# Galaxy Digital (GLXY)

> Source: Nexqual · https://nexqual.com/GLXY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Galaxy Digital (GLXY), nexqual.com/GLXY" · informational, not investment advice.

**Price:** USD 15.29 (-9.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.93 · day 14.92–16.43 · 52w 14.92–41.47 · market cap $9.01B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $57.4B, net income -$278M (-0.5% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $16.0M; 5 not under a Rule 10b5-1 plan ($15.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $359K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (16 analysts), mean target USD 38.81 (range 24–57).
- Total return with dividends: 1Y -60.4% vs S&P 500 +14.9%; 5Y -32.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.11, revenue estimate $12.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $51.6B | $42.6B | $60.4B | $57.4B |
| Net income | $229M | $347M | -$241M | -$278M |
| Free cash flow | -$49.7M | -$264M | -$1.51B | -$1.89B |
| Net margin | 0.4% | 0.8% | -0.4% | -0.5% |
| Revenue growth | — | -17.5% | +41.8% | — |
| Cash + short-term investments | $317M | $1.30B | $1.96B | — |
| Total debt | — | $845M | $2.43B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · P/B 4.9x · FCF yield -20.98% · Earnings yield -3.09%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Friedrich Matthew W. | Chief Legal Officer | 4,993 | $135K | 1.8% | Yes (adopted May 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Rico Robert Daniel | Chief Accounting Officer | 9,095 | $179K | 12.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Rico Robert Daniel | Chief Accounting Officer | 19,000 | $650K | 29.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Rico Robert Daniel | Chief Accounting Officer | 19,000 | $601K | 26.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Daffey Michael D | Director | 250,000 | $7.2M | 14.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Daffey Michael D | Director | 250,000 | $7.2M | 14.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $359K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12 | Deason Douglas R | Director | 12,000 | $258K | 21.54 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10 | Bandrowczak Steven John | Director | 5,100 | $100K | 19.63 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 16 analysts; mean target USD 38.81 (low 24, high 57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Maxim Group | Target lowered | Buy | $46 → $36 |
| 2026-10-20 | Piper Sandler | Target lowered | Overweight | $33 → $25 |
| 2026-10-13 | Citigroup | Upgrade | Neutral → Buy | $26 → $28 |
| 2026-10-12 | Morgan Stanley | Target lowered | Overweight | $48 → $43 |
| 2026-09-03 | Morgan Stanley | Target raised | Overweight | $37 → $48 |
| 2026-08-19 | Citigroup | Target lowered | Neutral | $28 → $26 |
| 2026-08-05 | BTIG | Target lowered | Buy | $50 → $45 |
| 2026-08-05 | Chardan Capital | Maintained | Buy | $35 |
| 2026-08-03 | Rosenblatt | Target lowered | Buy | $39 → $35 |
| 2026-07-17 | Piper Sandler | Target lowered | Overweight | $36 → $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-05-12) |
|---|---|---|
| Total return | -60.4% | -32.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -60.5% | -24.1% |
| Volatility (annualized) | 92.2% | 87.1% |
| Max drawdown | -62.3% (Oct 2025→Oct 2026) | -61.6% (Oct 2025→Oct 2026) |

## Peers (Capital Markets)
SF (Stifel Financial Corporation) USD 67.85 +2.17% · EVR (Evercore Inc.) USD 255.39 +1.34% · JEF (Jefferies Financial Group Inc.) USD 45.64 +1.35% · IREN (IREN LIMITED) USD 25.51 -8.37% · HLI (Houlihan Lokey, Inc.) USD 133.24 +3.78% · HUT (Hut 8 Corp.) USD 63.97 -10.63%

## More
Full page: https://nexqual.com/GLXY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GLXY's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1859392/000185939226000016/glxy-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "For instance, we rely on computing infrastructure operated by Amazon Web Services ("AWS") and Microsoft Azure ("Azure") to host or operate some or all of certain key products or functions of our business." |
| Supplier | Microsoft (MSFT) | "For instance, we rely on computing infrastructure operated by Amazon Web Services ("AWS") and Microsoft Azure ("Azure") to host or operate some or all of certain key products or functions of our business." |
| Supplier | FIN2 | "In addition, we rely on Cross River Bank, Paxos Trust Company LLC ("Paxos") and DriveWealth (in partnership with FIN2) to provide the banking services, cryptocurrency trading, transmission, and custody, and brokerage acc…" |
| Customer | CoreWeave (CRWV) | "We expect that our AI/HPC data center business will initially be highly dependent on a single customer, CoreWeave, and may continue to derive a significant portion of the revenue of our Data Centers operating business se…" |
| Partner | GDH | "Its core offerings include access to an FDIC-insured high-yield demand deposit account offered by our bank partner Cross River Bank for U.S.-based depositors and a debt security issued by Galaxy Digital LP and guaranteed…" |
| Partner | Paxos Trust Company | "Its core offerings include access to an FDIC-insured high-yield demand deposit account offered by our bank partner Cross River Bank for U.S.-based depositors and a debt security issued by Galaxy Digital LP and guaranteed…" |
| Partner | Superstate Services | "On May 20, 2025, we entered into a Digital Transfer Agency Agreement with Superstate Services LLC as our digital asset transfer agent, pursuant to which it has agreed to create and maintain an "Allowlist" of wallet addre…" |
| Partner | Forward Industries, Inc. (FWDI) | "As of December 31, 2025, Galaxy's largest investments were bitcoin and ether spot ETF investments of $535.8 million, limited partner interests in Galaxy-sponsored funds of $259.3 million, Ripple Labs of $217.1 million an…" |

Other companies that name GLXY in their own reports (relationship from GLXY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Gemini Space Station, Inc. (GEMI) | 10-K 2026-03-31 | "In March 2023, we entered into a Master Digital Currency Loan Agreement with Galaxy Digital LLC ("Galaxy"), an unrelated third party, that was amended and restated in April 2023 (as amended and restat…" |
| partner | POWERCOMPUTE, INC. (PWCM) | 10-K 2026-03-31 | "The maturity date for the October Loan was subsequently extended by agreement with the Lender with a new maturity date of April 24, 2026." |
| partner | Soluna Holdings, Inc (SLNH) | 10-K 2026-03-30 | "As of December 31, 2025, we had four primary project-level capital partners: SLC (equity), Navitas (equity), Galaxy (debt) and Generate (debt)." |
| partner | Exodus Movement, Inc. (EXOD) | 10-K 2026-03-11 | "Loan") pursuant to a loan term sheet executed under its Master Digital Currency Loan Agreement with Galaxy Digital" |
| partner | Invesco Galaxy Solana ETF (QSOL) | 10-K 2026-03-06 | "Galaxy Digital Holdings Ltd., which holds a limited partner interest in Galaxy Holdings, is listed on the Toronto Stock Exchange under the symbol "GLXY."" |
| partner | Invesco Galaxy Ethereum ETF (QETH) | 10-K 2026-03-02 | "Galaxy Digital Holdings Ltd., which holds a limited partner interest in Galaxy Holdings, is listed on the Toronto Stock Exchange under the symbol "GLXY."" |
| partner | Invesco Galaxy Bitcoin ETF (BTCO) | 10-K 2026-03-02 | "Galaxy Digital Holdings Ltd., which holds a limited partner interest in Galaxy Holdings, is listed on the Toronto Stock Exchange under the symbol "GLXY."" |
| partner | SUI Group Holdings Ltd. (SUIG) | 10-K 2026-02-27 | "On September 29, 2025, the Company entered into a digital currency loan agreement with Galaxy Digital LLC ("Galaxy") pursuant to which the Company lent 961,550 SUI tokens." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Digital Assets | $8.54B | 99.8% | -1.3% |
| Data Centers | $7.1M | 0.1% | — |
| Treasury and Corporate | $6.2M | 0.1% | +6.5% |
| Total revenue | $8.56B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Digital Assets Sales | $8.48B | 99.1% | -1.0% |
| Fee | $18.1M | 0.2% | -5.2% |
| Blockchain Rewards | $17.5M | 0.2% | -58.9% |
| Total revenue | $8.56B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 42% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Company outlook (8-K filed 2026-08-05)

- "(1) Adjusted EPS, Adjusted Gross Profit, Adjusted EBITDA and project-level Adjusted EBITDA margin are non-GAAP financial measures."
- "(3) Assumes prices for relevant cryptocurrencies as of 6/30/2026. 4 | GLXY • Q2 2026 All figures are in U.S."
- "Data hall deliveries under Phase II are expected to begin in the second quarter of 2027. • On July 28, Galaxy, through its wholly-owned subsidiary Galaxy Helios Data Centers II LLC, completed a private offering of $3.5 billion of senior secured notes due 2031."
- "Reflects anticipated average annual revenue across the full 526MW of contracted critical IT load over the lease term."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.11 | $0.02 | +480.8% | $12.19B | 14 |
| Next quarter (ends 2026-12-31) | $-0.19 | $0.09 | -309.6% | $13.72B | 12 |
| Current fiscal year (ends 2026-12-31) | $-0.78 | $-0.51 | +51.4% | $52.66B | 14 |
| Next fiscal year (ends 2027-12-31) | $-0.47 | $0.05 | -974.5% | $61.09B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±14.1%; last 7 reports averaged ±7.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 119.9% | ±14.1% |
| 2026-11-06 | 14 | 105.4% | ±17.0% |
| 2026-11-13 | 21 | 101.5% | ±19.5% |
| 2026-11-20 | 28 | 101.3% | ±22.6% |
| 2026-11-27 | 35 | 99.1% | ±24.2% |
| 2026-12-04 | 42 | 111.6% | ±30.2% |
| 2026-12-18 | 56 | 92.6% | ±28.4% |
| 2027-01-15 | 84 | 89.9% | ±33.6% |