Galaxy's $216M Q1 loss hides a $49M digital assets gross profit.
The headline number is a balance-sheet markdown. The trading desk made money.
CryptoVibe Desk · galaxy-digital · earnings · data-centers
- →Galaxy Digital reported a $216 million net loss in Q1 2026, driven by approximately 20% total crypto market cap depreciation over the quarter.
- →The Digital Assets segment generated $49 million in adjusted gross profit; the full headline loss is concentrated in Treasury and Corporate balance-sheet markdowns totaling $(167) million adjusted EBITDA.
- →Watch Q2 2026 earnings for whether Data Centers adjusted EBITDA turns positive as the Helios-CoreWeave lease begins contributing revenue.
- adjusted EBITDA → A measure of operating profit that strips out one-time charges, taxes, and depreciation so you can compare how a business is actually running quarter to quarter.
- critical IT load → The amount of electrical capacity committed to running servers in a data center, measured in megawatts, used as the standard unit in large computing lease agreements.
Galaxy Digital reported a Q1 2026 net loss of $216 million, citing digital asset price depreciation as total crypto market cap fell approximately 20% over the quarter, per the official earnings release.
The Digital Assets segment posted $49 million in adjusted gross profit for Q1, per the release. The headline loss is concentrated in Treasury and Corporate, which took a $(167) million adjusted EBITDA hit tied to balance-sheet markdowns on Galaxy's own holdings.
Galaxy ended Q1 with $2.8 billion in total equity and $2.6 billion in cash and stablecoins, per the release. Diluted adjusted EPS came in at $(0.49), per the release.
The catalyst for Q2 is named. Galaxy delivered the first data hall to CoreWeave in April 2026 and says it remains on budget to complete substantially all 133 megawatts of Phase I critical IT load under the Helios campus lease by end of Q2. Data Centers adjusted gross profit and adjusted EBITDA are expected to begin contributing as revenue recognition starts, per the release.
The forward thesis is a bet on fee and lease income replacing crypto price swings as the quarterly driver. Q2 will test it.
Galaxy is guiding on megawatts, not dollars. Milestone-only framing lets the company claim progress on the CoreWeave pivot without attaching a revenue number anyone can benchmark next quarter. The missing figure is the tell.
Q2 2026 earnings, expected before end of Q3: if Data Centers adjusted EBITDA turns positive and Galaxy's total adjusted EBITDA narrows materially from $(188) million, the operational pivot thesis holds.
Primary links and supporting reads used by the desk for this story.
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