Galaxy Digital reported a $216 million net loss in the first quarter of 2026, with the result driven mainly by an approximately 20% drop in digital asset prices over the period. On a per-share basis, the company posted a $0.49 loss, better than the consensus estimate of a $1.06 loss. The headline result was weak. The earnings miss many expected did not arrive in the same form.
At quarter end, total assets stood at roughly $10 billion. Equity was $2.8 billion, down 8% from the prior quarter, while cash and stablecoin holdings reached $2.6 billion, giving the firm a sizable liquidity cushion. Digital asset holdings fell to $1.36 billion, a 19% quarter-on-quarter decline that tracked the broader market move. Assets under management stayed near $5 billion during the quarter.
Helios moves from buildout to operating phase
Galaxy said its Helios data center facility in Texas delivered its first data hall to CoreWeave in April 2026. That marks a clear shift from construction work to operations that can begin generating revenue. The company expects data center revenue to start ramping in a more meaningful way during the second quarter. That transition matters because it adds a new reported business stream as trading conditions remain uneven.
The infrastructure plan is large in scale. Galaxy said 133 megawatts are on track for Q2 delivery, with another 830 megawatts secured through ERCOT, and a total pipeline of more than 1.6 gigawatts. For a company best known for crypto financial services, the data center buildout expands its exposure well beyond digital assets and into computing infrastructure tied to AI demand.
Share buyback and public market consolidation
During the quarter, Galaxy repurchased 3.2 million shares for $65 million. It also completed its delisting from the Toronto Stock Exchange, consolidating its public market presence. Those moves came in the same quarter that balance sheet values were pressured by weaker crypto prices.
Attention now shifts to Q2. Two items stand out in the company’s setup: whether digital asset prices recover from Q1 lows, and how quickly recurring revenue from the CoreWeave partnership starts showing up in reported results. The first-quarter numbers already captured the market drawdown. The data center contribution is only starting to appear.