Galaxy Digital Reports $295 Million Q1 Loss Before Nasdaq US Listing

Galaxy Digital Holdings posted a web lack of $295 million in a disappointing first quarter amid a lull within the cryptocurrency market, the corporate introduced Tuesday earlier than U.S. markets opened.

Galaxy, which can start itemizing its shares on the Nasdaq this Friday as half of a bigger reorganization authorised final month by the U.S. Securities and Change Fee, reported a $0.86 loss per share, down from the $388 million Galaxy booked within the year-prior quarter.

These declines got here, though the corporate clocked $12.9 billion in income within the first quarter, up 38% from the final quarter of 2024.

Decrypt reached out to Galaxy Digital for extra remark.

The corporate additionally reported that it had $1.9 billion in fairness capital and $1.07 billion in money and web stablecoins as of March 31, in keeping with the agency’s assertion.

The corporate’s lackluster monetary outcomes got here as digital asset traders pivoted to gold and different risk-off belongings amid indicators of rising geopolitical uncertainty in numerous markets. Crypto costs and shares dipped, hovering round $80,000 in March, as crypto traders retreated from the market after dropping billions of {dollars} in meme cash linked to high-profile people equivalent to U.S. President Donald Trump and Argentine President Javier Milei.

(Crypto costs have since recovered, with Bitcoin lately buying and selling at round $104,200, about 4% off its all-time excessive.)

It additionally comes amid the corporate’s push to increase its partnership with cloud-computing startup CoreWeave, with Galaxy transferring to supply a higher IT load for CoreWeave’s synthetic intelligence and high-performance compute operations at its Helios information middle campus.

That push might obtain a lift from shareholders’ determination earlier this month to redomicile Galaxy in the U.S., the place regulators have overhauled their priorities to assist rising expertise companies and traders and pouring their {dollars} into tech-related shares.

Galaxy shares will checklist on the Nasdaq on Might 16.

On the Toronto Inventory Change, the corporate’s shares are buying and selling at $27.32 CAD—down 3% prior to now day, however up 117% prior to now 12 months.

Edited by James Rubin and Andrew Hayward