Galaxy Digital reported a narrowed loss in the first quarter, driven by a 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, which was less than the estimated 59 cents by analysts. Revenue declined to $10.2 billion from $12.9 billion in the same quarter last year.
Galaxy Digital has been 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 start of revenue under a long-term lease tied to artificial intelligence workloads. The company stated that 'adjusted gross profit remained stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer 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.