Galaxy Digital shares fell 6.2% in premarket trading on Wednesday to $20.70, following the reporting of its second-quarter results.
The company reported a $85 million net loss for the second quarter of 2026. During the same period, Galaxy Digital's diluted and adjusted loss per share narrowed to $0.09, compared to $0.49 in the first quarter.
Revenue for the second quarter reached $8.7 billion, a 15% decrease from the $10.2 billion recorded in the first quarter. This figure fell below the $12.7 billion in revenue forecasted by Wall Street analysts according to Yahoo Finance estimates.
Decrease in second-quarter revenue compared to the first quarter
Digital assets and data center operations
The company's digital assets operation generated $66 million in adjusted gross profit, a 34% increase quarter-on-quarter, though it recorded an adjusted EBITDA of -$11 million. This performance occurred as the total crypto market capitalization fell nearly 15% during the second quarter of 2026, dropping from $2.35 trillion on April 1 to $2 trillion on June 30, according to CoinMarketCap data.
Galaxy Digital's data center business generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, reversing an adjusted EBITDA loss of $900,000 in the first quarter.
The Helios Phase I campus generated revenue for the first time in the second quarter.
Expansion and infrastructure financing
Galaxy Digital delivered 200 megawatts of gross power, including 133 megawatts of critical IT capacity, to CoreWeave under a 15-year lease.
Earnings are becoming less dependent on the direction of digital asset prices
To fund the construction of Helios Phase II, Galaxy Digital's subsidiary, Galaxy Helios Data Centers II LLC, closed a $3.5 billion private offering of senior secured notes due 2031 on July 28. Total debt exceeded $6 billion following this offering.
The company has acquired three new sites in Texas for new data centers. Galaxy Digital stated it is in discussions with prospective tenants for an additional 830 megawatts of approved capacity at Helios.
CEO Mike Novogratz had stated earlier in the year that he expected the remaining capacity of the 1.6-gigawatt Texas site to be leased by the end of the summer.
