Is Galaxy Digital (GLXY) halal?
Galaxy Digital (TSX/Nasdaq: GLXY), the crypto financial services firm led by Mike Novogratz, gets a FAIL: interest-based crypto lending is a disclosed core activity with a US$1.44B average loan book, and debt is ~39% of market cap vs the ~33% ceiling.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — FAILED
Galaxy Digital Inc. (TSX and Nasdaq: GLXY) describes itself as a global leader in digital assets and data center infrastructure, led by CEO Mike Novogratz. Its Q2 2026 disclosures (SEC 8-K, August 5, 2026) show a financial-services business built around crypto lending, trading, derivatives, and asset management: Digital Assets / Global Markets - institutional crypto trading across 1,741 counterparties and crypto lending with an average loan book of US$1,438M (up quarter over quarter, with rising new originations and a pre-launched Galaxy Onchain Financing Rate); Asset Management and Infrastructure Solutions - including the newly launched Galaxy Fintech Fund, a long-short hedge fund, and tokenized funds; Treasury and Corporate - spot digital-asset positions plus derivatives, shorts, and hedges; and Data Centers - the Helios campus leased to CoreWeave. Interest-based lending is a disclosed core activity, alongside derivatives, prediction markets, and a long-short hedge fund - these are prohibited primary activities under AAOIFI, so the business-activity gate fails. Facts only, no fatwa.
Gate two: the ratios — FAILED
The ratios gate also fails on debt. The Q2 2026 SEC 8-K (June 30, 2026) shows notes payable of US$3,262.8M (US$437M current plus US$2,826M non-current) and loans payable of US$286.7M, for interest-bearing debt of about US$3,549.5M. Against a market capitalization of about US$9.03B (391,395,647 shares outstanding - Class A 194,798,949 plus Class B 196,596,698 - at US$23.07, September 29, 2026 market data), that is roughly 39% debt-to-market-cap - over the ~33% ceiling. Cash and stablecoins of US$2,459M at June 30, 2026 are about 27% of market cap. Income: the company discloses no separate interest-income line; lending interest is embedded in revenue with no breakdown, so the interest-income ratio is unverifiable - moot because the business gate already fails. All figures recomputed from the cited sources; Galaxy Digital reports in US dollars.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Galaxy Digital (GLXY) as of September 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures and the ratios computed from its filings.
The bottom line
Galaxy Digital (GLXY) is a FAIL: interest-based crypto lending is a disclosed core business (average loan book of US$1,438M, growing originations, and a pre-launched Galaxy Onchain Financing Rate), alongside OTC prediction markets, derivatives/shorts/hedges, and a long-short hedge fund - these are prohibited primary activities under AAOIFI, so the business gate fails. Debt also fails the gate at about 39% of market cap. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Sources
- Galaxy Digital Q2 2026 financial results release (prnewswire, Aug 5, 2026)
- Galaxy Digital Q2 2026 SEC 8-K filing (quotemedia PDF, filed Aug 5, 2026)
Frequently asked questions
Is Galaxy Digital stock halal?
Based on this screener AAOIFI-style checks, Galaxy Digital fails: interest-based crypto lending is a disclosed core business (average loan book of US$1,438M with rising originations), alongside OTC prediction markets, derivatives/shorts/hedges, and a long-short hedge fund - prohibited primary activities, so the business gate fails. Debt is also about 39% of market cap, over the ~33% ceiling. This is a screening result, not investment advice or a religious ruling.
Why does Galaxy Digital fail the business test?
The business gate: interest-based crypto lending is a disclosed core activity (average loan book US$1,438M in Q2 2026, growing, with a pre-launched Galaxy Onchain Financing Rate), plus OTC prediction markets, derivatives/shorts/hedges in Treasury, and the newly launched Galaxy Fintech long-short hedge fund. These are prohibited primary activities under AAOIFI, not incidental non-compliant income.
How much debt does Galaxy Digital have relative to its market value?
About 39%: US$3,549.5M of debt (notes payable US$3,262.8M plus loans payable US$286.7M) at June 30, 2026, divided by a market cap of about US$9.03B (391,395,647 shares at US$23.07, September 29, 2026) - over the ~33% ceiling this screener uses.
What does Galaxy Digital do?
Galaxy Digital Inc. (TSX and Nasdaq: GLXY), led by CEO Mike Novogratz, is a digital-asset financial services company: institutional crypto trading, crypto lending, asset management, treasury trading, and data center infrastructure (the Helios campus leased to CoreWeave).
Do Zoya, Musaffa, or ShariaPortfolio rate Galaxy Digital?
No public coverage was found as of September 2026: no public Zoya page for the ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures and the ratios computed from its filings.