Galaxy Digital Plunges $85M into Red as Crypto Prices Sink

Galaxy Digital reported an $85 million net loss in Q2 as digital-asset prices plummeted. The company's AI infrastructure pivot, however, generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA.

The segment results pulled in opposite directions, with Treasury and Corporate recording a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss due to unrealized losses on digital assets and investment positions.

Galaxy Digital's quarterly filing says the Data Centers segment initially depends heavily on CoreWeave's performance. The company expects about $80 million of quarterly leasing revenue from its 15-year CoreWeave lease, with a project-level adjusted EBITDA margin above 90% beginning in Q3.