Galaxy Books $85M Q2 Loss, Stays Zen With a $66M Crypto Side Hustle 💼

Galaxy Digital posted an $85 million net loss for the second quarter of 2026 on Wednesday, citing the depreciation of digital asset prices during the period. The result translated to a $0.09 loss per share. Revenue totaled $8.7 billion, down 15% from $10.2 billion in the first quarter of 2026 and short of the $12.7 billion analyst consensus compiled by Yahoo Finance.

Shares of Galaxy fell 6.2% in premarket trading to $20.70, poised to extend a nearly 10% decline over the past month. The total crypto market capitalization dropped approximately 15% during the quarter, falling to $2 trillion on June 30 from $2.35 trillion on April 1, according to CoinMarketCap data.

Despite the broader market slump, Galaxy said its digital assets segment generated $66 million in adjusted gross profit and $11 million in adjusted EBITDA, a 34% quarter-over-quarter increase in adjusted gross profit. The company described the result as reflecting the "resilience of our business model and further demonstrates that our earnings are becoming less dependent on the direction of digital asset prices." EBITDA strips out financing costs, taxes, asset value changes and one-time expenses to measure core operating profit.

Galaxy also reported $20 million in adjusted gross profit from its AI data centers during the quarter, driven by capacity delivery to CoreWeave. The company reaffirmed expectations of $1 billion in annual revenue from its 15-year partnership with CoreWeave. In August 2024, Galaxy secured $1.4 billion to expand its Texas Helios AI data center.