The cryptocurrency and AI infrastructure firm Galaxy Digital posted an $85 million net loss for the second quarter of 2026, driven by a broader decline in digital asset valuations. Revenue fell 15% year-on-year to $8.7 billion, missing analyst expectations of $12.7 billion and marking a sharp slowdown from the $10.2 billion recorded in the first quarter.
The company’s shares slumped 6.2% in premarket trading following the results, as the total value of the cryptocurrency market fell 15% to $2 trillion by June 30, according to CoinMarketCap data. This decline followed a market capitalisation of $2.35 trillion on April 1, reflecting persistent volatility in the sector.
Galaxy cited resilience in its business model, reporting adjusted gross profit of $66 million and $20 million in revenue from AI data centers. The firm highlighted its partnership with CoreWeave, which includes a 15-year revenue agreement and $1.4 billion in funding secured in August 2024 for the Texas Helios AI data center expansion.
Despite the losses, Galaxy noted that its earnings are becoming “less dependent on the direction of digital asset prices,” with adjusted EBITDA of $11 million. The company expects the CoreWeave partnership to generate $1 billion in annual revenue, a factor it described as pivotal to its long-term strategy.
Written by Rebecca Shaw
Industry Desk
