Galaxy Digital Slumps Amid Q2 Crypto Market Decline

Galaxy Digital reported an $85 million net loss for Q2 2026 as cryptocurrency valuations declined. The company cited digital asset price depreciation during the quarter as the reason for the loss. Revenue dropped by 15% to $8.7 billion, falling short of analysts' forecast of $12.7 billion.

The total crypto market capitalization fell nearly 15% to $2 trillion on June 30 from $2.35 trillion on April 1. Despite this decline, Galaxy reported adjusted gross profit of $66 million and EBITDA of $11 million, a 34% quarter-over-quarter increase in adjusted gross profit.

Galaxy's AI data centers generated adjusted gross profit of $20 million during the quarter as they ramped up capacity delivery to CoreWeave. The company expects $1 billion in annual revenue from its partnership with CoreWeave and secured $1.4 billion for its Texas Helios AI data center expansion.