Galaxy Digital Holdings posted a net loss of $295 million in a disappointing first quarter amid a lull in the cryptocurrency market, the company announced Tuesday before U.S. markets opened.

Galaxy, which will begin listing its shares on the Nasdaq this Friday as part of a larger reorganization approved last month by the U.S. Securities and Exchange Commission, reported a $0.86 loss per share, down from the $388 million Galaxy booked in the year-prior quarter.

Those declines came, although the company clocked $12.9 billion in revenue in the first quarter, up 38 from the last quarter of 2024.

Decrypt reached out to Galaxy Digital for additional comment.

The company also reported that it had $1.9 billion in equity capital and $1.07 billion in cash and net stablecoins as of March 31, according to the firm’s statement.


The company‘s lackluster financial results came as digital asset investors pivoted to gold and other risk-off assets amid signs of growing geopolitical uncertainty in various markets. Crypto prices and stocks dipped, hovering around $80,000 in March, as crypto investors retreated from the market after losing billions of dollars in meme coins linked to high-profile individuals such as U.S. President Donald Trump and Argentine President Javier Milei.

(Crypto prices have since recovered, with Bitcoin recently trading at around $104,200, about 4 off its all-time high.)

It also comes amid the company’s push to expand its partnership with cloud-computing startup CoreWeave, with Galaxy moving to provide a greater IT load for CoreWeave’s artificial intelligence and high-performance compute operations at its Helios data center campus.

That push could receive a boost from shareholders’ decision earlier this month to redomicile Galaxy in the U.S., where regulators have overhauled their priorities to support emerging technology firms and investors and pouring their dollars into tech-related stocks.

Galaxy shares will list on the Nasdaq on May 16.

On the Toronto Stock Exchange, the company’s shares are trading at $27.32 CAD—down 3 in the past day, but up 117 in the past year.

Edited by James Rubin and Andrew Hayward

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