Is Galaxy Digital (GLXY) stock Halal?

Galaxy Digital represents ownership in a publicly traded company focused on digital assets and blockchain technology within the financial services sector. Galaxy Digital operates as a diversified financial services and investment management firm, catering to a broad client base that includes institutional investors, startups, and enterprises engaged in the digital economy. For Muslim investors, though, the most pressing question is simpler: is Galaxy Digital a Halal investment?

Is Galaxy Digital Shariah compliant?

No. In the October 2026 screening Galaxy Digital (GLXY) does not pass AAOIFI screening: it fails the interest-bearing investments and interest-bearing debt screens. Finance is the sector where Shariah screening does the most work, because Riba is not incidental here, it can be the product itself. Galaxy Digital passes the business activity screen only if its revenue comes from permissible services rather than lending at interest, and the financial screens of AAOIFI Shariah Standard No. 21 still apply in full.

Does Galaxy Digital pass the business activity test?

The activity screen is only part of the picture this month: Galaxy Digital currently fails the interest-bearing investments and interest-bearing debt screens, so the overall verdict is not compliant regardless of the business itself. The watch item in this sector is the sharpest of all: revenue must come from permissible services, not from lending at interest.

Is Galaxy Digital's income Halal?

Yes, within AAOIFI's tolerance. Galaxy Digital's income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Galaxy Digital meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps, measured against a market capitalisation of $13.4B (market data as of 1 October 2026): interest bearing investments and interest bearing debt each exceed the limit AAOIFI permits for a Halal investment. The ratios move with the share price as well as the balance sheet, and our Shariah Supervisory Board has GLXY re-screened every month.

Why do other halal screeners show a different verdict for Galaxy Digital?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read What is Riba? A Clear Guide for Ethical Muslim Investing