Mike Novogratz’s digital asset firm Galaxy Digital posted a $216 million loss within the first quarter of 2026, extending losses from the prior yr.
Galaxy Digital (GLXY) reported first-quarter earnings Tuesday of a lack of $0.49 per diluted share, in contrast with a lack of $0.86 in Q1 2025. The earnings got here in forward of expectations, in line with MarketBeat analysts, who had anticipated a lack of $0.59 per share.
Gross income for the quarter ended March 31 was $10.2 billion, in contrast with $10.2 billion in This autumn 2025 and $12.9 billion in the identical interval a yr earlier.
Supply: Galaxy Digital
For the full-year 2025, Galaxy reported a internet lack of $241 million and gross income of $61.4 billion.
Galaxy mentioned it expects progress in its information heart enterprise to start out within the second quarter of 2026 after it begins recognizing income from its Helios campus, its large-scale information heart venture in Texas.
The quarter underscored Galaxy’s transition from a crypto-market-driven enterprise to 1 that can more and more depend upon Helios and AI-linked information heart income for progress.
Weaker crypto costs weighed on outcomes
Galaxy mentioned the quarterly loss was pushed largely by weaker digital asset costs, which lowered the worth of its holdings and funding positions.
The corporate mentioned crypto market capitalization fell roughly 20% over the quarter, contributing to weaker asset valuations.
Supply: Galaxy Digital
Digital Property generated $49 million in adjusted gross revenue, whereas losses had been heaviest in Galaxy’s Treasury and company section, which posted a $167 million adjusted EBITDA loss amid market volatility.
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“Regardless of the pullback in digital asset costs and exercise, adjusted gross revenue remained broadly secure, reflecting a shift within the enterprise combine as recurring charge income and transaction earnings proceed to scale and supply higher resilience in softer market situations,” the corporate added.
Information facilities seen as long-term progress driver
Galaxy expects its information heart enterprise to start out contributing to earnings within the second quarter of 2026 after it begins recognizing income from its Helios campus in Texas.
Since buying the power in December 2022, Galaxy has been increasing and changing the Helios web site in Texas right into a large-scale information heart campus centered on high-performance computing and AI workloads.
Galaxy’s Helios information heart campus underneath development for Part I, April 2026. Supply: Galaxy Digital
Galaxy mentioned it delivered the primary information corridor to CoreWeave and stays on funds and on schedule to ship considerably all 133 megawatts of essential IT load underneath the Part I lease settlement by the tip of Q2 2026.
As of March 31, 2026, Galaxy reported $2.8 billion in fairness capital, up 46% yr over yr. The corporate mentioned fairness was cut up throughout digital property at 33%, information facilities at 28% and treasury and company holdings at 39%.
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