Galaxy Digital reported a narrowed loss in the first quarter, driven by a strategic shift in its business mix and improved financial management, despite a decline in cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, surpassing analyst estimates of 59 cents. Revenue decreased to $10.2 billion from $12.9 billion in the prior-year quarter. Galaxy Digital is increasingly focusing on the growing demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave, marking the commencement of revenue under a long-term lease tied to artificial intelligence workloads.
The company noted that 'adjusted gross profit remained relatively stable, driven by a shift in the business mix, with recurring fee revenue and transaction income continuing to grow and provide 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 following approval for an additional 830 megawatts of power.