Galaxy Digital

Galaxy Digital is a Nasdaq-listed digital assets and AI infrastructure company that sits at the intersection of institutional finance and the onchain economy. Founded in February 2018 by Michael Novogratz — formerly a partner and co-founder at Fortress Investment Group — the firm operates across trading, asset management, custody, staking, tokenization, and high-performance compute. Across all of those lines, Solana has become one of the firm's most actively developed platforms.

Business Overview

Galaxy organizes its operations into three segments.

Digital Assets is the core business and encompasses Galaxy Global Markets (institutional trading, lending, and derivatives), Galaxy Asset Management (alternatives, ETFs, venture capital, and advisory), and Onchain Infrastructure (custody through GK8, staking, and tokenization services). As of Q2 2026, the firm reported 10.8 billion USD in total assets, 7.1 billion USD in combined assets under management and assets under stake, and 2.5 billion USD in cash and stablecoins on the balance sheet.

Data Centers operates under the Helios brand, running gigawatt-scale facilities and high-performance compute infrastructure designed for AI workloads. The firm has secured 1.6 gigawatts of approved power capacity and signed an 800-megawatt lease with CoreWeave, expected to generate over 1.2 billion USD in annual revenue across its phases.

Treasury and Corporate supports the firm's balance sheet and capital allocation across both segments.

Galaxy's shares trade on Nasdaq under the ticker GLXY. The company originally listed on the Toronto Stock Exchange in 2018 and moved its primary listing to Nasdaq in May 2025.

GalaxyOne and Institutional Products

GalaxyOne is Galaxy's unified client platform, offering a single interface for cash, cryptocurrency, equities, and yield-generating products. It is aimed at institutional and high-net-worth clients who want exposure across multiple asset classes without maintaining relationships with a constellation of separate custodians and brokers. The platform gives clients access to Galaxy's full suite — trading execution, lending, staking rewards, and tokenized assets — through one interface.

On the asset management side, Galaxy has partnered with multiple established financial institutions to bring regulated crypto exposure to traditional investors. Products include a spot Bitcoin ETF (BTCO) launched in January 2024 with Invesco, a spot Ether ETF (QETH) launched in July 2024, and crypto ETFs distributed in Canada through CI Asset Management and in Brazil through Itaú Asset Management. Bitcoin and ether exchange-traded commodities launched on Deutsche Börse in April 2024 through DWS. Three actively managed digital asset and disruptive technology ETFs (DECO, HECO, TEKX) are distributed through State Street Global Advisors.

Solana Strategy

Solana has become a central focus for Galaxy across infrastructure, treasury, and product development.

Validator Operations. Galaxy has operated one of the largest institutional Solana validator businesses globally for several years, providing staking infrastructure to third-party asset managers and their clients. In April 2026, BlackRock selected Galaxy as a validator for the iShares Staked Ethereum Trust ETF, and the firm similarly provides validator and staking infrastructure for Morgan Stanley's digital-asset exchange-traded products — relationships that reflect the institutional credibility Galaxy's infrastructure operations have accumulated.

Institutional DeFi Access via GK8. GK8, Galaxy's institutional custody and tokenization subsidiary, expanded its secure DeFi access to include the Solana blockchain in July 2025. The integration enables financial institutions and crypto funds to interact directly with Solana-based protocols — including Orca, Raydium, and Jupiter — through GK8's patented Impenetrable Vault and unified Multi-Party Computation (uMPC) technology, without relinquishing the security guarantees of self-custody. This brought Solana into GK8's multi-chain custody framework, which already covered Ethereum and EVM-compatible networks.

SOL Staking for Clients. In March 2026, GalaxyOne introduced Solana staking for eligible clients, offering up to 6.50% variable annual rewards, powered by Galaxy's own validator infrastructure. This made SOL staking available through the same platform clients use for cash management and equity exposure.

Invesco Galaxy Solana ETP. On December 15, 2025, Galaxy and Invesco launched the Invesco Galaxy Solana ETP (ticker: QSOL), providing direct, regulated spot exposure to SOL for investors who want to access Solana's native asset through a traditional securities wrapper.

Equity Tokenization on Solana. In September 2025, Galaxy and Superstate tokenized Galaxy's own Class A common stock on the Solana blockchain, with Superstate acting as the digital transfer agent for approved investors. Galaxy described this as the first tokenization of SEC-registered public equity directly on a major public blockchain — using Solana as the settlement and record-keeping layer for a regulated equity security.

Balance Sheet and Treasury Moves. Galaxy has made substantial direct SOL acquisitions. In April 2025, the firm swapped 100 million USD worth of ether for SOL on-chain, a portfolio rotation that signaled a strategic shift in its treasury posture. By September 2025, Galaxy had accumulated over 530 million USD in additional SOL holdings. That same month, Galaxy led a 1.65 billion USD private placement for Forward Industries alongside Jump Crypto and Multicoin Capital, structured to fund a Solana-focused digital asset treasury strategy. Galaxy Asset Management was engaged to actively manage Forward Industries' SOL treasury.

CEO Mike Novogratz articulated the rationale publicly: Solana's throughput — capable of processing up to 14 billion transactions per day by his estimate — makes it, in his view, "tailor-made" for financial markets including equities, fixed income, commodities, and foreign exchange. Novogratz coined the phrase "season of SOL" in September 2025 to describe what he sees as a structural shift in institutional attention toward Solana as a settlement and tokenization platform.

Research and Market Intelligence

Galaxy's research division publishes substantive reports on Solana ecosystem activity alongside its broader macro and crypto market work. The Solana Q2 2026 Update, titled "Building for the Tokenized Economy," covered DeFi, prediction markets, and real-world asset integration on Solana. The firm also published "26 Crypto, Bitcoin, DeFi, and AI Predictions for 2026," which placed tokenization and stablecoin adoption as central themes. This research output is distributed freely and serves as a meaningful signal of how Galaxy is orienting its own capital and product decisions.

Institutional Partnerships

Beyond its Solana-specific work, Galaxy has built partnerships at the center of the institutional digital asset market. A multi-year agreement with BNY focuses on institutional digital-asset infrastructure development, announced in August 2026. Galaxy's validator selection by BlackRock and its staking infrastructure agreements with Morgan Stanley reflect its standing among the small group of firms capable of meeting the compliance and operational standards major financial institutions require.

Galaxy Digital is headquartered in New York. Leadership includes CEO Michael Novogratz — who founded the firm after a career that included serving as a macro trader at Goldman Sachs and later as a partner at Fortress Investment Group — and President and Chief Investment Officer Christopher Ferraro.