Galaxy Digital Inc. Cuts Losses to $216M: Yet $10B Revenue Drop Signals Market Slowdown

Galaxy Digital Inc. posted a first-quarter 2026 net loss of $216 million. The figure improved from a $295 million loss a year earlier, as weaker cryptocurrency prices continued to pressure its results.

Revenue for the quarter ended March 31 came in at $10.04 billion, down from $12.98 billion in the same period last year, amid a slowdown in market activity alongside a decline in digital asset valuations.

Q1 Earnings

The company attributed its performance largely to the decline in the overall crypto market during the quarter, resulting in unrealized losses across its holdings and investment positions. Adjusted EBITDA stood at a loss of $188 million, while adjusted gross loss reached $88 million, according to the official press release.

In its digital assets segment, Galaxy reported $49 million in adjusted gross profit, though the unit recorded a negative adjusted EBITDA of $19 million. Trading activity remained steady compared to the previous quarter, even as broader industry volumes fell, while the average loan book declined 20% to $1.4 billion due to lower asset prices and reduced client borrowing.

The asset management and infrastructure solutions division generated $18 million in adjusted gross profit, while assets under management were around $5 billion and staked assets at $3.2 billion by the end of the quarter. Both were down from the prior quarter due to market depreciation.

Despite this, the firm recorded $69 million in net inflows during the period. The treasury and corporate segment reported an adjusted gross loss of $140 million and an adjusted EBITDA loss of $167 million. This was driven mainly by unrealized losses tied to digital asset positions.

Delivery to CoreWeave

Separately, Galaxy advanced its data center operations by delivering the first data hall at its Helios campus to CoreWeave, which is the start of revenue-generating activity under its Phase I lease agreement. The company said the project remains on track and plans to deliver most of the 133 megawatts of critical IT capacity by the end of the second quarter of 2026.

It also received approval from ERCOT for an additional 830 megawatts of power capacity at the site, which pushed the total approved capacity to more than 1.6 gigawatts. Galaxy has begun work on the next phase of the campus, which is expected to add further capacity. The initial deliveries are projected to start in the first half of 2027.

As of March 31, Galaxy reported total equity of $2.8 billion and held $2.6 billion in cash and stablecoins. During the quarter, it repurchased 3.2 million shares for $65 million and completed its delisting from the Toronto Stock Exchange, leaving Nasdaq as its sole listing venue.