Galaxy Digital reports $482M net loss in Q4 2025

Galaxy Digital, the institutional digital asset and blockchain services firm led by Mike Novogratz, announced a comprehensive net loss of $482 million for the fourth quarter ended December 31, 2025. This result significantly undershot market expectations and reflects the deep impact of a broad market correction across major cryptocurrencies and venture investment valuations during the period.

The firm attributed the substantial quarterly loss primarily to unrealized losses stemming from its holdings of digital assets, which experienced heavy depreciation, and markdowns taken on strategic equity investments within its principal investments division. These figures contrast sharply with the modest profit reported in the preceding third quarter of 2025.

Key financial impacts included significant impairment charges totaling $150 million related to underperforming venture portfolio assets, alongside a $300 million decrease in the fair value of digital assets on its balance sheet.

Commenting on the results, CEO Mike Novogratz stated: ‘Q4 2025 proved to be one of the most volatile periods we have navigated, driven by persistent macroeconomic uncertainty and delayed regulatory clarity. While the headline loss is disappointing, our balance sheet remains strong, and we are proactively implementing stringent cost-reduction measures and operational efficiencies. Our strategic focus for 2026 will center on expanding our asset management franchise and capitalizing on eventual market recovery through targeted advisory services.’

Source: Galaxy Digital reports $482M net loss in Q4 2025