Galaxy Digital posted an $85 million net loss for the second quarter of 2026, which it attributed to the depreciation of digital asset prices during the period. The company's new AI data-center business turned its first profit, and the $0.09 per-share loss beat Wall Street's expectations even as total revenue missed forecasts.
Galaxy Digital reported an $85 million net loss for the second quarter of 2026, translating into a $0.09 loss per share that the company attributed to falling digital asset prices during the period. Revenue fell 15% to $8.7 billion from $10.2 billion in the first quarter, well short of the $12.7 billion consensus compiled by Yahoo Finance. The broader backdrop was rough: total crypto market capitalization fell nearly 15% during the quarter, sliding to $2 trillion by June 30 from $2.35 trillion on April 1, according to CoinMarketCap data.
Yet the digital-asset business itself held up. It generated $66 million in adjusted gross profit, a 34% jump quarter-over-quarter, which Galaxy said shows "our earnings are becoming less dependent on the direction of digital asset prices."
Data centers turn their first profit
Adjusted gross profit from AI data centers reached $20 million for the quarter, as Galaxy ramped up capacity delivery to CoreWeave under a 15-year partnership the company expects will generate $1 billion in annual revenue. According to Crypto Briefing, Galaxy completed Phase I of its Helios campus in West Texas, delivering 133 MW of critical IT load to CoreWeave, and projects roughly $80 million in quarterly leasing revenue starting in Q3 2026.
The company also acquired a 500-acre site in McGregor, Texas that could add 500 MW of capacity, pushing its Texas power pipeline past 5.7 GW, Crypto Briefing reported. That marks a sharp swing from the prior quarter, when Galaxy lost $216 million, Crypto Briefing said.
Shares slide despite the earnings beat
Galaxy's shares fell 6.2% in premarket trading Wednesday to $20.70, extending a nearly 10% decline over the past month. The $0.09 per-share loss nonetheless beat the consensus forecast of a $0.28 loss, according to CryptoProwl. Management said it remains in talks with prospective tenants for another 830 megawatts of capacity at the Texas campus, though no new leases were announced during the quarter.
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