Galaxy Digital Stock Earnings Reports

Galaxy Digital reported a tough Q1 driven by a ~20–25% decline in crypto prices, resulting in a GAAP net loss of $216M and firm-wide adjusted EBITDA of negative $188M. Management emphasized material operational progress in the Data Center business (Helios): first data hall delivered to CoreWeave, Phase 1 on track to deliver ~133 MW by end of Q2, Phase 2 under construction (260 MW) with active financing processes, and an approved 830 MW of front-of‑meter capacity with ongoing high‑quality customer discussions. The Data Center cash flows (15‑year CoreWeave lease) are expected to begin meaningful revenue ramp in Q2 and materially diversify earnings away from crypto price volatility. The Digital Asset segment produced $49M of adjusted gross profit (roughly flat vs. Q4) despite market weakness, driven by resilient trading volumes, stable lending risk management, $8B AUM in Asset Management with $69M net inflows, and growing institutional demand for Galaxy’s digital infrastructure (custody, wallets, staking, tokenization). Balance sheet highlights: ~$10B total assets, ~$2.8B equity, ~$2.6B cash & stablecoins, $1.4B net digital assets/investments; repurchased $65M of stock in Q1. Management said Phase 2 financing demand is strong, ERCOT rule changes (draft PGRR145) appear to support their baseload eligibility for the approved 830 MW, and Q2-to-date adjusted EBITDA was approximately $90M through last Friday, implying an early improvement in operating performance. Key strategic themes: de‑risking and financing the Helios build, shifting Digital Assets toward recurring infrastructure revenues to reduce cyclicality, and pursuing tokenization/real‑world asset infrastructure as a large long‑term opportunity.