Galaxy Digital reported a net loss of $216 million for Q1 2026, driven primarily by a roughly 20% decline in digital asset prices through the quarter. Total assets stood at approximately $10 billion, with equity of $2.8 billion and $2.6 billion held in cash and stablecoins.
The company also confirmed its Helios data center in Texas has delivered its first data hall to CoreWeave, marking the transition from buildout to revenue-generating operations. Data center revenue is expected to begin ramping in Q2 2026. Assets under management sat at roughly $5 billion for the quarter.
Why it matters
Galaxy's earnings now carry two distinct stories: a trading and investments book that's levered to spot digital asset prices, and a data center buildout that is finally starting to convert capex into contracted revenue. The Q1 loss is almost entirely the former — a mark-to-market quarter, not a structural impairment. With $2.6 billion in cash and stablecoins, the balance sheet is built to absorb a quarter like this without forcing asset sales.
Market impact
The CoreWeave delivery is the first tangible proof that the Helios pivot is real, not just capex in the ground. Q2 will be the first quarter where data center revenue actually shows up on the income statement, giving the market its first read on the operating model. The investor question is whether the AI compute lease income can offset the cyclicality of the digital asset trading book over the next several quarters.
Frequently asked questions
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Why did Galaxy Digital report a $216 million loss in Q1 2026?
The loss was driven primarily by a roughly 20% decline in digital asset prices through the quarter, marking down the value of Galaxy's trading and investments book. The company did not characterize the loss as a structural impairment.
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What is the status of Galaxy Digital's Helios data center?
Galaxy confirmed its Helios data center in Texas has delivered its first data hall to CoreWeave, marking the transition from buildout to revenue-generating operations. Data center revenue is expected to begin ramping in Q2 2026.
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How strong is Galaxy Digital's balance sheet after the Q1 loss?
Total assets stood at approximately $10 billion, with equity of $2.8 billion and $2.6 billion held in cash and stablecoins. Management has not indicated any need to liquidate positions to meet obligations.
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How much in assets does Galaxy Digital manage?
Galaxy reported assets under management of approximately $5 billion for Q1 2026.
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Why is the CoreWeave delivery significant for Galaxy?
The CoreWeave hand-off is the first tangible proof that Galaxy's pivot into AI compute hosting is generating contracted revenue, not just sitting as capex. Q2 2026 will be the first full quarter where data center lease income shows up on the income statement, giving investors their first read on the new operating…
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