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Galaxy Digital had a rough quarter. The firm posted an $85 million net loss for Q2 2026, driven almost entirely by falling cryptocurrency prices that hammered valuations across its digital asset holdings. Revenue came in at $8.7 billion — a miss by any measure, given Wall Street had penciled in $12.7 billion.
The numbers landed Wednesday. Revenue dropped 15% from $10.2 billion in Q1, and the net loss worked out to $0.09 per share. Analysts weren’t kind about it. The gap between the $12.7 billion estimate and the actual $8.7 billion print is pretty hard to spin, and the market didn’t bother trying. Galaxy shares fell 6.2% in premarket trading, hitting $20.70. That’s on top of a near 10% slide already logged over the prior month. Not a great run.
Crypto Market Dropped 15% by June 30
The broader crypto market didn’t help. Total market capitalization fell nearly 15% during the quarter, sliding from $2.35 trillion on April 1 to roughly $2 trillion by June 30. That kind of move hits a firm like Galaxy hard when a chunk of its balance sheet is tied to digital assets whose prices basically set the floor for earnings.
But it’s not all bad. Galaxy did manage an adjusted gross profit of $66 million for the quarter, and adjusted EBITDA came in at $11 million. The gross profit figure was actually 34% higher than the previous quarter — which is a strange thing to say about a quarter with an $85 million net loss, but that’s kind of where Galaxy is right now. The company has been pushing hard to separate its profitability story from the day-to-day swings in crypto prices, and the adjusted numbers suggest that effort isn’t totally failing.
Galaxy’s own framing leaned into that point. The company said its business model is less dependent on market volatility than the headline loss makes it look. Whether investors buy that framing is another question — the premarket drop says plenty.
CoreWeave Deal and the Texas Helios Bet
The clearest sign of where Galaxy wants to go is its AI data center push. The company pulled in $20 million in adjusted gross profit from AI data center operations in Q2 alone, as it ramped up capacity delivery for CoreWeave. And the numbers attached to that partnership are big. Galaxy is projecting $1 billion in annual revenue from the 15-year CoreWeave deal. That’s the kind of recurring, long-duration revenue stream that looks very different from riding Bitcoin up and down every quarter.
To back that up, Galaxy secured $1.4 billion to expand the Texas Helios AI data center. The scale of that commitment is worth sitting with for a second — $1.4 billion is a serious infrastructure bet, and it’s aimed squarely at building out the physical capacity needed to meet AI compute demand. CoreWeave, for its part, is a significant player in the GPU cloud and AI infrastructure space, so the partnership isn’t a stretch. It probably makes sense for both sides.
The Helios expansion fits into a pattern. Galaxy has been quietly building an argument that it’s not just a crypto firm anymore — it’s an infrastructure company that happens to also trade digital assets. The AI data center revenue, still relatively small at $20 million in adjusted gross profit for the quarter, is meant to grow into something that can cushion the blow when crypto prices drop 15% in a single quarter.
That cushion isn’t fully built yet. The Q2 loss makes that clear.
Still, the trajectory on the AI side seems to be moving in the right direction. Capacity delivery to CoreWeave is expanding, the 15-year contract gives long-term revenue visibility that’s basically absent on the crypto trading side, and the $1.4 billion secured for Helios means the infrastructure buildout has funding behind it. Whether the timeline lines up with what investors want to see is unclear, and no one gave a specific date for when AI revenue would become large enough to offset a bad crypto quarter.
The $20 million in Q2 AI gross profit is a start. But $20 million against an $85 million net loss is still a gap.
Galaxy’s Q2 report is basically two stories running at the same time. One is a crypto firm getting hit by a market-wide downturn, missing revenue estimates by a wide margin, and watching its stock slide. The other is an infrastructure company slowly building a data center business that could, eventually, change how the whole earnings picture looks. Right now, the first story is louder.
Adjusted EBITDA for the quarter: $11 million. Adjusted gross profit: $66 million, up 34% from Q1. AI data center adjusted gross profit: $20 million. Net loss: $85 million. Revenue: $8.7 billion.
Frequently Asked Questions
What caused Galaxy Digital’s $85 million net loss in Q2 2026?
Galaxy cited declining digital asset prices as the primary driver, with total crypto market capitalization falling nearly 15% to $2 trillion by June 30, 2026.
How much does Galaxy expect to earn from its CoreWeave partnership?
Galaxy projects $1 billion in annual revenue from its 15-year partnership with CoreWeave, backed by $1.4 billion secured for expanding the Texas Helios AI data center.
