Galaxy Digital shares fell 13% after an $85M Q2 net deficit. The data center division posted its first profit. The company expects $80M quarterly lease revenue from CoreWeave starting next quarter.
Galaxy Digital shares fell 13.46% to $19.16 after the company reported an $85 million net deficit for the second quarter. The loss narrowed from $216 million in the prior period. Adjusted EBITDA came in at negative $77 million.
The company's balance sheet showed total assets rising 9% sequentially to $10.84 billion. Shareholder equity slipped 2% to $2.72 billion. Cash and stablecoin reserves fell 6% to $2.46 billion, driven by mark-to-market losses on cryptocurrency and equity holdings. The Treasury and Corporate segment posted a $42 million adjusted gross deficit, with adjusted EBITDA of negative $78 million.
The Digital Assets division generated $66 million in adjusted gross profit, up 34% from the first quarter. Global Markets posted $49 million, though transaction volumes contracted 7%. Average lending balances rose to $1.44 billion, and the trading counterparty count increased 3% to 1,741.
Galaxy's data center business, in its first full quarter of commercial operations, produced $20 million in adjusted gross profit and $11 million in adjusted EBITDA. The company provisioned 133 megawatts of critical computing infrastructure to CoreWeave at its Helios facility. Phase one of the 15-year lease completed on schedule. Management expects roughly $80 million in quarterly lease receipts from that capacity starting in the current quarter. Project-level adjusted EBITDA margins are projected to exceed 90% on the operational capacity.
After the quarter ended, Galaxy expanded its Texas data center development pipeline. It secured three additional parcels and boosted its aggregate power capacity above 5.7 gigawatts. At the McGregor Industrial Park, the company plans the Merlin campus on 500 acres, with initial capacity of 74 megawatts and potential to expand to 500 megawatts through transmission upgrades. Galaxy also acquired the Caspian and Selene properties, with potential capacities of 700 and 900 megawatts respectively.
Construction on Helios Phase II has begun, targeting an additional 260 megawatts of critical computing infrastructure. Initial data hall completions are expected in the second quarter of 2027. Galaxy raised $3.5 billion through secured debt instruments to finance the next construction phase.
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