Galaxy Digital Posts $216 Million Q1 Loss as Crypto Market Drops

Highlights:

• Falling crypto prices caused Galaxy Digital to record a net loss of $216 million in Q1.
• The company stayed financially strong with $2.8 billion in equity and $2.6 billion in cash.
• Galaxy delivered its first Helios data center hall to CoreWeave and is now generating revenue.

Galaxy Digital Inc. reported a net loss of $216 million for the first quarter of 2026, mainly due to weaker digital asset prices during the period. The company announced the results on Tuesday through its official PRNewswire release.

The crypto-focused financial services and infrastructure company said its diluted and adjusted earnings per share stood at a loss of $0.49 for the three months ended March 31, 2026. Galaxy also reported an adjusted gross loss of $88 million and adjusted EBITDA loss of $188 million.

Galaxy said the quarter was affected by a sharp drop in the wider crypto market. According to the company, the total crypto market capitalization fell by about 20% during the quarter, reducing the value of its digital asset and investment positions.

Galaxy Digital Reports $216M Q1 Loss as Crypto Prices Fall

Galaxy Digital reported a net loss of $216 million for Q1 2026, primarily driven by a roughly 20% decline in digital asset prices. Total assets stood at around $10 billion, with equity of $2.8 billion and $2.6 billion… pic.twitter.com/FYRFQylRGt

— Wu Blockchain (@WuBlockchain) April 28, 2026

Galaxy Digital Keeps Strong Cash Position

Despite the quarterly loss, Galaxy ended March with $2.8 billion in total equity and $2.6 billion in cash and stablecoins. This included $911 million in cash and cash equivalents and $1.69 billion in stablecoins.

The company’s total assets stood at $9.99 billion at the end of Q1, down from $11.35 billion in the previous quarter. Its net digital assets and investments also declined to $1.36 billion from $1.68 billion in Q4 of the previous year. Galaxy’s Treasury and Corporate segment recorded an adjusted gross loss of $140 million. The company said this was mainly caused by unrealized losses on digital assets and investment positions.

Galaxy’s Digital Asset Business Holds Steady Despite Market Weakness

Galaxy’s Digital Assets business remained more stable compared with the broader market. The segment generated $49 million in adjusted gross profit during Q1. Its adjusted EBITDA loss was $19 million.

The company said trading volumes in its digital asset business stayed flat quarter-over-quarter, even as industry-wide crypto trading volumes dropped sharply. Galaxy’s average loan book size fell 20% to $1.4 billion, mainly because of lower digital asset prices and client deleveraging.

Galaxy’s Asset Management and Infrastructure Solutions business generated $18 million in adjusted gross profit. The company ended Q1 with about $5.0 billion in assets under management and $3.2 billion in assets under stake. It also recorded $69 million in net inflows during the quarter.

After the quarter ended, BlackRock selected Galaxy as an approved validator for staking tied to the iShares Staked Ethereum Trust ETF. Galaxy also announced a new fintech-focused hedge fund expected to launch on May 1, 2026.

Helios Data Center Moves Toward Revenue

Galaxy also gave an important update on its Helios data center campus. The company delivered the first data hall to CoreWeave in April 2026, moving the project from construction toward revenue-generating operations.

Not long ago, a bitcoin mine.

Today, Helios is an operational AI data center.

First data hall delivered to @CoreWeave at Helios — Galaxy's data center campus in West Texas, approved to support up to 1.6GW of capacity and one of the largest developments of its kind in North… pic.twitter.com/VXna2rbhbx

— Galaxy (@galaxyhq) April 28, 2026

Galaxy said it remains on budget and on schedule to deliver most of the 133 megawatts of critical IT load under the Phase I lease agreement by the end of Q2 2026. The company also received ERCOT approval for another 830 megawatts of power capacity at Helios, bringing total approved capacity to more than 1.6 gigawatts.

During the quarter, Galaxy repurchased 3.2 million Class A common shares for $65 million. It also completed its voluntary delisting from the Toronto Stock Exchange, making Nasdaq its sole public listing.