TL;DR:
- The company recorded a net loss of $216 million due to the 20% decline in the crypto market.
- The Treasury segment was the most affected by unrealized losses on digital assets and investment positions.
- The Helios data center emerges as a strategic pillar after starting revenue-generating operations in Texas.
The institutional sector is showing signs of weakness after Galaxy Digital’s losses in 2026 were revealed during the first quarter of the year. The financial outlook for this segment is now bleaker, as the firm reported a net loss of $216 million, primarily driven by a widespread depreciation of digital assets.
As a consequence of volatility, the total cryptocurrency market capitalization decreased by approximately 20% during this period. This negative environment caused the company’s total assets to decline from $11.3 billion to $9.9 billion.
Furthermore, the Treasury and Corporate segment suffered the most severe impact, recording a negative adjusted EBITDA of $167 million. Nevertheless, the company managed to expand its base of trading counterparties despite the difficult global market conditions.
Strategic diversification and the role of the Helios data center
In the midst of this financial storm, the launch of the Helios data center in Texas offers significant operational relief. In April 2026, Galaxy delivered its first data hall to CoreWeave, marking the start of billing for infrastructure services. This lease agreement is very likely to generate average annual revenues exceeding $1 billion across its three phases.
On the other hand, the approval of an additional 830 MW of power capacity by ERCOT consolidates the relevance of this asset, doubling its total capacity to over 1.6 GW. This infrastructure not only diversifies revenue sources but also positions the firm as a key player in power supply for high-performance computing.
The company continues its institutional expansion process after being named a validator for BlackRock’s iShares Staked Ethereum Trust. Additionally, Galaxy completed its exit from the Toronto Stock Exchange to consolidate its market presence exclusively on the Nasdaq, seeking greater liquidity and visibility before global investors at a critical moment for the crypto market recovery.
