Quick Take
- Galaxys Helios Phase I campus is expected to generate roughly $80 million in quarterly leasing revenue beginning in Q3.
- Galaxy expanded its AI infrastructure pipeline to more than 5.7 GW of potential power capacity across Texas.
Galaxy Digital shares fell nearly 13% in early trading Wednesday after the company reported an $85 million second-quarter net loss, as weaker digital asset prices overshadowed what executives described as an inflection point for its AI infrastructure business, which generated revenue for the first time.
The digital asset finance and data center infrastructure firm reported a net loss of $85 million in the second quarter, mostly due to the depreciation of digital asset prices. Treasury and corporate reported a $42 million adjusted gross loss, driven by unrealized losses on digital assets and investment positions, while adjusted EBITDA improved to a loss of $77 million from $188 million in the first quarter.
Galaxy Digital (GLXY) stock price chart. Source: The Block/TradingView
Despite the weaker crypto market backdrop, Galaxy's operating businesses improved, generating $86 million in adjusted gross profit and $1 million in adjusted EBITDA, both major improvements over the prior quarter. Meanwhile, its digital assets segment increased adjusted gross profit 34% quarter-over-quarter to $66 million.
Executives said the results show that the business is becoming “less dependent on the overall direction of the market.”
Data center pipleline
Galaxy's Helios data center business generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA during its first quarter of revenue-generating operations, following the phased delivery of 133 MW of IT load under Galaxy's long-term lease with CoreWeave.
With Phase 1 now fully online, Galaxy expects the project to generate roughly $80 million in quarterly leasing revenue beginning in the third quarter.
“This quarter, both sides delivered,” CEO Mike Novogratz said on the earnings call. “The [Helios] campus is now generating cash flow.” He added that while “crypto bear markets are the best time to build,” Galaxy is seeing growing institutional demand for the infrastructure underpinning digital asset markets.
Galaxy (GLXY) also grew its AI infrastructure pipeline since the end of the quarter, acquiring three additional development sites in Texas to bring its total potential power capacity to more than 5.7 gigawatts. The company separately completed a $3.5 billion private debt offering to fund the construction of Helios' second phase.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.