ATB Capital Markets analyst Martin Toner raised his goal worth on Galaxy Digital Holdings (Galaxy Digital Holdings Inventory Quote, Chart, Information, Analysts, Financials TSX:GLXY) to $75.00 from $60.00 whereas sustaining an “Outperform” score in an Oct. 24 report, following what he known as “report” third-quarter outcomes and rising traction within the agency’s high-performance computing enterprise.
“Earlier than market open on Oct. 21, Galaxy reported report Q3 outcomes which confirmed robust beats throughout the board amidst ongoing operational momentum,” Toner stated. “Whereas 1 / 4 like Q3 shouldn’t be extrapolated or annualized, it’s instructive for traders searching for a well-positioned participant long run in an rising monetary companies house.”
Galaxy reported Q3/25 income of US$28.4-billion, properly above consensus at US$17.1-billion, up 231% yr over yr, largely pushed by a 140% sequential improve in digital asset buying and selling volumes, together with the execution of an 80,000-BTC commerce for one consumer, one of many largest single trades within the firm’s historical past. Web revenue of US$505.1-million beat consensus of US$127.2-million, whereas adjusted gross revenue rose to US$728.4-million, in contrast with US$279.7-million anticipated. Shareholders’ fairness got here in at US$3.17-billion, above ATB’s estimate of US$2.62-billion.
Toner stated that digital asset buying and selling and advisory had been key contributors to the upside. The corporate’s mortgage e-book grew 60% quarter over quarter to US$1.77-billion, and internet digital asset publicity rose 14% to US$2.14-billion. Adjusted EBITDA jumped to US$629-million, up from US$211-million in Q2.
“Q3 outcomes had been positively impacted by Galaxy executing a US$9-billion-plus Bitcoin commerce in July,” he stated. “This showcases the model’s belief and execution capabilities.”
He stated Galaxy’s Helios knowledge centre in Texas continues to advance, with Part I income recognition anticipated within the first half of 2026. The corporate lately closed a US$1.4-billion mission financing facility, with US$430-million drawn by quarter-end, and on Oct. 10 introduced a US$460-million personal funding from a serious international asset supervisor, offering US$325-million in internet proceeds. As of Q3, Galaxy held US$1.1-billion in money, positioning it properly to fund its HPC growth and improvement initiatives.
Toner raised his HPC valuation per share to US$38.50, up from US$27.00, reflecting a 25% chance of a full 3.5GW buildout. His sum-of-the-parts valuation values Galaxy’s digital asset operations at 18× 2026 adjusted gross revenue, with further worth attributed to HPC and balance-sheet belongings.
“We’re constructive on the corporate’s HPC progress and timelines,” Toner stated. “Galaxy is now well-capitalized to fund its improvement initiatives, and its execution stays undervalued.”
He raised his 2025 and 2026 internet revenue forecasts by US$236-million and US$53-million, respectively, whereas sustaining a cautious stance on crypto markets heading into 2026, noting his This fall income projection assumes a US$15-billion sequential drop as a result of flash-crash volatility.
“Our US$75.00 worth goal values Galaxy at 7.7× present e-book worth,” Toner concluded. “We proceed to view the corporate as one of many best-positioned diversified digital asset platforms globally.”
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