Galaxy Digital recorded a second-quarter net loss of $85 million while accelerating a multibillion-dollar expansion into artificial intelligence infrastructure, highlighting how the crypto-focused group is increasingly leaning on data centers for more predictable revenue.
Galaxy, which operates across digital assets and data center infrastructure, disclosed the figures in its second-quarter financial results published on Aug. 5.
For the three months ended June 30, the company generated adjusted gross profit of $43 million and posted an adjusted EBITDA loss of $77 million. Its net loss narrowed from $216 million in the previous quarter, while the adjusted EBITDA loss improved from $188 million. Galaxy ended the quarter with total assets of $10.84 billion, up 9 percent from the previous three months, while equity slipped 2 percent to $2.72 billion. Cash and stablecoins declined 6 percent to $2.46 billion, and net digital assets and investments fell 15 percent to $1.16 billion, though the company retained a sizable liquidity cushion as it advances its infrastructure expansion.
Data centers begin to reshape the business
The biggest shift came from Galaxy’s data-center division, which recorded its first quarter of revenue-generating operations.
The unit produced $20 million in adjusted gross profit and $11 million in adjusted EBITDA as Galaxy delivered 133 megawatts of critical computing capacity to CoreWeave at its Helios campus in West Texas.
With that capacity now fully operational, Galaxy expects the first phase of Helios, its large-scale data center campus in West Texas, to generate roughly $80 million in quarterly leasing revenue from the third quarter, with a project-level adjusted EBITDA margin above 90 percent.
Galaxy is already building a second Helios phase covering another 260 megawatts of critical capacity, with deliveries expected to begin in the second quarter of 2027. It also raised $3.5 billion through secured notes in July to help finance that construction.
Beyond Helios, the company has acquired or agreed to develop three additional Texas sites, lifting its potential power pipeline above 5.7 gigawatts. Those projects include the Merlin, Caspian and Selene campuses, which could collectively support more than 2 gigawatts of capacity if approved and fully developed.
Crypto operations hold firm in weaker markets
Galaxy’s digital-assets business generated $66 million in adjusted gross profit, up 34 percent from the previous quarter despite weaker crypto prices and softer trading activity.
Trading volumes declined 7 percent, while combined assets under management and assets under stake fell 12 percent to $7.1 billion, largely reflecting lower digital-asset valuations.
Within the asset-management and infrastructure unit, adjusted gross profit slipped 6 percent to $17 million, as ETF assets dropped 18 percent to $1.81 billion, alternatives fell 7 percent to $2.55 billion and assets under stake declined 13 percent to $2.79 billion.
Galaxy nevertheless expanded its institutional reach, signing a multi-year agreement with BNY to support staking on the bank’s digital-asset custody platform and launching a tokenized liquidity fund with State Street Investment Management.
The figures show that Galaxy’s crypto operations improved financially even as market conditions softened, while institutional partnerships and long-term data-center contracts are helping broaden its revenue base.