Galaxy Digital Reports $216 Million Q1 Net Loss as Crypto Prices Fall About 20%

Galaxy Digital reported a $216 million net loss in the first quarter of 2026 as crypto prices fell, with multiple outlets tying the result to a broad market drawdown.

“Galaxy Digital reported a $216 million first-quarter loss amid a broad crypto market decline, while pushing ahead with its Helios data center project as a new source of revenue”

Bitcoin News

Cointelegraph said the quarter underscored Galaxy’s transition from a crypto-market-driven business to one that will increasingly depend on Helios and AI-linked data center revenue for growth, adding that the quarterly loss was driven largely by weaker digital asset prices that reduced the value of its holdings and investment positions.

Bitcoin News

The Block similarly reported that Galaxy posted a $216 million net loss in the first quarter of 2026, driven largely by declining crypto prices that weighed on its balance sheet, and it described the period as a “transition year.”

Cryptopolitan put the figure at a $216 million Q1 loss with “$0.49 loss per share on both diluted and adjusted terms,” and it said the quarter was mainly hurt by lower crypto prices as the total crypto market value fell about 20% during the same period.

FinanceFeeds also reported a $216 million net loss in the first quarter of 2026 and said the total crypto market capitalization fell about 21% during the quarter.

Several reports anchored the timing to the quarter ending March 31, with Bitcoin News stating that Galaxy reported the net loss of $216 million “for the three months ended March 31.”

Across the earnings coverage, outlets described how the crypto selloff flowed through Galaxy’s balance sheet and segment results, while also reporting cash and equity levels.

Cointelegraph said crypto market capitalization fell roughly 20% over the quarter, contributing to weaker asset valuations, and it reported that Digital Assets generated $49 million in adjusted gross profit while losses were heaviest in Galaxy’s Treasury and corporate segment, which posted a $167 million adjusted EBITDA loss amid market volatility.

CoinCentral

Cryptopolitan added more detail, reporting adjusted EBITDA of negative $188 million and an adjusted gross loss of $88 million, and it said cash and stablecoins stayed near $2.6 billion.

It also reported that total assets dropped to $9.99 billion, down from $11.35 billion in Q4 2025, and that total equity fell to $2.78 billion from $3.04 billion.

Blockspace Media reported that Galaxy reported adjusted EBITDA of $(188) million and an adjusted gross loss of $(88) million for the quarter, and it said the company held $2.6 billion in cash and stablecoins and $2.8 billion in total equity as of March 31.

Bitcoin News said total assets fell 12% quarter-on-quarter to just under $10 billion and equity declined to $2.8 billion, while it described the firm’s liquidity position as holding $2.6 billion in cash and stablecoins.

Decrypt reported that Galaxy’s total assets declined 12% quarter-over-quarter to $9.99 billion from $11.3 billion and said the company’s stock was “little changed on Tuesday,” with shares changing hands around $25 following the opening bell.

While the crypto market slide drove the reported loss, the earnings coverage repeatedly returned to Helios as the pivot point, with multiple outlets describing the handoff of the first data hall to CoreWeave and the expected ramp of revenue.

“Galaxy Digital reported a net loss of $216 million in the first quarter of 2026, but still managed to beat Wall Street estimates as the company leans harder into AI infrastructure”

CoinCentral

Cointelegraph said Galaxy expects growth in its data center business to start in the second quarter of 2026 after it begins recognizing revenue from its Helios campus in Texas, and it reported that it delivered the first data hall to CoreWeave and remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT load under the Phase I lease agreement by the end of Q2 2026.

Cryptopolitan similarly said Galaxy handed over the first data hall to CoreWeave under the Phase I lease agreement, with revenue recognition beginning in April 2026, and it said Helios also got more power capacity approved, with ERCOT clearing another 830 megawatts for the campus, bringing total approved capacity to more than 1.6 gigawatts.

The Block described the Helios milestone as being delivered in West Texas under its lease agreement with CoreWeave, expected to generate more than $1 billion in annual revenue across the full buildout, and it quoted executives describing the milestone as “the single most important de-risking event this business has experienced.”

FinanceFeeds said the company recently delivered its first data hall at the Helios campus in West Texas under a lease agreement with CoreWeave, and it stated that the full buildout of the site is expected to generate more than $1 billion in annual revenue.

Blockspace Media reported that the company received ERCOT approval for an additional 830 megawatts of power capacity at Helios, bringing total approved capacity to more than 1.6 gigawatts, and it added that Phase II construction for 260 megawatts is underway with data hall deliveries expected to begin in the first half of 2027.

Cointelegraph also tied the Helios ramp to a specific revenue timeline, saying the data center business is expected to start contributing to earnings in the second quarter of 2026 after it begins recognizing revenue from its Helios campus in Texas.

CEO Mike Novogratz and Galaxy executives used the earnings call to frame the quarter as part of a broader industry transition, even as the financial statements reflected crypto-driven volatility.

The Block quoted Novogratz saying, “For digital assets, this is a transition year — globally, we’re moving from a speculative asset class, the 'crypto casino,' some would call it, to a technology that will be embedded across industries worldwide,” and it added that he said he remains “bullish on both our data centers and digital assets platforms.”

Cointelegraph

FinanceFeeds reported that Novogratz framed the period as part of a structural transition and included his quote about “the ‘crypto casino,’ some would call it,” while also stating that “the first time we’ve really started to see a decoupling of our business from the price.”

Cointelegraph said the quarter underscored Galaxy’s transition from a crypto-market-driven business to one increasingly dependent on Helios and AI-linked data center revenue for growth, and it described the shift as recurring fee revenue and transaction income scaling to provide greater resilience in softer market conditions.

Cryptopolitan echoed the idea of resilience by saying fee revenue and transaction income helped the unit hold up while crypto prices and market activity weakened, and it reported that Galaxy’s Digital Assets business generated $49 million in adjusted gross profit.

Decrypt reported that Novogratz acknowledged the balance sheet lost money because crypto prices are down, but said the first-quarter deficit was partially offset by reduced headcount and a major shift in exposure to Hyperliquid’s native token, adding that he said, “We’re optimistic on both sides of the business.”

Cointelegraph also reported that Galaxy said it delivered the first data hall to CoreWeave and remains on budget and on schedule, reinforcing the operational milestone as the counterweight to the market-driven loss.

The earnings coverage also pointed to what Galaxy is doing after the quarter, including liquidity positioning, share repurchases, and additional infrastructure and product steps that could shape future results.

“Source: Galaxy Digital For the full-year 2025, Galaxy reported a net loss of $241 million and gross revenue of $61”

Cointelegraph

Cointelegraph said as of March 31, 2026, Galaxy reported $2.8 billion in equity capital, up 46% year over year, and it described equity split across digital assets at 33%, data centers at 28% and treasury and corporate holdings at 39%.

crypto.news

Cryptopolitan reported that Galaxy ended the quarter with $2.8 billion in total equity and $2.6 billion in cash and stablecoins, and it said Asset Management brought in $69 million of net inflows despite weaker digital asset prices.

Cointelegraph and Blockspace Media both described share repurchases, with CoinCentral reporting that the company bought back 3.2 million shares for $65 million and that operating expenses fell to $147 million, down 7% from the prior quarter.

Blockspace Media reported that after the quarter ended, BlackRock selected Galaxy as an approved validator for the iShares Staked Ethereum Trust ETF, BlackRock’s first rewards-generating crypto exchange-traded product.

It also reported that ERCOT approval for an additional 830 megawatts brought total approved capacity to more than 1.6 gigawatts, while Phase II construction for 260 megawatts is underway with data hall deliveries expected to begin in the first half of 2027.

Finally, The Block said Galaxy expects revenue from its data center segment to begin ramping in the second quarter, and it described the Digital Assets segment generating $49 million in adjusted gross profit during the bearish quarter, just barely falling short of the $51 million seen in the previous quarter.