tl;dr
Galaxy Digital Holdings reported a first-quarter net loss of $295 million and a loss of $0.86 per share, down from a $388 million loss the previous year. Despite this, revenue rose 38% from the last quarter of 2024 to $12.9 billion. The company has $1.9 billion in equity capital and $1.07 billion in...
Galaxy Digital Holdings reported a $295 million net loss in Q1 despite a 38% revenue increase, reflecting challenges amid a crypto market lull and shifting investor preferences.
The company plans to list on Nasdaq on May 16 following an SEC-approved reorganization and is expanding its partnership with AI-focused cloud startup CoreWeave.
Shares declined 3% recently on the Toronto Stock Exchange but have gained 117% over the past year amid regulatory shifts favoring tech investments.
Galaxy Digital’s first-quarter net loss was $295 million, or $0.86 per share, improving from a $388 million loss the previous year. Revenue rose 38% from the last quarter of 2024 to $12.9 billion. As of March 31, the company held $1.9 billion in equity capital and $1.07 billion in cash and net stablecoins.
The financial downturn coincided with investor caution amid geopolitical uncertainties, leading to a shift toward safer assets. Bitcoin prices, which had dipped to around $80,000 in March, recovered to roughly $104,200.
Galaxy is enhancing its partnership with CoreWeave to support AI and high-performance computing through CoreWeave’s Helios data center campus.
The move to redomicile in the U.S. aligns with regulatory changes aimed at supporting emerging technology firms and investors, facilitating the upcoming Nasdaq listing on May 16.
Despite the recent 3% drop, Galaxy’s shares on the Toronto Stock Exchange have surged 117% over the past year, highlighting strong investor interest amid evolving market conditions.