NEW YORK — Dec. 26, 2025 (1:25 p.m. ET): Galaxy Digital stock (NASDAQ: GLXY) is trading lower in a quiet, post-Christmas U.S. session—one of those half-occupied “between the holidays” market days where liquidity thins out and individual names can swing more than the broader indexes. [1]
As of 1:25 p.m. ET, GLXY is around $23.60, down roughly $0.83 (about -3.4%) on the day, after trading between $23.36 and $24.77.
That move is happening against a backdrop of U.S. stocks hovering near record highs with modest midday declines and light volume, while crypto prices are choppy into year-end positioning. [2]
What’s happening with GLXY stock right now
Galaxy Digital is a “two-engine” story in public markets:
- Crypto market activity engine (trading, lending, market-making, asset management and related services)
- Digital infrastructure engine (including its Helios data center build-out tied to AI / high-performance computing demand)
On days like today, GLXY often trades like a high-beta proxy for risk appetite in crypto-linked equities—especially when institutional activity is muted and the tape is driven by thinner flows.
At the same time, the broader U.S. market tone is subdued: midday readings show the major indexes slightly lower after the holiday, with traders also watching how the year-end “Santa Claus rally” period develops. [3]
Crypto context: Bitcoin and Ethereum are wobbling into key year-end positioning
As of the latest market snapshot, Bitcoin is around $87,246 (-~1.1%) and Ethereum is around $2,921 (-~1.0%).
Today also sits alongside a widely watched driver for short-term crypto volatility: large options expiries, which can amplify intraday price swings and ripple into crypto-linked equities. [4]
In fact, market commentary this week has explicitly grouped Galaxy Digital with other crypto-exposed names moving with Bitcoin’s intraday direction and thin year-end liquidity. [5]
The news flow investors are pricing: Galaxy’s recent catalysts (and why they matter)
Galaxy hasn’t just been “riding Bitcoin.” Over the past month, the company has been stacking up announcements that speak to institutional adoption, tokenization, and recurring infrastructure-style revenue—the kinds of themes that can change how investors value the business over time.
1) JPMorgan + Solana + Galaxy: a TradFi-to-blockchain milestone
One of the biggest “institutional credibility” headlines this month: J.P. Morgan arranged a $50 million U.S. commercial paper issuance for Galaxy Digital Holdings on the Solana blockchain, with Coinbase and Franklin Templeton participating as buyers, according to Reuters. [6]
J.P. Morgan itself described the deal as a notable step in connecting traditional instruments with public blockchain rails. [7]
Why it matters for GLXY: This isn’t meme-coin noise. It’s a live example of tokenized money-market-like instruments and on-chain settlement being used by household-name financial institutions—exactly the kind of activity that can expand Galaxy’s addressable market in infrastructure and services.
2) State Street + Galaxy: tokenized liquidity sweep fund planned for early 2026
Galaxy also partnered with State Street Investment Management to tokenize a private liquidity fund with a planned seed investment mentioned at $200 million, per State Street’s announcement. [8]
Reporting also notes an early-2026 target for launching the product on Solana, signaling momentum in institutional tokenization use-cases. [9]
Why it matters: Tokenization efforts—especially those involving major custodians/asset managers—support the narrative that Galaxy can be more than a cyclical trading shop. If tokenized cash management and “on-chain funds” scale, infrastructure providers and integrators may deserve a different multiple.
3) Galaxy expands into Abu Dhabi’s ADGM (Middle East institutional push)
On Dec. 10, Galaxy announced it is opening an office and establishing a new entity in Abu Dhabi Global Market (ADGM) as part of its UAE expansion. [10]
Why it matters: The Middle East has become a major hub for institutional digital-asset activity and capital formation, and ADGM has been growing rapidly as a financial center. [11]
More geography doesn’t automatically equal more profit, but this move fits Galaxy’s institutional strategy.
4) Liquid staking expansion via Alluvial + Liquid Collective
On Dec. 4, Galaxy said it became the Development Company for Liquid Collective through its acquisition of Alluvial Finance. The announcement also notes Liquid Collective has grown to about $1 billion in assets on platform in 2025. [12]
Translation: “Liquid staking” lets institutions stake assets like Ethereum or Solana while receiving a liquid token representing that stake—so capital isn’t locked up. If adoption grows, staking infrastructure can look more like fee-based plumbing than directional trading.
5) Coinbase Prime integration for institutional staking
In late October, Galaxy announced an integration with Coinbase Prime aimed at expanding institutional access to staking solutions by combining custody and staking infrastructure. [13]
Why it matters: Institutions tend to buy “trusted custody + compliance + scale.” Partnerships like this can increase the odds that staking becomes a durable services line rather than a niche offering.
6) Invesco + Galaxy: Solana ETP (QSOL)
Invesco and Galaxy Asset Management announced the launch of the Invesco Galaxy Solana ETP (QSOL) in mid-December. [14]
Why it matters: Whatever your personal feelings about Solana, regulated wrappers are one of the main ways institutions add exposure. Products like these can feed the broader ecosystem of liquidity, hedging, and market infrastructure where Galaxy plays.
7) The Helios data center build-out: Galaxy’s “AI infrastructure” angle
Galaxy’s Helios project has been framed as a long-term effort to add steadier revenue. The company announced it closed a $1.4 billion project financing facility to accelerate Helios development tied to AI/HPC infrastructure. [15]
Management has also indicated it expects to begin generating Data Centers revenue in the first half of 2026 as it starts delivering capacity to CoreWeave under Phase I. [16]
Why it matters: If Helios ramps as planned, investors may increasingly model Galaxy with an “infrastructure cash flow” component rather than valuing it purely off crypto cycle earnings.
Fundamentals check: what Galaxy last reported
In its Q3 2025 results release, Galaxy reported net income of $505 million and adjusted EBITDA of $629 million, attributing strength to its digital assets business and gains on positions. [17]
That kind of quarter is exactly why GLXY can feel “explosive” on the upside in crypto up-cycles—and exactly why investors worry about what earnings look like when volumes cool.
Capital structure headline investors still debate: exchangeable notes
Galaxy also priced an upsized $1.15 billion offering of 0.50% exchangeable senior notes due 2031 (and related filings later described additional issuance tied to the purchaser option). [18]
Why it matters for shareholders:
- These structures can provide lower-cost capital and flexibility.
- They can also create future dilution depending on exchange terms and the stock price path, plus “overhang” concerns if markets expect new shares to come.
This isn’t inherently bearish or bullish—it’s a “read the fine print” item in a stock that already trades with plenty of volatility.
Analyst targets and forecasts: the Street is mostly constructive, but the range is wide
Across common tracking services, GLXY’s consensus tends to land in the mid-$40s with high targets near $60 and lows around the mid-$20s. [19]
Recent rating summaries also highlight the dispersion: for example, one tracker notes a $60 high target (Citizens) versus a $26 low target (Goldman Sachs). [20]
How to read that (without pretending price targets are prophecies):
- Bulls are underwriting institutional adoption + tokenization + staking growth + Helios infrastructure value, often assuming a healthier crypto liquidity backdrop.
- Cautious analysts tend to focus on earnings cyclicality, trading-volume sensitivity, and execution risk on the infrastructure side.
Forecasts are useful as a map of opinions, not as a guarantee of where the stock goes.
Is the market open right now? Yes — and what to know before the next session anyway
At 1:25 p.m. ET in New York, the U.S. equity market is open (regular hours are 9:30 a.m. to 4:00 p.m. ET). [21]
The NYSE also noted an early close for Dec. 24, 2025, but Dec. 26 is part of regular trading for U.S. equities. [22]
Even though the exchange isn’t closed now, holiday weeks create a special “next-session risk” dynamic for GLXY because crypto trades 24/7 while equities don’t. Here’s what matters into the close and ahead of the next session:
1) Watch crypto’s weekend tape risk (Bitcoin/ETH)
If Bitcoin breaks sharply higher or lower while the stock market is shut, GLXY can gap at the next open—sometimes regardless of company-specific news.
2) Thin liquidity can exaggerate moves
AP and Reuters both flagged the post-holiday setup: light participation and low volume, even with indexes near highs. That can amplify sector rotations and single-name volatility. [23]
3) Year-end positioning + macro catalysts
Reuters notes investors are heading into the final stretch of 2025 watching the Fed’s path and key upcoming releases (including Fed minutes next week), as the S&P 500 sits within striking distance of the 7,000 level. [24]
For GLXY, rate expectations matter because they feed into overall risk appetite and liquidity conditions.
4) Company-specific “tells” to monitor
With GLXY already down intraday today, investors often watch:
- whether it reclaims the day’s opening area (~mid-$24s) or closes near lows,
- after-hours headlines related to tokenization partnerships, staking, or Helios timelines,
- and any incremental news tied to banks expanding crypto services (a theme Reuters has highlighted). [25]
The big-picture takeaway for GLXY investors
Galaxy Digital stock sits at a weird (and fascinating) intersection: crypto market plumbing, institutional tokenization experiments, and AI-era data center infrastructure.
Today’s drop looks consistent with a holiday-thin session where crypto-linked stocks are wobbling even as the broader market stays near record levels. [26]
But the more durable question for 2026 is whether Galaxy’s growing list of institutional partnerships—JPMorgan’s on-chain commercial paper, State Street’s tokenized sweep concept, staking infrastructure expansion, and the Helios build—can reduce the company’s dependence on crypto trading cycles and support a steadier earnings profile over time. [27]
References
1. apnews.com, 2. apnews.com, 3. apnews.com, 4. finance.yahoo.com, 5. www.nasdaq.com, 6. www.reuters.com, 7. www.jpmorgan.com, 8. investors.statestreet.com, 9. www.ledgerinsights.com, 10. www.galaxy.com, 11. www.reuters.com, 12. investor.galaxy.com, 13. investor.galaxy.com, 14. www.prnewswire.com, 15. www.galaxy.com, 16. investor.galaxy.com, 17. www.prnewswire.com, 18. investor.galaxy.com, 19. www.marketbeat.com, 20. www.benzinga.com, 21. www.nyse.com, 22. www.nyse.com, 23. apnews.com, 24. www.reuters.com, 25. www.reuters.com, 26. apnews.com, 27. www.reuters.com
