Galaxy Digital Posts $85M Net Loss Amid Crypto Market Correction

Galaxy Digital reported an $85 million net loss for Q2 2026, attributing the results to depreciation in digital asset prices. The company's revenue fell to $8.7 billion, down 15% from the previous quarter and below the estimated $12.7 billion. Despite market volatility affecting net results, Galaxy highlighted improving operating profitability through non-GAAP measures.

Adjusted gross profit reached $66 million, up 34% quarter-over-quarter, suggesting earnings are not moving in tandem with token price direction. The firm's AI data center business contributed $20 million in adjusted gross profit as it ramped up capacity delivery to CoreWeave.

Galaxy emphasized the logic behind its adjusted figures, explaining EBITDA as a measure of core operating profit that removes financing costs, taxes, asset value changes, and one-time expenses. The uptick in adjusted profitability, according to Galaxy, indicates that earnings are becoming less dependent on the direction of crypto asset prices.