Galaxy Digital posted a narrowed loss for the first quarter, driven by a shift in its business operations and improved financial management, which offset the impact of declining cryptocurrency prices. The company reported a loss of $216 million, or 49 cents per share, beating the estimated loss of 59 cents per share. Revenue declined to $10.2 billion from $12.9 billion in the same quarter last year.
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 its adjusted gross profit remained relatively stable due to the scaling of recurring fee revenue and transaction income, which provides 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 the approval for an additional 830 megawatts of power at the site.