Galaxy Digital Stock Plummets 13.46% on $85 Million Net Loss

Galaxy Digital's stock price plummeted 13.46% to $19.16 after the company reported an $85 million net loss in its second-quarter earnings report.

The quarterly loss was attributed to weaker crypto prices, which hurt Galaxy's treasury positions and weighed on its financial performance.

However, the data center segment, which includes Helios, provided a new revenue source during the quarter, generating $20 million in adjusted gross profit and $11 million in adjusted EBITDA.

The company expects Helios Phase I to generate around $80 million in quarterly revenue, with project-level adjusted EBITDA margins expected to exceed 90%.