Galaxy reports $85M net loss amid Q2 crypto market slump

Galaxy Digital reported an $85 million net loss for the second quarter of 2026 as cryptocurrency valuations declined in the period.

That resulted in a $0.09 loss per share posted on Wednesday which Galaxy attributed to the depreciation of digital asset prices during the quarter. 

Revenue at $8.7 billion was down 15% from $10.2 billion in the first quarter of 2026. Analysts had forecast a consensus of $12.7 billion, according to estimates compiled by Yahoo Finance.

Galaxy’s shares fell 6.2% in premarket activity on Wednesday to $20.70, set to extend a nearly 10% decline over the past month.

The total crypto market capitalization fell nearly 15% during the quarter, to $2 trillion on June 30 from $2.35 trillion on April 1, according to CoinMarketCap data.

Despite the slump, the company reported that digital assets generated adjusted gross profit of $66 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $11 million, marking a 34% quarter-over-quarter increase in adjusted gross profit. EBITDA measures a company’s core operating profit by removing financing costs, taxes, asset value changes and one-time expenses.

Galaxy said this reflects the “resilience of our business model and further demonstrates that our earnings are becoming less dependent on the direction of digital asset prices.” 

The company also reported generating adjusted gross profit of $20 million from AI data centers during the quarter, as it ramped up capacity delivery to CoreWeave. Galaxy expects $1 billion in annual revenue from its 15-year partnership with CoreWeave. The company secured $1.4 billion to expand its Texas Helios AI data center in August 2024.

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