Galaxy Digital Stock Crashes Amid Crypto Winter as Revenue Falls Short

Galaxy Digital's stock fell below $20 after releasing weak financial results amid the ongoing crypto winter. The company's revenue dropped to $8.7 billion in the second quarter, down by 15% from the first quarter and lower than expected.

The digital assets segment made an adjusted EBITDA of $11 million, while its treasury and corporate metric jumped to $78 million. However, Galaxy Digital is pivoting to the data center industry amid the crypto winter, with a focus on artificial intelligence.

The company has partnered with CoreWeave, backed by Nvidia, to develop AI data centers. It recently bought three sites in Texas for development and aims to have 5.7 GW capacity. Analysts expect Galaxy's revenue to be $56 billion this year, followed by $72 billion next year.