TLDR
- Galaxy Digital shares sank 13.46% as its $85 million quarterly loss hit GLXY.
- Galaxy reported an $85 million net loss as weaker crypto prices hurt earnings.
- Helios produced new data center revenue, but crypto losses outweighed the gains.
- Galaxy expects Helios Phase I to generate about $80 million in quarterly revenue.
- Texas expansion lifted Galaxy’s potential data center power pipeline above 5.7 GW.
Galaxy Digital stock plunged 13.46% to $19.16 after two sharp morning sell-offs. The company reported an $85 million net loss as lower digital asset prices hurt treasury positions. Galaxy combines digital asset services with data centers, which provided a new revenue source during the quarter.
Galaxy Digital posts narrower quarterly loss
Galaxy reported an $85 million second-quarter net loss, compared with a $216 million loss during the previous quarter. Adjusted EBITDA reached negative $77 million, while adjusted gross profit improved to $43 million. The company also reported diluted and adjusted earnings per share of negative $0.09.
Total assets rose 9% quarter over quarter to $10.84 billion by June 30.Total equity declined 2% to $2.72 billion during the same period. Cash and stablecoin holdings fell 6% to $2.46 billion.
Digital Assets generated $66 million in adjusted gross profit, representing 34% quarterly growth. Global Markets contributed $49 million as trading volumes declined 7% from the first quarter. Average loan balances increased slightly to $1.44 billion, while trading counterparties rose 3% to 1,741.
Data center revenue begins at Helios
Galaxy’s Data Centers segment generated $20 million in adjusted gross profit during the second quarter. The business also produced $11 million in adjusted EBITDA after recording a small first-quarter loss. These results marked the segment’s first quarter with revenue-generating operations.
Galaxy delivered 133 megawatts of critical computing capacity to CoreWeave at the Helios campus. The company completed the first phase on schedule under a 15-year lease agreement. Galaxy expects approximately $80 million in quarterly leasing revenue from the phase beginning in the third quarter.
The company also expects project-level adjusted EBITDA margins above 90% from the completed capacity. Treasury and Corporate recorded a $42 million adjusted gross loss. Unrealized losses across digital assets and investment positions drove that segment’s negative $78 million adjusted EBITDA.
Texas expansion deepens infrastructure strategy
Galaxy expanded its Texas data center pipeline beyond Helios after the quarter ended. The company acquired three development sites and raised its potential power pipeline above 5.7 gigawatts. These projects target rising demand for large-scale computing and high-performance infrastructure.
At McGregor Industrial Park, Galaxy plans the Merlin campus across 500 acres. An initial agreement supports 74 megawatts, while future transmission upgrades could increase capacity to 500 megawatts. Galaxy also acquired the Caspian and Selene sites, with potential capacities of 700 and 900 megawatts.
Galaxy started Helios Phase II construction, which targets another 260 megawatts of critical computing capacity. The company expects initial data hall deliveries during the second quarter of 2027. Galaxy also raised $3.5 billion through secured notes to fund the next construction phase.
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