Hyperliquid Gains Counter $216 Million Q1 Loss at Novogratz's Galaxy Digital
Galaxy Digital reported a first-quarter net loss of $216 million ($0.49 per share), narrower than both last year’s $295 million loss and the preceding quarter’s $482 million. Analysts had expected a steeper per-share loss. The ongoing decline in digital asset prices remained the primary reason for the deficit, though reduced headcount and a strategic pivot towards Hyperliquid’s native token helped offset losses. Total assets fell 12% to $9.99 billion, driven mainly by a $316 million decline in digital asset valuations. As of March 31, Galaxy held $431 million in Bitcoin, $61 million in Ethereum, $42 million in Solana, and $134 million in other token exposure, including Hyperliquid—whose token price surged 56% year to date. First-quarter gross profit from digital assets stood at $49 million, slightly down from the previous quarter. The stock held steady near $25 and is up 12% this year. Galaxy is diversifying, recently launching the retail-facing GalaxyOne platform and ramping up data center activity, with management citing optimism about growth in both crypto and AI-related ventures.
