Galaxy Digital reported a net loss of $216 million for the first quarter of 2026, hit primarily by a roughly 20% decline in digital asset prices across the period. Consensus expectations pointed to a loss of $1.06 per share. Galaxy delivered a loss of $0.49, a beat of more than 50% that will carry more weight in markets than the headline number alone.
Total assets stood at approximately $10 billion at the end of the quarter. Equity came in at $2.8 billion, down 8% from the previous quarter. The company held $2.6 billion in cash and stablecoins, providing a substantial liquidity buffer despite the difficult trading environment. Digital asset holdings fell 19% quarter on quarter to $1.36 billion, tracking the broader market decline.
The Data Center Story
The company’s Helios data center facility in Texas delivered its first data hall to CoreWeave in April 2026, marking the transition from construction to revenue-generating operations. Data center revenue is expected to begin ramping meaningfully through the second quarter.
The scale of Galaxy’s infrastructure ambitions is significant. The company has 133 megawatts on track for Q2 delivery, an additional 830 megawatts secured through ERCOT, and a total pipeline exceeding 1.6 gigawatts. For a company known primarily as a crypto financial services firm, the data center buildout represents a structural diversification into AI infrastructure at a moment when demand for computing capacity is accelerating globally.
Assets under management held at approximately $5 billion across the quarter.
Capital Management
Galaxy repurchased 3.2 million shares for $65 million during the quarter, a signal that management views the current valuation as an opportunity rather than a reflection of the company’s underlying value. The company also completed its delisting from the Toronto Stock Exchange, consolidating its public market presence.
The bull case heading into Q2 rests on two pillars: a recovery in digital asset prices from their Q1 lows, and the beginning of recurring data center revenue from the CoreWeave partnership. If both materialise together, Galaxy’s financial profile looks considerably different by mid-year.
A sustained recovery in digital assets is not guaranteed, and the data center ramp takes time to show up in reported numbers.
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