Galaxy Digital reported a softer start to 2026 on Tuesday, saying first-quarter net loss came in at $216 million, or $0.49 per diluted and adjusted share, as weaker digital asset prices weighed on results across the business. The company also posted an adjusted gross loss of $88 million and adjusted EBITDA loss of $188 million for the three months ended March 31, 2026.
Even so, Galaxy said it ended the quarter with $2.8 billion in total equity and $2.6 billion in cash and stablecoin holdings, showing that the balance sheet remained sizable despite the rougher market backdrop.
The New York-based firm said the quarter was hit primarily by the depreciation of digital asset prices, but the underlying business mix continued to evolve. Galaxy noted that recurring fee revenue and transaction income continued to scale in its digital assets unit, helping adjusted gross profit remain broadly stable even as broader market activity softened.
In the release, the company said digital assets generated adjusted gross profit of $49 million and adjusted EBITDA loss of $19 million, a result that shows the core trading and services business remained profitable on a gross basis but still came under pressure at the operating level.
A closer look at the trading arm shows a mixed picture. Galaxy’s Global Markets business produced $31 million in adjusted gross profit in the quarter, essentially flat from $30 million in the previous quarter, even as industry-wide digital asset trading volumes fell sharply, according to the company.
Galaxy also said its digital asset trading volumes held steady quarter over quarter, while its average loan book size fell 20% to $1.427 billion from $1.795 billion, reflecting both digital asset price depreciation and client deleveraging in a volatile market. The number of trading counterparties rose to 1,691 from 1,620, suggesting the company still saw healthy activity across its client base even in a tougher environment.
Helios Progress Stands Out
The biggest strategic headline came from Galaxy’s Helios data center campus, where the company said it successfully delivered the first data hall to CoreWeave under Phase I of the lease agreement.
That milestone marks the transition from construction to revenue-generating operations, and Galaxy said it remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT load by the end of the second quarter of 2026.
The company also said it received ERCOT approval for an additional 830 megawatts of power capacity at Helios, which doubles total approved capacity to more than 1.6 gigawatts. Galaxy said it expects the data center business to begin contributing more meaningfully in the second quarter as revenue recognition ramps following the April delivery.
That expansion is part of what Galaxy is clearly positioning as a long-term infrastructure story alongside its crypto trading and treasury operations. The company said the Helios campus spans more than 1,500 acres.
Based on committed contractual terms and internal estimates, it could support more than $1 billion in anticipated average annual revenue with an estimated 90% average lease-level EBITDA margin across the full 526 megawatts of contracted critical IT load over the lease term.
Those projections are based on Galaxy’s internal estimates and the terms of the CoreWeave agreements, so actual results may differ, but they give a sense of how central the campus has become to the company’s long-term growth plans.
Treasury and corporate activity remained a drag on the quarter, with Galaxy reporting a $140 million adjusted gross loss and $167 million adjusted EBITDA loss in that segment, largely because of unrealized losses tied to digital assets and investment positions.
The company said Treasury & Corporate exposure spans spot holdings, derivatives, ETFs, equities, venture investments, private equity holdings and fund investments. In other words, Galaxy is still carrying meaningful market sensitivity outside its operating businesses.
It helps explain why the quarter remained highly exposed to price swings in crypto markets. Galaxy shares were trading at $24.78 in the latest intraday update on April 28, down 1.08% from the previous close, with a market value of about $5.52 billion.
The stock traded between $23.76 and $26.08 during the session, showing that investors were still digesting the quarter’s mixed message: weaker earnings on one hand, but a stronger balance sheet, a steadier trading franchise and a major data center milestone on the other.
