Galaxy Digital Stock Slides 14% as Crypto Prices Hit Earnings

Galaxy Digital (GLXY) shares closed down 14% on Wednesday after the crypto and AI infrastructure firm reported a second-quarter net loss of $85 million, driven by falling digital asset prices.

The stock fell to $19.07, down from a previous close of $22.14, as revenue dropped 15%, offsetting progress in the company's artificial intelligence (AI) data center business.

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Crypto Losses Weigh on Galaxy Digital's Results

According to the earnings report, net loss narrowed from $216 million in the first quarter. Revenue fell 15% to $8.7 billion from $10.2 billion in the prior quarter. Adjusted diluted loss reached $0.09 per share.

The company pointed to the depreciation of digital asset prices during the period. Its Treasury and Corporate segment posted an adjusted gross loss of $42 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a negative $77 million. Total equity stood at $2.7 billion at quarter's end.

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