Gate News message, April 28 — Galaxy Digital reported a $216 million net loss in Q1 2026, driven largely by a roughly 21% decline in the crypto market cap that weighed on the firm’s treasury and investments.
CEO Mike Novogratz attributed the losses to an industry in transition, stating: “For digital assets, this is a transition year — globally, we’re moving from a speculative asset class to a technology that will be embedded across industries worldwide.” Despite the market-wide downturn, Galaxy reported flat trading volumes, marking what Novogratz called “the first time we’ve really started to see a decoupling of our business from the price.”
Novogratz expressed confidence in Galaxy’s data center business as a hedge against crypto volatility. The firm recently delivered its first data hall at its Helios campus in West Texas under a lease agreement with CoreWeave, expected to generate over $1 billion in annual revenue at full buildout. Executives called this milestone “the single most important de-risking event this business has experienced.”
Galaxy’s Digital Assets segment generated $49 million in adjusted gross profit during Q1, nearly matching the $51 million from the prior quarter. The company flagged growing institutional demand for blockchain infrastructure, including custody, trading, and tokenization, noting that “the entirety of the capital markets ultimately needs to be rewired.” Galaxy stock (GLXY) traded at $25.30 on Tuesday, up marginally 1% on the day.
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