Galaxy Digital Reports $295 Million Q1 Loss Before Nasdaq US Listing
Galaxy Digital Holdings reported a net loss of $295 million in the first quarter, with a loss of $0.86 per share, compared to a $388 million loss in the same quarter last year. Despite this, the company achieved $12.9 billion in revenue, a 38% increase from the previous quarter. As of March 31, Galaxy held $1.9 billion in equity capital and $1.07 billion in cash and net stablecoins. The financial downturn coincided with a shift among digital asset investors towards gold and other safer assets amid geopolitical uncertainties. Crypto prices dipped, with Bitcoin recently trading around $104,200. Galaxy is expanding its partnership with CoreWeave to enhance IT capabilities at its Helios data center. The company will list its shares on the Nasdaq on May 16, following a reorganization approved by the SEC. Currently, shares are trading at $27.32 CAD on the Toronto Stock Exchange, down 3% in one day but up 117% over the past year.
