Galaxy Digital lost $85M on crypto as its projected $80M in AI revenue must offset $3.5B AI investment

Galaxy Digital closed Q2 with an $85 million net loss even as completed Phase I capacity began contributing under its CoreWeave lease. Q3 brings the first full quarter at the guided run rate, a cleaner test of whether contracted data center income can soften Galaxy's crypto-driven earnings swings.

Galaxy Digital's SEC-filed results tied the loss primarily to lower digital-asset prices. Diluted earnings per share were negative $0.09. Adjusted EPS, a non-GAAP measure, landed at the same negative $0.09. Galaxy posted $43 million of adjusted gross profit and a $77 million adjusted EBITDA loss, both non-GAAP measures.

The segment results pulled in opposite directions. The AI infrastructure pivot generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA as capacity ramped. Treasury and Corporate recorded a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss, mainly from unrealized losses on digital assets and investment positions.

All 133 MW of critical IT load under the 15-year CoreWeave Phase I lease was in service by quarter-end. Galaxy Digital now expects about $80 million of quarterly leasing revenue and a project-level adjusted EBITDA margin above 90% beginning in Q3. The Q3 figures remain guidance, and the project margin excludes overhead.

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