Briefly
Galaxy Digital Holdings reported a web lack of $295 million and losses per share of $0.86.
The corporate’s weak monetary report got here amid a lull within the cryptocurrency market throughout the first quarter 0f 2025.
Nonetheless, the corporate booked $12.9 billion in income, an almost 40% improve from the earlier quarter.
Galaxy Digital Holdings posted a web lack of $295 million in a disappointing first quarter amid a lull within the cryptocurrency market, the corporate introduced Tuesday earlier than U.S. markets opened.
Galaxy, which can start itemizing its shares on the Nasdaq this Friday as half of a bigger reorganization authorised final month by the U.S. Securities and Trade Fee, reported a $0.86 loss per share, down from the $388 million Galaxy booked within the year-prior quarter.
These declines got here, though the corporate clocked $12.9 billion in income within the first quarter, up 38% from the final quarter of 2024.
Decrypt reached out to Galaxy Digital for extra remark.
The corporate additionally reported that it had $1.9 billion in fairness capital and $1.07 billion in money and web stablecoins as of March 31, in line with the agency’s assertion.
The corporate’s lackluster monetary outcomes got here as digital asset buyers pivoted to gold and different risk-off property amid indicators of rising geopolitical uncertainty in varied markets. Crypto costs and shares dipped, hovering round $80,000 in March, as crypto buyers retreated from the market after dropping billions of {dollars} in meme cash linked to high-profile people similar to U.S. President Donald Trump and Argentine President Javier Milei.
(Crypto costs have since recovered, with Bitcoin just lately buying and selling at round $104,200, about 4% off its all-time excessive.)
It additionally comes amid the corporate’s push to increase its partnership with cloud-computing startup CoreWeave, with Galaxy shifting to offer a higher IT load for CoreWeave’s synthetic intelligence and high-performance compute operations at its Helios information middle campus.
That push might obtain a lift from shareholders’ determination earlier this month to redomicile Galaxy within the U.S., the place regulators have overhauled their priorities to assist rising expertise companies and buyers and pouring their {dollars} into tech-related shares.
Galaxy shares will checklist on the Nasdaq on Might 16.
On the Toronto Inventory Trade, the corporate’s shares are buying and selling at $27.32 CAD—down 3% prior to now day, however up 117% prior to now 12 months.
Edited by James Rubin and Andrew Hayward
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