Galaxy Digital’s 2025 annual report — the company’s first 10‑K filing as a Nasdaq-listed firm — frames the business as a bridge between crypto markets and the next wave of computing infrastructure. Founder and CEO Mike Novogratz called the listing “a declaration that the digital economy is real, and that Galaxy is built to lead it,” and used the report to underline how the firm has evolved from a pure‑play digital asset shop into a diversified platform spanning asset management, institutional trading and AI‑driven high‑performance computing.
The standout development in the report is Helios, Galaxy’s AI data‑center campus in West Texas. Helios has secured more than 1.6 gigawatts of approved power capacity through ERCOT. The initial 800 megawatts are already leased to AI cloud provider CoreWeave, representing over $7.5 billion in committed capital. With an additional 830 megawatts approved for expansion, Galaxy values Helios at “well above $15 billion” in the filing — a central pillar of its shift into digital infrastructure.
Novogratz frames compute demand as a secular trend, not a cyclical one: “Demand for compute is not a cycle, it is a structural condition that will define the next decade.” His longer‑term objective is to assemble a multi‑billion‑dollar portfolio of digital infrastructure assets diversified by region, tenant and technology — using Helios as the launchpad.
On the core digital‑assets side, Galaxy reported about $12.3 billion in platform assets as of December 31, 2025. Its institutional product suite includes over‑the‑counter spot and derivatives trading, lending, staking across 11 blockchains (including Ethereum and Solana), ETFs and institutional custody services.
In October 2025 Galaxy pushed into retail with GalaxyOne, a fintech app that combines FDIC‑insured high‑yield accounts, commission‑free trading in equities and crypto, and an option to automatically reinvest interest into bitcoin — signaling the firm’s aim to connect mainstream users to crypto products.
Financially, the industry’s downturn in Q4 2025 weighed on results: Galaxy posted a net loss of $241 million for the year. Despite that, Novogratz struck an optimistic tone in the report, saying the company is “more clear‑eyed about our opportunity than we have ever been.” Between its trading and asset management business and an ambitious bet on AI infrastructure, Galaxy is positioning itself as a hybrid player at the intersection of finance and next‑generation compute.
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