Galaxy Digital shares fell 13.46% to $19.16 after two sharp sell-offs in the morning, as the company reported an $85 million quarterly loss that overshadowed progress in its data center business. Lower digital asset prices weighed on treasury positions, even as the company continued to expand its infrastructure footprint and move its Helios campus into revenue-generating operations.

Galaxy Digital posts narrower quarterly loss

Galaxy reported an $85 million second-quarter net loss, compared with a $216 million loss in the previous quarter. Adjusted EBITDA came in at negative $77 million, while adjusted gross profit improved to $43 million. The company also reported diluted and adjusted earnings per share of negative $0.09.

Total assets increased 9% quarter over quarter to $10.84 billion as of June 30. Total equity declined 2% to $2.72 billion over the same period. Cash and stablecoin holdings fell 6% to $2.46 billion.

Digital Assets generated $66 million in adjusted gross profit, a 34% quarterly increase. Global Markets contributed $49 million, even as trading volumes declined 7% from the first quarter. Average loan balances rose slightly to $1.44 billion, while trading counterparties increased 3% to 1,741.

Data center revenue begins at Helios

Galaxy’s Data Centers segment generated $20 million in adjusted gross profit during the second quarter. The business also produced $11 million in adjusted EBITDA after posting a small loss in the first quarter. The results marked the segment’s first quarter of revenue-generating operations, a notable shift for a business that has been built around long-duration infrastructure rather than near-term trading results.

At the Helios campus, Galaxy delivered 133 megawatts of critical computing capacity to CoreWeave. The company completed the first phase on schedule under a 15-year lease agreement. Galaxy expects the phase to generate about $80 million in quarterly leasing revenue starting in the third quarter.

The company also expects project-level adjusted EBITDA margins above 90% from the completed capacity. Treasury and Corporate recorded a $42 million adjusted gross loss. Unrealized losses on digital assets and investment positions drove that segment’s negative $78 million adjusted EBITDA.

Texas expansion deepens infrastructure strategy

After the quarter ended, Galaxy expanded its Texas data center pipeline beyond Helios. The company acquired three development sites and lifted its potential power pipeline above 5.7 gigawatts. The projects are aimed at growing demand for large-scale computing and high-performance infrastructure, a market where available power and build-ready sites have become key constraints.

At McGregor Industrial Park, Galaxy plans the Merlin campus across 500 acres. An initial agreement supports 74 megawatts, while future transmission upgrades could raise capacity to 500 megawatts. Galaxy also acquired the Caspian and Selene sites, with potential capacities of 700 megawatts and 900 megawatts, respectively.

Galaxy also began construction on Helios Phase II, which targets an additional 260 megawatts of critical computing capacity. The company expects initial data hall deliveries in the second quarter of 2027. Galaxy raised $3.5 billion through secured notes to help fund the next construction phase.