Galaxy posts $216 million Q1 loss amid crypto ‘transition year,’ Novogratz bullish on data center growth
Galaxy Digital reported a $216 million Q1 loss but remains optimistic about its data center expansion and decoupling business from crypto price volatility.Summary
Galaxy Digital reported a $216 million net loss for Q1 2026, primarily due to a 21% decline in the broader crypto market. CEO Mike Novogratz described 2026 as a "transition year" for the industry as it moves toward mainstream utility. Despite the financial results, the firm highlighted a pivotal shift in its business model, noting that trading volumes remained flat, indicating a decoupling from asset prices. A key pillar of the company's growth strategy is its data center business, specifically the Helios campus, which has begun operating under a deal with CoreWeave. Executives believe this segment provides crucial insulation from crypto market swings, with revenue expected to grow significantly starting in the second quarter.
(Source：The Block)