Galaxy Digital posts $85M Q2 loss as crypto values fall

Galaxy Digital reported an $85 million net loss for the second quarter of 2026 after digital asset valuations declined. Revenue fell to $8.7 billion from $10.2 billion in the first quarter.

The company posted a loss of $0.09 per share for the quarter and reported revenue below analysts’ estimates of roughly $12.7 billion. Galaxy attributed the net loss largely to declines in digital asset prices during the period.

Shares fell 6.2% in premarket trading to $20.70 and were down about 10% over the past month. The quarter ended June 30, a period in which total cryptocurrency market capitalization fell about 15% to roughly $2 trillion from $2.35 trillion.

On a narrower basis, the digital asset business generated adjusted gross profit of $66 million and adjusted EBITDA of negative $11 million, marking a 34% quarter-over-quarter increase in adjusted gross profit. EBITDA excludes financing costs, taxes, depreciation and one-time items.

In a statement, Galaxy said the results “reflect the resilience of our business model and further demonstrate that our earnings are becoming less dependent on the direction of digital asset prices.”

The company reported $20 million of adjusted gross profit from its AI data centers as it increased capacity delivery to CoreWeave. Galaxy expects $1 billion in annual revenue under a 15-year partnership with CoreWeave and previously secured $1.4 billion in funding in August 2024 to expand its Helios AI data center in Texas.

The firm’s disclosures separate core digital asset profitability from broader market-driven valuation changes.