Falling digital asset prices handed Galaxy Digital (GLXY) an $85 million net loss for the second quarter of 2026, and the stock responded on August 5 with an 11.92% drop to $19.50. Net loss is the amount by which a company's total costs exceed its total revenue in a given period. For a firm carrying roughly $1.82 billion in digital assets on its books, a broad token selloff moves straight through to the income statement.
What the quarter actually showed
Adjusted EBITDA, a metric that strips out interest, taxes, depreciation and amortization to approximate operating performance, came in at a loss of $77 million. That is still negative, but it marks a real improvement from the $188 million adjusted EBITDA loss Galaxy recorded in the first quarter. Adjusted gross profit swung positive to $43 million, reversing an $88 million loss in Q1. Total assets grew 9% quarter over quarter to $10.8 billion.
The data center that finally started billing
Part of the gross profit recovery came from a segment that had no revenue a quarter ago. Galaxy entered Bitcoin mining in 2022 when it acquired Argo Blockchain's Helios facility in Texas, then gradually converted the site into an artificial intelligence and high-performance computing campus.
During Q2, Galaxy completed the first phase of a 15-year lease with CoreWeave, bringing 133 megawatts of critical IT load into service. The data center segment posted $20 million in adjusted gross profit and $11 million in adjusted EBITDA for the quarter. Management said Phase I is expected to generate about $80 million in quarterly leasing revenue beginning in the third quarter.
On July 28, Galaxy announced the acquisition of three Texas sites, including a 500-acre campus in McGregor, bringing its total AI power pipeline above 5.7 gigawatts.
A crypto treasury that still moves the stock
The AI build-out has not changed what drives Galaxy's quarterly result. The company holds a digital asset portfolio worth roughly $1.82 billion, with 25,723 Bitcoin accounting for about $1.65 billion of that total. The remainder consists of 61,137 Ether valued at about $114 million and 775,289 Solana tokens worth about $57 million.
Management said the loss was "driven primarily by the depreciation of digital asset prices," pointing to the market rather than to operations. Bitcoin represents about 91% of the company's digital asset treasury, making token prices the single largest variable in Galaxy's quarterly result.