Galaxy Digital

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Digital assets sales was 99% and Blockchain rewards was 0.4% of revenue; 0.3% was revenue not from contracts with customers, which this breakdown does not split.

Quarters: Galaxy Digital's SEC filings, named by the month they end. Fiscal years: Galaxy Digital's annual reports to the SEC; FY22: Yahoo Finance.

How it makes money

The company loses $0.4 for every $100 of revenue. It was profitable 2 years ago and is now loss-making.

Each margin is that line of the income statement divided by revenue. Fiscal year: Galaxy Digital's annual reports to the SEC; FY22: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.

Customers and suppliers

Its 1 largest tenants named in the 10-K.

Since then its 8-K filings name CoreWeave as a tenant (Jul 28, 2026).

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft

Show 5

Suppliers

Amazon AMZN

Microsoft MSFT

Cross River Bank

DriveWealth

Fireblocks

Paxos

 

GLXYGalaxy Digital

Customers

Forward Industries FWDI

Galaxy Digital's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: One Digital Asset Trading Platforms (15%).

From Galaxy Digital's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

RRipple LabsGalaxy Digital invested in it · Galaxy holds an investment$217.1 million investment as of December 31, 2025

Forward Industries FWDIGalaxy Digital invested in it · Galaxy holds an investment$88.2 million investment as of December 31, 2025

Only the companies Galaxy Digital names in its 10-K filed Feb 26, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 0.2x, below the peer median of 5.9x. Revenue is down 70% from a year ago.

Below the peer median of 5.9x. The market pays less per $1 of revenue than for peers.

Galaxy Digital is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $34.66, 128% above the current price; 94% of 16 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 15 analysts (94%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $44.56 to $32.67 (−27%), while GLXY went from $27.24 to $15.18 (−44%). In the past three months targets were raised twice and cut 9 times. 1 upgrade and no downgrades over the year; the latest: Citigroup moved it to Buy from Neutral on Oct 13, 2026.

The day after each of these reports the stock moved −23.8% (Dec 2025, missed); +1.5% (Mar 2026, beat); −11.7% (Jun 2026, beat); +21.7% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.09 a share, against a loss of $1.08 a year earlier.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $1.7B exceeds operating cash flow of −$400M, leaving free cash flow of −$2.1B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; shareholder equity is only 17% of assets, so debt-to-equity (2.7) says little; it has net debt and its operations used cash over the last four quarters.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

1 portfolio Hunch tracks holds GLXY. It is 9.1% of Rovida Investment Management's portfolio (3.2% as filed).

• FundRovida Investment ManagementAsset managerGLXY is 9% of this portfolio3% as filed-11.1%1-year backtest

GLXY's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 7 held GLXY at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 2 cut, 1 sold all and 1 held the same. The largest of them is Norges Bank, 2.02M shares worth $55.1M at Jun 30, 2026, 40.8% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of GLXY at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $11.0M and sold $16.0M of GLXY on the open market in the 12 months to Nov 12, 2026. 1% of the sales were made under 10b5-1 plans, set up in advance. The largest was Michael D Daffey (Director), who sold $14.4M in 4 sales.

From the Form 4s filed with the SEC about Galaxy Digital (39 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 35 other transactions (grants, option exercises, shares withheld for tax and shares sold to pay tax).