Galaxy Digital Inc. reported a net loss of $216.3 million for the first quarter of 2026, a significant improvement compared to a net loss of $295.4 million in the same period of 2025. The company's revenues for the quarter totaled $10.04 billion, down 23% from $12.98 billion year-over-year. The decline in revenue was primarily attributed to a decrease in digital asset sales, which fell by 22% to $9.96 billion, reflecting lower trading volumes and average digital asset prices. Despite the revenue drop, the company recorded gains from operations of $171.8 million, a notable recovery from a loss of $120.3 million in the prior year.
Operating expenses also decreased, totaling $10.45 billion, down from $13.25 billion in the previous year, largely due to reduced transaction expenses and general administrative costs. However, impairment of digital assets rose significantly to $284.4 million, up 153% from $112.4 million in the prior year, indicating increased exposure to digital assets that do not qualify for fair value treatment. Compensation and benefits expenses increased by 47% to $83.5 million, reflecting a rise in headcount.
In terms of strategic developments, Galaxy Digital has been actively expanding its operations, particularly in the high-performance computing (HPC) sector. The company is developing its Helios data center campus in Texas, which has received approval for an additional 830 megawatts of power capacity, bringing the total approved capacity to over 1.6 gigawatts. This expansion is expected to support the growing demand for AI and HPC infrastructure. Additionally, Galaxy launched its GalaxyOne platform in October 2025, aimed at providing retail investors access to both traditional and digital markets.
As of March 31, 2026, Galaxy Digital's total assets were reported at $9.99 billion, a decrease from $11.35 billion at the end of 2025, primarily due to a decline in digital asset values. The company held $3.67 billion in digital assets, down from $4.54 billion, while total liabilities also decreased to $7.21 billion from $8.31 billion. The company’s cash and cash equivalents stood at $910.7 million, reflecting a decrease of 26.9% from the previous quarter. Looking ahead, Galaxy Digital aims to leverage its diversified business model and strategic investments to navigate the evolving digital asset landscape and capitalize on growth opportunities in the HPC sector.
About Galaxy Digital Inc.
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