Galaxy posts $216M Q1 loss as crypto prices slide — but Novogratz sees a decoupling taking shape.

Galaxy Digital reported a $216 million net loss for Q1 2026, with a roughly 21% drop in crypto market cap hammering the firm's treasury and investment portfolio. CEO Mike Novogratz framed the quarter as part of a broader industry shift — from speculative asset class to embedded financial infrastructure — calling 2026 a 'transition year' for digital assets.

The more notable data point was trading volumes holding flat despite the market-wide drawdown, which Novogratz described as 'the first time we've really started to see a decoupling of our business from the price.' The Digital Assets segment still generated $49 million in adjusted gross profit, just shy of the $51 million posted the prior quarter.

Galaxy's data center buildout at its Helios campus in West Texas is increasingly central to the bull case. The firm delivered its first data hall under a CoreWeave lease expected to…