Galaxy Digital Posts $216M Q1 Loss, Assets Fall to $10B

Galaxy Digital reported a $216 million net loss for the first quarter of 2026, or $0.49 per share on both diluted and adjusted bases, the company reported. Total assets fell to $9.99 billion from $11.35 billion at the end of Q4 2025, and total equity declined to $2.78 billion from $3.04 billion.

Cash and stablecoins remained essentially flat at $2.605 billion versus $2.606 billion in the prior quarter. Net crypto assets and investments declined 19% to $1.36 billion from $1.68 billion. The company attributed the reduction in total assets primarily to markdowns in cryptocurrency and investment positions as crypto prices fell roughly 20% during the quarter.

On an adjusted basis, Galaxy recorded an adjusted gross loss of $88 million and adjusted EBITDA of negative $188 million for Q1, an improvement from adjusted figures of negative $398 million and negative $518 million in Q4 2025. On a GAAP basis, the firm reported $10.21 billion in gross revenues and gains from operations, nearly unchanged from Q4, while gross transaction expenses were $10.02 billion, down 3% from $10.31 billion.

The Digital Assets business generated $49 million in adjusted gross profit, down from $51 million in Q4, and posted adjusted EBITDA of negative $19 million versus negative $29 million in the prior quarter. Fee revenue and transaction income helped support the unit amid weaker crypto prices and lower market activity.

Treasury & Corporate recorded an adjusted gross loss of $140 million and adjusted EBITDA of negative $167 million, an improvement from larger losses in Q4 2025. Across the company, adjusted gross profit improved from negative $398 million in Q4 to negative $88 million in Q1.

Helios, Galaxy’s data center campus, delivered its first data hall to CoreWeave under a Phase I lease and began recognizing revenue in April 2026. The Helios business produced $3.1 million in adjusted gross profit for the quarter, down from $4.6 million in Q4, and posted adjusted EBITDA of negative $0.9 million. Regulatory approval from ERCOT added 830 megawatts of power capacity for the campus, bringing approved capacity to more than 1.6 gigawatts. Galaxy has started civil and structural work on Phase II, a 260-megawatt expansion with initial data hall deliveries expected in the first half of 2027.

Asset Management & Infrastructure Solutions reported $18 million in adjusted gross profit. The company ended the quarter with about $5.0 billion in assets under management and $3.2 billion in assets under stake, and it recorded net inflows of $69 million during Q1 despite falling crypto prices. After the quarter closed, Galaxy was named an approved validator for staking related to the iShares Staked Ethereum Trust ETF. The firm also announced a new fintech hedge fund focused on traditional finance, blockchain infrastructure and new technology with a planned May 1 launch.

During the quarter, Galaxy repurchased 3.2 million Class A shares for $65 million, covering more than the dilution tied to 2025 employee stock awards. The company completed its voluntary exit from the Toronto Stock Exchange and is now listed only on Nasdaq.