Galaxy reports $85M net loss amid Q2 crypto market slump
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- Galaxy Digital posted an $85 million net loss for Q2 2026, or $0.09 per share, attributing the result to depreciation of digital asset prices during the quarter
- Revenue of $8.7 billion missed the $12.7 billion analyst consensus compiled by Yahoo Finance and was down 15% from $10.2 billion in Q1 2026
- Galaxy's shares fell 6.2% in premarket trading Wednesday to $20.70, set to extend a nearly 10% decline over the prior month
- Total crypto market capitalization dropped nearly 15% during Q2, falling to $2 trillion on June 30 from $2.35 trillion on April 1, according to CoinMarketCap data
- Digital assets still generated $66 million in adjusted gross profit and $11 million adjusted EBITDA, marking a 34% quarter-over-quarter increase — a sign management cited as proof earnings are growing less dependent on crypto price direction
- AI data centers contributed $20 million in adjusted gross profit from the CoreWeave partnership, with Galaxy projecting $1 billion in annual revenue from the 15-year deal and $1.4 billion secured in August 2024 to expand its Texas Helios facility
Why it matters: The $4 billion revenue shortfall versus the $12.7 billion analyst consensus — roughly a 32% miss — illustrates how exposed Galaxy's trading-heavy business remains to crypto price swings, which cost the market 15% of its capitalization during the quarter. Yet the $66 million adjusted gross profit from digital assets (up 34% quarter-over-quarter) and the $20 million from AI data centers give Galaxy's claim that earnings are decoupling from crypto prices some real segment-level support.
