Galaxy Digital Shares Plummet 13% Amid $85 Million Net Deficit

Galaxy Digital (GLXY) shares plummeted 13% on Tuesday after reporting an $85 million net deficit for the second quarter. The drop came despite strong progress in its data center business, which generated its first income from commercial operations at the Helios facility.

The company's Digital Assets division saw adjusted gross profit rise 34% sequentially to $66 million, while Global Markets delivered $49 million in adjusted gross profit. However, the Treasury and Corporate segment posted a $42 million adjusted gross deficit due to mark-to-market losses on cryptocurrency holdings and equity positions.

Galaxy also announced new Texas acquisitions that expanded its total data center power capacity pipeline beyond 5.7 gigawatts. The company is planning the Merlin campus at the McGregor Industrial Park location, which will accommodate 74 megawatts of critical computing infrastructure initially, with potential for expansion to 500 megawatts.