Galaxy Digital reported a reduced loss in the first quarter, driven by improved business operations and cost management, despite a decline in cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, beating analyst estimates of 59 cents. Revenue declined to $10.2 billion from $12.9 billion in the same period last year.
Galaxy Digital has shifted its focus to the growing demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave, marking the beginning of revenue generation under a long-term lease agreement for artificial intelligence workloads. The company stated that its adjusted gross profit remained relatively stable due to the growth of recurring fee revenue and transaction income, providing greater resilience in challenging market conditions. The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter, with a total capacity of over 1.6 gigawatts after securing approval for an additional 830 megawatts of power.