Galaxy Digital reported a narrowed 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's loss was $216 million, or 49 cents per share, which was less than the analysts' estimate of 59 cents.
Revenue decreased 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 beginning of revenue under a long-term lease tied to artificial intelligence workloads.
The company stated that 'adjusted gross profit remained largely stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to grow and provide greater resilience in softer market conditions.' The company also secured approval for an additional 830 megawatts of power at the Helios site, bringing the total capacity to over 1.6 gigawatts. The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter.