Galaxy Digital narrows Q1 loss, hands first data hall to CoreWeave as it leans into AI-driven data center demand
Galaxy Digital (GLXY) trimmed its first-quarter loss as a business pivot toward recurring revenue and tighter cost controls helped offset weaker crypto-market conditions. The crypto-focused merchant bank reported a net loss of $216 million, or $0.49 a share — better than the $0.59-per-share loss analysts had expected. Revenue fell to $10.2 billion from $12.9 billion a year earlier, reflecting the drag from lower cryptocurrency prices.
A major shift in Galaxy’s strategy is now visible: the firm delivered its first data hall at the Helios campus in Texas to GPU-cloud specialist CoreWeave (CRWV). That handover marks the start of revenue under a long-term lease tied to artificial-intelligence workloads — a high-growth segment many crypto firms are moving into as mining and trading volumes soften.
“Adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions,” Galaxy said. The company added that disciplined expense management helped narrow the adjusted EBITDA loss, underscoring a renewed focus on operating efficiency.
The Helios site is ramping quickly: Galaxy expects the facility to deliver 133 megawatts of computing power by the end of the second quarter, and it has secured approval for an additional 830 megawatts on the campus — pushing total potential capacity to more than 1.6 gigawatts.
Despite the encouraging operational update, GLXY shares slipped for a second day, down about 0.84% to $24.84 at the latest trade.
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