Galaxy Digital Stock Drops 7% Despite Data Center Revenue Milestone

Galaxy Digital reported a second-quarter net loss of $85 million, a sharp improvement from the $216 million loss posted in the first quarter. Adjusted earnings per share came in at -$0.09, and shares fell 7.23% after the results. Revenue totaled $8.56 billion, down 15% from $10.21 billion in Q1, with the loss largely tied to $181 million in digital asset impairments as crypto prices declined.

Data Centers Turn A Corner

Galaxy’s Data Centers segment posted its first revenue-generating quarter, bringing in $20 million in adjusted gross profit and $11 million in adjusted EBITDA. The company finished Phase I of its Helios campus in West Texas, handing CoreWeave 200 MW of gross power under a 15-year lease. Quarterly leasing revenue near $80 million is expected starting in the third quarter.

Digital Assets Business Shows Resilience

The Digital Assets segment posted $66 million in adjusted gross profit, up 34% quarter-over-quarter, though adjusted EBITDA stayed negative at -$11 million. Galaxy said the gain “reflects the resilience of our business model” despite weaker crypto prices and trading activity.

Balance Sheet And Expansion Plans

Galaxy ended the quarter with $2.7 billion in total equity and $2.5 billion in cash and stablecoin holdings. After quarter-end, the company added three new Texas data center sites, pushing its total power pipeline above 5.7 GW.