Galaxy swings to a $323 million third-quarter profit from an $85 million loss and authorizes a new $200 million buyback

Galaxy Digital returned to a profit in the third quarter, reporting net income of $323 million in its results released Tuesday. The Block reported the company lost $85 million in the second quarter and earned $505 million a year ago. Adjusted gross profit was $569 million and adjusted EBITDA was $455 million, according to the release.

The Treasury & Corporate segment drove the quarter with $419 million of adjusted gross profit, which The Block attributed mainly to higher valuations of digital asset holdings and private investments. The Data Centers unit, in its first full quarter of revenue from the Helios I Phase I lease in Texas, produced $79 million. Assets under management and stake reached $10.4 billion, up 46% from June.

On October 26 the board authorized a new buyback of up to $200 million of Class A shares. It has no end date, and The Block noted Galaxy is not obliged to spend all of it. The company said the earlier $200 million program ended on October 15. CEO Mike Novogratz called it "a strong third quarter."

Galaxy told investors Helios I Phase II is financed and under construction, with first data hall deliveries due in the second quarter of 2027, and that it is in talks with prospective tenants for 830 MW of approved capacity at Helios II.