Galaxy Digital Holdings reported a $295 million net loss for Q1 2025, driven by declining digital asset prices, a $57 million impairment charge, and costs from winding down mining at its Helios data center. This contrasts with a $118 million net income in the prior quarter. Gross revenues hit $12.9 billion but were offset by $13.1 billion in transaction expenses, down 21% quarter-over-quarter. The company maintained a strong balance sheet with $1.1 billion in cash and stablecoins and $1.9 billion in equity capital.
Ahead of its Nasdaq listing on May 16 under the ticker GLXY, Galaxy received SEC and Toronto Stock Exchange approval to domesticate as a Delaware corporation from the Cayman Islands. Shareholders also approved the move. Galaxy expanded its Helios data center partnership with CoreWeave, which leased an additional 260 MW of computing capacity, bringing its total commitment to 393 MW for AI and high-performance computing, with deliveries starting in 2027.
Despite the Q1 loss, Galaxy projects Q2 operating income of $160–$170 million through May 12, with equity capital rising to $2.2 billion.