Galaxy Digital Swings to $323M Q3 Profit as Data Centers and Treasury Gains Mask Soft Crypto Trading

Galaxy Digital reported $323 million in third-quarter net income on October 27, 2026, swinging from an $85 million loss in the prior quarter. The $408 million sequential swing is real. Where it came from is the part the headline hides. Adjusted EBITDA was $455 million for the quarter ended September 30, 2026. The Treasury & Corporate segment generated $395 million of that, or roughly 87%. The Digital Assets franchise — the trading and asset-management business most people mean when they say “Galaxy” — posted negative adjusted EBITDA of $9 million. The profit did not come from the trading desk.