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.
Essentially, Galaxy’s investment in Ripple’s private equity has continued to gain value as the blockchain company attracts institutional investors, which has increased its corporate valuation.
Galaxy Names Ripple Among Investment Gain Drivers
According to Galaxy’s quarterly report filed with the U.S. SEC, the $386.5 million gain for the three months ended Sept. 30, 2026, marked a 30% increase from the $297.8 million recorded in the same period of 2025.
The company recorded $411.9 million in unrealized gains across its investment positions, but realized losses of $25.4 million reduced the overall amount.
The 10-Q filing named Etched.ai, Forward Industries Inc., Bitcoin ETFs, and Ripple Labs Inc. as the main contributors to its quarterly unrealized investment gains.
For the nine months ended Sept. 30, 2026, Galaxy also identified Ripple, Etched.ai, and Galaxy Venture Fund as the leading private investment contributors to its unrealized gains.
Galaxy Digital recorded the investment gains under its broader Treasury and Corporate segment, which generated $419 million in adjusted gross profit during the third quarter.
How Galaxy Digital Built Its Ripple Position
Galaxy has held an interest in Ripple Labs for several years, which makes 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. This position represented more than 5% of Galaxy’s total investment balance and placed Ripple among just three investments that accounted for such a large share of its holdings.
Galaxy increased its exposure to Ripple in 2026 through the purchase of privately held shares from Linqto, the bankrupt pre-IPO investment platform.
A U.S. Bankruptcy Court approved the sale of approximately $130 million in Ripple shares to four institutional buyers, with Galaxy Digital leading the group.
Galaxy acquired $60 million worth of shares, making it the largest buyer in the transaction. Arrington Capital followed with a $50 million investment.
This purchase further increased Galaxy’s direct ownership in Ripple as the company’s private valuation continued to rise. The growing value of that stake also explains why Ripple contributed to Galaxy’s unrealized investment gains in Q3 2026.
Ripple Labs Equity Valuation Through 2026
Ripple has also seen rising valuation in recent times. In March 2026, the company reached a $50 billion valuation, compared with the $11.3 billion valuation recorded during its January 2024 share buyback. This marked an increase of approximately 343% over 26 months.
On March 12, 2026, Ripple announced a tender offer to buy back up to $750 million in shares from investors and employees. The offer placed the company’s valuation at $50 billion, representing a 25% increase from its previous $40 billion valuation in November 2025.
Ripple reached the earlier valuation after securing $500 million in funding during its first external investment round since its $200 million Series C in December 2019. Its rising valuation has also followed 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 holds its Ripple shares directly, not through an investment fund.