Galaxy also acquired an additional 160 acres of land and 1 gigawatt of interconnection requests, laying the groundwork for up to 3.5 gigawatts of power capacity for Helios.
If completed, Helios will become "one of the top five data centers in the world," Novogratz stated. "I couldn't be more optimistic."
Galaxy began trading on Nasdaq under the ticker symbol GLXY after completing a corporate restructuring in May.
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Original: “Galaxy Digital Achieves $31 Million Profit in Q2, Bitcoin (BTC) Holdings Rise to 17,102”
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