Galaxy Digital Shares Slip 5% on Q2 Results

Galaxy Digital (GLXY) shares slipped more than 5% in pre‑market trade after its second‑quarter results disappointed investors.

Losses Narrow but Miss Estimates

■Net loss narrowed from $216 million to $85 million.

■Diluted and adjusted loss per share fell from $0.49 to $0.09.

■Street consensus had modeled a loss of $0.28 per share; the actual figure came in below expectations.

Digital Assets Segment Shows Resilience

■The digital assets business generated $66 million of adjusted gross profit, up 34% quarter‑on‑quarter.

■Trading volume declined by 7%, yet profitability still rose.

Helios Data Center Campus: First Revenue and Future Capacity

■The data center unit posted its first‑ever revenue, delivering $20 million adjusted gross profit and $11 million adjusted EBITDA (reversing a $0.9 million loss in Q1).

■Galaxy supplied 200 megawatts of gross power (≈133 megawatts of critical IT capacity) to CoreWeave under a 15‑year lease.

■No new tenant was announced, but discussions continue for an additional 830 megawatts of approved capacity at Helios.

■CEO Mike Novogratz had expected the remaining 1.6‑gigawatt Texas site to be fully leased by summer’s end.

■The company also acquired three new Texas sites for future data‑center builds.

Financing Moves Push Debt Higher

■Galaxy closed a $3.5 billion private offering of senior secured notes due 2031 via its subsidiary Galaxy Helios Data Centers II LLC, pushing total debt above $6 billion.

Binance’s Expanding Crypto Empire

■Binance continues to dominate the crypto exchange landscape, extending from spot and derivatives into RWAs, payments, savings, yield and broader financial services.

Cem Talu: Galaxy’s data center turnaround signals a meaningful shift toward recurring infrastructure earnings, yet the rapid leverage increase and pending tenant leases introduce near‑term share pressure. The strong performance in digital assets underscores the firm’s core crypto franchise, but investors will watch closely how the balance sheet evolves as the Helios build‑out progresses.