Galaxy Digital posts $216M Q1 loss; Helios revenue due Q2

Galaxy Digital reported a $216 million net loss for the first quarter of 2026 after digital asset prices declined about 20% over the period. The company recorded a loss of $0.49 per diluted share for the quarter, compared with a $0.86 per-share loss in the same quarter a year earlier.

Gross revenue for the quarter ended March 31 was $10.2 billion, unchanged from the fourth quarter of 2025 and down from $12.9 billion in Q1 2025. For full-year 2025, Galaxy reported a net loss of $241 million and gross revenue of $61.4 billion.

Galaxy attributed the quarterly loss primarily to weaker digital asset prices, which reduced the value of its holdings and investment positions. The Digital Assets business produced $49 million in adjusted gross profit. Losses were concentrated in the Treasury and corporate segment, which posted a $167 million adjusted EBITDA loss amid market volatility.

In its regulatory filings, the company noted that adjusted gross profit remained broadly stable despite lower asset prices because recurring fee revenue and transaction income continued to grow and offset some trading weakness. “Despite 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,” Galaxy wrote.

Galaxy said it expects its Helios data center campus in Texas to begin generating revenue in the second quarter of 2026. The company acquired the site in December 2022 and has been converting it into a large-scale facility for high-performance computing and AI workloads. Galaxy delivered the first data hall to CoreWeave and reported it remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT load under the Phase I lease by the end of Q2 2026.

As of March 31, Galaxy reported $2.8 billion in equity capital, up 46% year over year. The company reported its equity allocation at about 33% to digital assets, 28% to data centers and 39% to treasury and corporate holdings.

Galaxy described the quarter as part of a transition from a business more directly tied to crypto market cycles toward one that will increasingly depend on Helios and AI-linked data center revenue for future growth.