Galaxy Digital reported a $216 million net loss for the first quarter as a roughly 20% decline in the crypto market weighed on its investment portfolio.
The firm’s total assets fell 12% quarter-on-quarter to just under $10 billion, while equity dropped to $2.8 billion, reflecting ongoing volatility in digital asset prices.
Despite the loss, Galaxy maintained a strong liquidity position with $2.6 billion in cash and stablecoins, as it continues to reposition its business toward infrastructure.
The company’s core digital assets segment remained relatively stable, generating $49 million in adjusted gross profit, while trading volumes held steady even as market activity weakened.
Pressure was concentrated in its treasury unit, which recorded a $140 million loss driven by unrealised declines in crypto holdings and investments.
Following the announcement the Galaxy Digital share price was unchanged at $XX.
Galaxy is advancing its Helios data centre project, securing approval for 830 megawatts of additional capacity and beginning revenue generation through a partnership with Coreweave, signalling a strategic shift toward AI-linked infrastructure.