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Galaxy Digital Inc.
NASDAQ: GLXY Financials Cap Markets 🔎 Screen
$2.9B
Market Cap
P/E
PEG
-2.2%
ROCE
-9.2%
ROE
1.76
D/E
-0.3%
OPM
+49.8%
% from 52W High
20
α RS
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Currency-adjusted total returns for GLXY including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Galaxy Digital Inc. engages in the digital asset and data centre infrastructure businesses in North America and internationally.

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⭐ Superinvestors Holding GLXY
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.76M $32.5M 0.04% Mar 2026
Jim Simons Renaissance Technologies LLC 418.2K $7.7M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed → Stable 3 quarters Full tone analysis in Intelligence →
📊 MIXED Galaxy Digital Q1 2026: $216M net loss; Helios data center operational; digital assets resilient.
Revenue & Profitability
Q1 2026 GAAP net loss of $216 million, or $0.49 per share, and firmwide adjusted EBITDA of negative $188 million. The digital asset segment delivered $49 million in adjusted gross profit, roughly flat quarter-over-quarter despite a 20% decline in crypto market cap. The global markets business generated $31 million in adjusted gross profit, up 3% quarter-over-quarter. Asset management contributed $18 million in adjusted gross profit on $8 billion in assets on platform. Q2-to-date adjusted EBITDA through last Friday was approximately $90 million.
Outlook
Management sees 2026 as a transition year for crypto from speculation to institutional utility, driven by tokenization of equities, mortgages, and currencies. The passing of the CLARITY Act in the U.S. is viewed as a key catalyst, though faces obstacles. Bitcoin is range-bound; a move above $100K likely requires Fed rate cuts, which management expects by year-end despite near-term inflation from geopolitical events. The AI revolution is still early, and demand for HPC data center capacity is strong, with hyperscalers racing to lock power.
Growth Drivers
Data center growth: Phase 1 (133 MW) fully delivered by end of Q2; Phase 2 (260 MW) under construction with deliveries starting H1 2027; 830 MW of additional capacity at Helios in active customer conversations; and a multi-campus pipeline with LOIs progressing. Digital asset growth: scaling recurring fee revenue from institutional clients, expanding GalaxyOne (consumer platform with crypto trading, staking, cash products), and launching a new fintech hedge fund on May 1. Digital infrastructure solutions: providing B2B wallet, custody, and staking technology to large financial institutions to tokenize assets.
Balance Sheet & CapEx
Capital expenditure is focused on the Helios data center buildout. Phase 2 construction is underway with deposits and purchase orders placed for long-lead electrical equipment (main power transformers, circuit breakers) for the 830 MW development. Financing for Phase 2 is being finalized; management sees strong demand from high-yield bond markets and traditional bank syndicates. The company expects to maintain sufficient liquidity, including for potential repayment of $445 million in exchangeable notes maturing December 2026. No specific CapEx dollar guidance was provided.
Margins
Not discussed in detail by segment. For data centers, management noted approximately 90% average lease-level EBITDA margins on the 15-year CoreWeave lease, with revenue beginning to ramp in Q2. Firmwide operating expenses in Q1 were $147 million, down 7% quarter-over-quarter due to lower professional fees and compensation costs, helping narrow the EBITDA loss. No explicit margin guidance was provided.
Key Risks
Key risks flagged include: regulatory uncertainty around the CLARITY Act in the U.S. and potential ethics-related obstacles; ERCOT's evolving interconnection rules (PGRR145 draft) that could defer or restudy capacity; crypto price volatility and its impact on balance sheet mark-to-market and trading volumes; financing availability and terms for data center buildout; and broader macro risks such as geopolitical tensions (Iran) and sticky inflation that may delay Fed rate cuts. Management also noted the risk of over-leveraging the platform.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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