Galaxy Digital posts $216M Q1 loss as crypto markets shed 20%.

Mike Novogratz's Galaxy Digital recorded a $216 million net loss in Q1, as a broad crypto market drawdown of roughly 20% compressed asset valuations across the firm's holdings. The result underscores how exposed balance-sheet-heavy firms remain to directional price risk, even as they diversify into infrastructure.

One partial offset: revenue from the Helios data center operation is described as nearing meaningful contribution, pointing to Galaxy's longer-term push to reduce dependence on mark-to-market crypto positions. Whether that infrastructure revenue ramp arrives fast enough to cushion the next down leg is the key question for the rest of 2025.