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 designed to lead it.”
Over the years, Galaxy has grown from a purely digital asset company to a diversified platform that includes asset management, institutional trading, and AI-powered high-performance computing data centers.
Novogratz noted that the digital asset economy has evolved from a speculative niche market to a mainstream industry, and even the United States now has bitcoin on its balance sheet, something that would have been inconceivable a decade ago.
The biggest tailwind for the company’s growth is its AI 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 are already leased to AI cloud provider CoreWeave (CRWV), representing more than $7.5 billion in capital investment. With an additional 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. “Computing demand is not a cycle, it is a structural condition that will define the next decade.”
In terms of digital assets, Galaxy manages approximately $12.3 billion in platform assets as of December 31, 2025. Its offerings include over-the-counter spot and derivatives trading, lending and staking on 11 blockchains, including Ethereum and Solana, ETFs, and institutional-grade custody.
In October 2025, the company expanded into retail with GalaxyOne, a fintech platform that offers high-yield FDIC-insured accounts, commission-free stock and cryptocurrency trading, and the option to automatically reinvest interest into bitcoin.
Despite the industry slowdown in the fourth quarter of 2025, the company experienced a net loss of $241 million. Novogratz remains optimistic, saying the company is “clearer-eyed about our opportunity than ever.”
