Galaxy Digital posted a narrower loss in the first quarter, driven by a change in its business mix and improved financial management, despite a decline in cryptocurrency prices. The company reported a loss of $216 million, or 49 cents per share, beating analysts' estimates of 59 cents per share. Revenue fell to $10.2 billion from $12.9 billion in the same period last year.
Galaxy Digital is shifting its focus towards 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 tied to AI workloads. The company stated that 'adjusted gross profit remained relatively stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue 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 an additional 830 megawatts of power approved, bringing the total capacity to over 1.6 gigawatts.