Galaxy Digital (NASDAQ: $GLXY) reported a net loss of $216 million for the first quarter of 2026, reflecting a softer digital-asset market that pressured its balance sheet and investment positions even as several parts of the business continued to hold up operationally. The company also reported diluted and adjusted EPS of $(0.49), with management attributing the quarter largely to the roughly 20% decline in total crypto market capitalization over the period.
The quarter reads less like a breakdown in the business than a reminder of how exposed Galaxy still is to broader crypto price swings, even as it continues to broaden its platform. The company ended March with $2.8 billion in total equity and about $2.6 billion in cash and stablecoins, giving it a sizable liquidity cushion despite the loss. That balance sheet remains one of Galaxy’s more important signals, especially as the company continues to push across trading, asset management, staking and data center infrastructure at the same time.
The operating picture underneath the headline loss was more mixed than outright weak. Galaxy said its digital asset trading volumes stayed flat quarter over quarter even as broader industry trading activity fell sharply. Global Markets generated $31 million in adjusted gross profit, while Asset Management & Infrastructure Solutions delivered $18 million.
The company also ended the quarter with approximately $5.0 billion in assets under management, $3.2 billion in assets under stake, and $69 million in asset management net inflows, suggesting some of its fee-oriented businesses continue to add resilience even when treasury and principal positions are under pressure.
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Galaxy also pointed to a more tangible infrastructure milestone ahead, saying revenue recognition began in April with the delivery of the first data hall at its Helios campus to CoreWeave under the Phase I lease agreement. That matters because it gives the company a clearer path toward non-crypto-market-linked earnings as its AI and data center business starts moving from buildout into commercialization.
The near-term earnings profile is still tied closely to digital-asset prices, but the shape of the company is becoming more diversified than the quarter’s top-line loss alone might suggest.
Galaxy Digital Inc. (NASDAQ: GLXY) stock is currently trading at $25.35 U.S. per share.