Galaxy Digital Posts $216M Q1 Loss as 20% Crypto Drop Cuts Portfolio Value
Treasury & Corporate Net Digital Asset and Investment Exposure. The firms core digital assets business showed resilience. Adjusted gross profit in the segment reached $49 million, only slightly below the previous quarter, supported by steady fee income and transaction revenue. Trading volumes held flat even as broader market activity declined, while the average loan book shrank 20% to $1.4 billion amid client deleveraging. Pressure was most evident in Galaxys Treasury and corporate unit, which recorded a $140 million adjusted gross loss driven by unrealized losses on digital assets and investments. At the same time, Galaxy is pressing ahead with a strategic pivot toward data infrastructure. In April, shortly after quarter-end, the company delivered its first data hall at the Helios campus to Coreweave, marking the start of revenue generation for the project. The Helios site has also secured regulatory approval for an additional 830 megawatts of power capacity, bringing total approved capacity to more than 1.6 gigawatts. The expansion reflects strong demand for high-performance computing infrastructure, particularly tied to artificial intelligence (AI) workloads. Asset management remained a mixed picture. Assets under management stood at roughly $5 billion, down from the previous quarter due to market depreciation, though the business attracted $69 million in net inflows.