Galaxy Digital reported a $216 million first-quarter net loss ($0.49 per share) driven by declining crypto asset values, though this beat analyst expectations of $0.93 per share and improved from the $295 million loss a year earlier. The New York-based firm, led by Mike Novogratz, saw total assets decline 12% to $9.99 billion as digital asset values dropped $316 million, with treasury holdings including $431 million in Bitcoin, $61 million in Ethereum, and $42 million in Solana. The loss was partially cushioned by strategic exposure to Hyperliquid's native token, which rallied 56% year-to-date, and by reduced headcount. Galaxy Digital expects its data center business to reach an inflection point in Q2 with delivery of its first data hall to AI cloud provider CoreWeave, while the recently launched retail platform GalaxyOne diversifies beyond traditional institutional trading and lending services.
Story comments
Loading comments…