Galaxy Digital Stock Drops 14% on Q2 Losses Amid Crypto Price Volatility

Galaxy Digital's stock price plummeted by 14% after the company reported a Q2 net loss of $85 million, largely due to a 15% decline in revenue to $8.7 billion.

The digital asset prices during the period contributed significantly to the losses, with the Treasury and Corporate segment posting an adjusted gross loss of $42 million.

Despite this setback, Galaxy Digital is focusing on its AI data center expansion, completing 133 MW at Helios in Texas and expecting a quarterly revenue of around $80 million from a 15-year lease with CoreWeave.

The company's power pipeline has surpassed 5.7 GW, and it raised $3.5 billion in senior secured notes to fund the next stage of construction.