Mike Novogratz\u2019s digital asset company Galaxy Digital posted a $216 million loss in the first quarter of 2026, extending losses from the prior year.<\/p>\n
Galaxy Digital (GLXY) reported<\/a> first-quarter earnings Tuesday of a loss of $0.49 per diluted share, compared with a loss of $0.86 in Q1 2025. The earnings came in ahead of expectations, according to MarketBeat analysts, who had expected<\/a> a loss of $0.59 per share.<\/p>\n Gross revenue for the quarter ended March 31 was $10.2 billion, compared with $10.2 billion in Q4 2025 and $12.9 billion in the same period a year earlier.<\/p>\n Source: Galaxy Digital<\/em><\/p>\n For the full-year 2025, Galaxy reported<\/a> a net loss of $241 million and gross revenue of $61.4 billion.<\/p>\n Galaxy said it expects growth in its data center business to start in the second quarter of 2026 after it begins recognizing revenue from its Helios campus, its large-scale data center project in Texas. <\/p>\n The quarter underscored Galaxy\u2019s transition from a crypto-market-driven business to one that will increasingly depend on Helios and AI-linked data center revenue for growth.<\/p>\n Galaxy said the quarterly loss was driven largely by weaker digital asset prices, which reduced the value of its holdings and investment positions.<\/p>\n The company said crypto market capitalization fell roughly 20% over the quarter, contributing to weaker asset valuations.<\/p>\n Source: Galaxy Digital<\/em><\/p>\n Digital Assets generated $49 million in adjusted gross profit, while losses were heaviest in Galaxy\u2019s Treasury and corporate segment, which posted a $167 million adjusted EBITDA loss amid market volatility.<\/p>\n Related: <\/strong><\/em>US CLARITY Act will \u2018get done\u2019 in May, says Mike Novogratz<\/strong><\/em><\/a><\/p>\n \u201cDespite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions,\u201d the company added.<\/p>\n Galaxy expects its data center business to start contributing to earnings in the second quarter of 2026 after it begins recognizing revenue from its Helios campus in Texas.<\/p>\n Since acquiring<\/a> the facility in December 2022, Galaxy has been expanding and converting the Helios site in Texas into a large-scale data center campus focused on high-performance computing and AI workloads.<\/p>\n Galaxy\u2019s Helios data center campus under construction for Phase I, April 2026. Source: Galaxy Digital<\/em><\/p>\n Galaxy said 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.<\/p>\n As of March 31, 2026, Galaxy reported $2.8 billion in equity capital, up 46% year over year. The company said equity was split across digital assets at 33%, data centers at 28% and treasury and corporate holdings at 39%.<\/p>\n Magazine: <\/strong><\/em>Your guide to surviving this mini-crypto winter<\/strong><\/em><\/a><\/p>\n<\/div>\nWeaker crypto prices weighed on results<\/h2>\n
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<\/figure>\n<\/p>\nData centers seen as long-term growth driver<\/h2>\n
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