**Bullish Points:**
1. Galaxy reported a net income of $30.7 million for the three months ended June 30, 2025, compared to a net loss of $125.6 million in the same period in 2024.
2. Total revenue for the six months ended June 30, 2025, increased by 19% to $21.6 billion, driven by higher digital asset sales due to increased bitcoin prices.
3. Digital asset sales revenue increased by 19% to $21.4 billion for the six months ended June 30, 2025.
4. Adjusted EBITDA for the three months ended June 30, 2025, was $211.2 million, compared to $(94.8) million in the same period in 2024.
5. Digital assets increased by 35% to $5.2 billion as of June 30, 2025.
6. Total equity increased by 20% to $2.6 billion as of June 30, 2025, driven by proceeds from a public offering of $477.8 million.
7. Cash and cash equivalents increased by 50% to $691.3 million as of June 30, 2025, supported by proceeds from the public offering and operating cash flow.
**Bearish Points:**
1. For the six months ended June 30, 2025, Galaxy reported a net loss of $264.7 million, compared to a net income of $262.5 million in the same period in 2024.
2. Total revenue for the three months ended June 30, 2025, decreased by 2% to $8.7 billion.
3. Operating expenses for the six months ended June 30, 2025, increased by 20% to $22.1 billion, driven by higher transaction expenses and impairment of digital assets.
4. Impairment of digital assets increased by 124% to $127.5 million for the three months ended June 30, 2025, and by 191% to $239.9 million for the six months ended June 30, 2025.
5. Borrowing costs increased by 122% to $41.7 million for the three months ended June 30, 2025, and by 106% to $75.5 million for the six months ended June 30, 2025.
6. Adjusted EBITDA for the six months ended June 30, 2025, was $(78.3) million, compared to $351.3 million in the same period in 2024.
7. Total liabilities increased by 31% to $6.5 billion as of June 30, 2025, primarily due to higher digital assets borrowed.
8. The company recognized a $49.2 million impairment on mining equipment during the six months ended June 30, 2025.
9. Galaxy accrued a legal provision of $148 million as of June 30, 2025, related to a settlement with the New York State Attorney General regarding LUNA digital asset activities.
10. The company is converting its Helios mining campus to AI/HPC data center infrastructure, with significant capital expenditures of $396.5 million during the six months ended June 30, 2025.
**Summary:**
Galaxy Digital Holdings Ltd. (GLXY) has shown a mixed financial performance for the period ending June 30, 2025. On the positive side, the company reported a net income for the three months ended June 30, 2025, and saw significant increases in total revenue and digital asset sales for the six months period. Additionally, the company's digital assets and cash reserves have increased, supported by proceeds from a public offering.
However, the company also faced several challenges, including a net loss for the six months period, increased operating expenses, higher impairment of digital assets, and rising borrowing costs. The company also recognized a significant impairment on mining equipment and accrued a legal provision related to a settlement with the New York State Attorney General.
Overall, while there are positive indicators of growth and improved financial health, the company must address its rising costs and legal challenges to sustain its performance.
For more information, you can read the original text of Galaxy Digital Holdings Ltd.'s financial report .
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