Galaxy Digital (GLXY), the digital asset financial services firm founded by Mike Novogratz, reported a net loss of $216mn for the first quarter of 2026.
This narrowed from a $482mn loss in the fourth quarter, even as the broader crypto market declined about 20%. The company released results on 28 Apr and beat analyst expectations.
Adjusted earnings per share came in at -$0.49, ahead of the consensus estimate of -$0.76. Revenue reached $10.2bn, topping estimates of $8.7bn.
The firm ended the quarter with $2.6bn in cash and stablecoins. It repurchased 3.2mn shares for $65mn under its $200mn share repurchase programme. The buyback more than offset dilution from 2025 employee stock-based compensation issuances, returning capital to shareholders. Galaxy also completed its shift to a primary Nasdaq listing.
Shift toward data centres
Galaxy advanced its infrastructure expansion. In April, it delivered the first data hall at its Helios campus in Texas to CoreWeave, a provider of computing power for artificial intelligence. The company said it remains on track to activate substantially all 133 megawatts by the end of June.
It has secured approvals for more than 1.6 gigawatts of total power capacity. Management stated that the long-term leases could generate more than $1bnin average annual revenue with high EBITDA margins once fully ramped up.
This delivery marks an early milestone in Galaxy’s strategy to repurpose former mining infrastructure at Helios into large-scale AI and high-performance computing capacity, creating predictable, long-duration revenue streams less tied to crypto volatility.
The results reflect the firm’s continued exposure to crypto prices through treasury holdings. As of 31 Mar, Galaxy’s Treasury & Corporate segment held net digital asset and investment exposure of $1.36bn, with Bitcoin at $431mn, Solana at $61mn and Ether at $42mn.
As of 14:45UTC, Galaxy’s shares were up 2.4% on the day to $25.24 and are up 10% year-to-date. For comparison, Coinbase Global (COIN) traded up 0.8% at $191.70, and is down 17% year-to-date, while MicroStrategy (MSTR) fell 2% to $160.48 and is up 3.8% year-to-date.
