Galaxy Digital Inc. reported a net loss of $216 million for the first quarter of 2026, an improvement from a $295 million loss in the same period last year. The company said continued weakness in cryptocurrency prices weighed on its financial results.
For the quarter ended March 31, revenue totaled $10.04 billion, down from $12.98 billion a year earlier, reflecting reduced market activity and lower digital asset valuations.
Q1 Earnings
Galaxy attributed much of its performance to the broader decline in the cryptocurrency market during the quarter, which led to unrealized losses across its asset holdings and investment positions. Adjusted EBITDA was a loss of $188 million, while adjusted gross loss reached $88 million, according to the company’s earnings release.
In the digital assets segment, Galaxy reported $49 million in adjusted gross profit, although the unit recorded a negative adjusted EBITDA of $19 million. Trading volumes held relatively steady versus the prior quarter even as overall industry volumes fell. The company’s average loan book decreased 20% to $1.4 billion, driven by lower asset prices and reduced client borrowing.
The asset management and infrastructure solutions division produced $18 million in adjusted gross profit. Assets under management were approximately $5 billion at quarter-end, while staked assets totaled $3.2 billion, both down from the prior quarter due to market depreciation. Despite those declines, the division recorded net inflows of $69 million during the period.
The treasury and corporate segment reported an adjusted gross loss of $140 million and an adjusted EBITDA loss of $167 million, primarily the result of unrealized losses related to digital asset positions.
Delivery to CoreWeave
Separately, Galaxy advanced its data center development by delivering the first data hall at its Helios campus to CoreWeave, marking the start of revenue-generating operations under Phase I of their lease agreement. The company said the project remains on schedule and that it expects to deliver most of the campus’ 133 megawatts of critical IT capacity by the end of the second quarter of 2026.
Galaxy also announced that ERCOT approved an additional 830 megawatts of power capacity for the site, bringing the total approved capacity to more than 1.6 gigawatts. Work has begun on the next campus phase, which is expected to add further capacity, with initial deliveries slated to begin 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 the company repurchased 3.2 million shares for $65 million and completed its delisting from the Toronto Stock Exchange, making Nasdaq its sole listing venue.