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 declaration that the digital economy is real and that Galaxy is built to lead it.”
Over the years, Galaxy has evolved from a pure-play digital asset company to a diversified platform including asset management, institutional trading, and AI-driven 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 holds bitcoin on its balance sheet, which would have been inconceivable a decade ago.
The company’s primary growth driver is its artificial intelligence and high-performance computing strategy and Helios, its AI data center campus in West Texas. The site has obtained more than 1.6 gigawatts of electricity capacity approved 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 well above $15 billion, according to the report.
Novogratz’s long-term goal is to build a multi-billion dollar portfolio of digital infrastructure assets diversified in terms of regions, tenants and technologies. “Compute demand is not a cycle, it is a structural condition that will define the next decade. »
On the digital assets side, Galaxy manages approximately $12.3 billion in platform assets as of December 31, 2025. Its offerings include spot and over-the-counter derivatives trading, lending, 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 offering FDIC-insured high-yield accounts, commission-free stock and crypto trading, and the ability to automatically reinvest interest in bitcoin.
Despite the industry slowdown in the fourth quarter of 2025, the company reported a net loss of $241 million. Novogratz remains optimistic, saying the company is “more clear-eyed than ever about our opportunity.”
