In short
- Galaxy Digital Holdings reported a internet lack of $295 million and losses per share of $0.86.
- The corporate’s weak monetary report got here amid a lull within the cryptocurrency market through the first quarter 0f 2025.
- Nonetheless, the corporate booked $12.9 billion in income, a virtually 40% improve from the earlier quarter.
Galaxy Digital Holdings posted a internet lack of $295 million in a disappointing first quarter amid a lull within the cryptocurrency market, the corporate introduced Tuesday earlier than U.S. markets opened.
Galaxy, which can start itemizing its shares on the Nasdaq this Friday as half of a bigger reorganization authorised final month by the U.S. Securities and Trade Fee, reported a $0.86 loss per share, down from the $388 million Galaxy booked within the year-prior quarter.
These declines got here, though the corporate clocked $12.9 billion in income within the first quarter, up 38% from the final quarter of 2024.
Decrypt reached out to Galaxy Digital for added remark.
The corporate additionally reported that it had $1.9 billion in fairness capital and $1.07 billion in money and internet stablecoins as of March 31, based on the agency’s assertion.
The corporate’s lackluster monetary outcomes got here as digital asset traders pivoted to gold and different risk-off property amid indicators of rising geopolitical uncertainty in varied markets. Crypto costs and shares dipped, hovering round $80,000 in March, as crypto traders retreated from the market after dropping billions of {dollars} in meme cash linked to high-profile people resembling U.S. President Donald Trump and Argentine President Javier Milei.
(Crypto costs have since recovered, with Bitcoin lately buying and selling at round $104,200, about 4% off its all-time excessive.)
It additionally comes amid the corporate’s push to develop its partnership with cloud-computing startup CoreWeave, with Galaxy shifting to supply a larger IT load for CoreWeave’s synthetic intelligence and high-performance compute operations at its Helios knowledge middle campus.
That push might obtain a lift from shareholders’ choice earlier this month to redomicile Galaxy within the U.S., the place regulators have overhauled their priorities to help rising expertise companies and traders and pouring their {dollars} into tech-related shares.
Galaxy shares will record on the Nasdaq on Might 16.
On the Toronto Inventory Trade, the corporate’s shares are buying and selling at $27.32 CAD—down 3% prior to now day, however up 117% prior to now 12 months.
Edited by James Rubin and Andrew Hayward
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