Galaxy Digital reported a Q2 net loss of $85 million as revenue fell 15% to $8.7 billion, with adjusted diluted loss of $0.09 per share and negative adjusted EBITDA of $77 million, sending the stock down 14% to $19.07 while trading volumes slipped 7% in its digital assets unit. The company is expanding its AI data center business—completing 133 MW at Helios, expecting roughly $80 million quarterly from a 15-year CoreWeave lease, pushing its power pipeline past 5.7 GW and raising $3.5 billion in senior secured notes as fundraising—but it remains uncertain if AI revenue will offset crypto-driven losses for investors and adoption across CEX and DeFi markets.

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In Brief

Galaxy Digital stock closed down 14% after an $85 million second quarter loss.
Revenue fell 15% to $8.7 billion as digital asset prices declined.
Galaxy expanded its AI data center pipeline to over 5.7 gigawatts.

Galaxy Digital (GLXY) shares closed down 14% on Wednesday after the crypto and AI infrastructure firm reported a second-quarter net loss of $85 million, driven by falling digital asset prices.

The stock fell to $19.07, down from a previous close of $22.14, as revenue dropped 15%, offsetting progress in the company’s artificial intelligence (AI) data center business.

Galaxy Digital (GLXY) Stock Performance. Source: Google Finance

Crypto Losses Weigh on Galaxy Digital’s Results

According to the earnings report, net loss narrowed from $216 million in the first quarter. Revenue fell 15% to $8.7 billion from $10.2 billion in the prior quarter. Adjusted diluted loss reached $0.09 per share.

The company pointed to the depreciation of digital asset prices during the period. Its Treasury and Corporate segment posted an adjusted gross loss of $42 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a negative $77 million. Total equity stood at $2.7 billion at quarter’s end.

The digital assets unit held up better, lifting adjusted gross profit 34% from the prior quarter to $66 million. However, trading volumes slipped 7% as market activity cooled. The results echo pressure seen across recent crypto earnings reports.

AI Buildout Gains Momentum

Beyond trading, Galaxy is leaning into AI data center expansion. It completed the first phase of power delivery at its Helios campus in Texas, supplying 133 MW of critical computing load to CoreWeave under a 15-year lease.

The company expects that lease to generate roughly $80 million in quarterly revenue at margins above 90% starting in the third quarter. After the quarter ended, Galaxy bought three more Texas sites, pushing its power pipeline beyond 5.7 GW.

“Q2 marked the segment’s first quarter of revenue-generating operations….Data Centers generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA in Q2 2026,” the firm reported.

To fund the next stage, the firm raised $3.5 billion in senior secured notes due 2031 on July 28. The proceeds will go back into the construction of Helios I, Phase II.

Whether that AI revenue can offset the volatility of crypto trading will shape how Wall Street values crypto stocks like Galaxy in the quarters ahead.

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