Galaxy Digital reported $386.5 million in net investment gains during Q3 2026, naming Ripple Labs Inc. among the companies that contributed to the result.
In effect, Galaxy’s investment in Ripple’s private equity has continued to appreciate as the blockchain company attracts institutional investors, raising its corporate valuation.
Galaxy Cites Ripple Among Contributors to Investment Gains
Galaxy’s quarterly report filed with the U.S. SEC showed a gain of $386.5 million for the three months ended Sept. 30, 2026. That was a 30% increase from the $297.8 million reported for the same period in 2025.
The company recorded $411.9 million in unrealized gains across its investment positions, while realized losses of $25.4 million brought down the overall figure.
Galaxy’s 10-Q filing identified Etched.ai, Forward Industries Inc., Bitcoin ETFs, and Ripple Labs Inc. as the main contributors to unrealized investment gains for the quarter.
For the nine months ended Sept. 30, 2026, Galaxy also named Ripple, Etched.ai, and Galaxy Venture Fund as the leading private investment contributors to its unrealized gains.
Galaxy Digital reported the investment gains in its broader Treasury and Corporate segment, which generated $419 million in adjusted gross profit in the third quarter.
How Galaxy Digital Built Its Ripple Position
Galaxy has held an interest in Ripple Labs for several years, making its latest investment gains part of a longer investment history.
As of June 30, 2025, the company held $97.3 million worth of Ripple shares. The position made up more than 5% of Galaxy’s total investment balance, placing Ripple among only three investments that represented such a large share of its holdings.
Galaxy expanded its Ripple exposure in 2026 by buying privately held shares from Linqto, the bankrupt pre-IPO investment platform.
A U.S. Bankruptcy Court approved the sale of approximately $130 million worth of Ripple shares to four institutional buyers, led by Galaxy Digital.
Galaxy bought $60 million worth of shares, the largest purchase in the transaction. Arrington Capital followed with a $50 million investment.
The purchase further increased Galaxy’s direct ownership in Ripple as the company’s private valuation continued to climb. The rising value of the stake also helps explain Ripple’s contribution to Galaxy’s unrealized investment gains in Q3 2026.
Ripple Labs Equity Valuation Through 2026
Ripple’s valuation has also risen recently. In March 2026, the company reached a valuation of $50 billion, up from the $11.3 billion valuation recorded during its January 2024 share buyback. That represented an increase of approximately 343% over 26 months.
On March 12, 2026, Ripple announced a tender offer to repurchase up to $750 million in shares from investors and employees. The offer valued the company at $50 billion, a 25% increase from its previous valuation of $40 billion in November 2025.
Ripple reached the earlier valuation after raising $500 million in its first external investment round since its $200 million Series C in December 2019. Its valuation has also risen following the resolution of its legal dispute with the SEC and the arrival of more institutional investors.
These investors include SBI Holdings, Google Ventures, Tetragon, Citadel Securities, Andreessen Horowitz, Fortress Investment Group, and Brevan Howard. Galaxy Digital owns its Ripple shares directly rather than through an investment fund.
Source: thecryptobasic.com. Adapted by NBTC.
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