Galaxy Digital ( GLXY ) founder and CEO Mike Novogratz highlighted the company’s key milestones in its 2025 annual report, marking its first 10-K filing as a Nasdaq-listed company.
Novogratz described the listing as more than a milestone, calling it “a statement that the digital economy is real and that Galaxy is built to lead it.”
Over the years, Galaxy has evolved from a pure digital asset firm to a diversified platform that includes asset management, institutional trading and AI-powered high-performance data centers.
Novogratz noted that the digital asset economy has evolved from a speculative niche market to a mainstream industry, with even the United States now carrying bitcoin on its balance sheet, something that would have been unthinkable a decade ago.
The company’s biggest growth tailwinds are its artificial intelligence and high-performance computing strategy and Helios, its AI data center campus in West Texas. The site has secured more than 1.6 gigawatts of approved power capacity through ERCOT.
The initial 800 megawatts have already been leased to AI cloud provider CoreWeave ( CRWV ), representing over $7.5 billion in capital investment. With another 830 megawatts approved for expansion, Helios is now valued at well over $15 billion, according to the report.
Novogratz’s long-term goal is to build a multi-billion-dollar portfolio of digital infrastructure assets diversified across regions, tenants and technologies. “Demand for computing is not a cycle, it is a structural condition that will define the next decade.”
On the digital asset side, Galaxy manages about $12.3 billion in platform assets per year. December 31, 2025. Its offerings include over-the-counter spot and derivatives trading, lending, staking across 11 blockchains including Ethereum and Solana, ETFs and institutional-grade custody.
In October 2025, the firm expanded into retail with GalaxyOne, a fintech platform that offers FDIC-insured high-yield accounts, commission-free trading in stocks and crypto, and the ability to automatically reinvest interest in bitcoin.
Despite the industry downturn in the fourth quarter of 2025, the company saw a net loss of $241 million. Novogratz remains optimistic, saying the company is “more clear-eyed about our opportunities than we’ve ever been.”
