Galaxy Digital Inc., the crypto financial services conglomerate founded and run by billionaire Michael Novogratz, posted a narrower-than-estimated first-quarter loss, citing a shift toward data centers in the business mix as recurring fee revenue and transaction income continue to improve. Revenue was higher than analysts’ estimates.
The net loss was $216 million, or 49 cents a share, driven primarily by the depreciation of digital asset prices in the quarter, Galaxy said in a statement Tuesday. Revenue was around $10 billion, compared with a consensus estimate of $8.8 billion of analysts surveyed by Bloomberg. Shares of the New York-based firm fell about 4% in pre-market trading.