Galaxy Digital Holdings Ltd.

For Q2 2026, Galaxy reported GAAP net loss of $85 million, or $0.09 per share, and firm-wide adjusted EBITDA of negative $77 million. Combined operating businesses adjusted gross profit was $86 million and adjusted EBITDA was $1 million, both up significantly from Q1. Digital Asset segment adjusted gross profit was $66 million, up $17 million or 34% quarter-over-quarter; Asset Management and Infrastructure Solutions adjusted gross profit was $17 million; and Data Centers generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA. Total assets were $10.8 billion, total equity was $2.7 billion, cash and stablecoins were $2.5 billion, and net digital assets and investments were approximately $1.2 billion. Data center CapEx was $448 million in Q2 versus $354 million in Q1. Looking ahead, management said Phase I should generate its first full quarter of leasing revenue of approximately $80 million in Q3 with a project-level adjusted EBITDA margin of over 90%, and noted that the $3.5 billion 144A notes offering fully funds the remainder of Phase II, which adds 260 MW starting next year. No full-year revenue or EPS guidance was given.

Mike Novogratz framed the quarter as a strategic inflection point, saying Galaxy is building infrastructure at both ends of the shift toward “finance onchain” and AI. He emphasized that Helios Phase I was delivered on time and on budget, the company expanded its data center pipeline to more than 5 GW of potential power, and the financing execution gives Galaxy the capital to keep building. His tone was upbeat but pragmatic on regulation, saying crypto clarity would help but is not required for the business to move forward.

Tony Paquette focused on the financial transition under way as data center revenue begins to flow and the digital asset business remains resilient in a weak market. He cited Q2 GAAP net loss of $85 million, adjusted EBITDA of negative $77 million, $172 million of firm-wide operating expenses, $10.8 billion of total assets, $2.7 billion of equity, $2.5 billion of cash and stablecoins, and about $1.2 billion of net digital assets and investments. He also highlighted data center CapEx of $448 million, the approximately $65 million electricity investment tax credit, and said Phase I should produce about $80 million of leasing revenue in Q3 with over 90% project-level adjusted EBITDA margin.

Analysts pressed on the 830 MW of approved Helios II capacity, asking about the tenant funnel and why it remains unleased; management said conversations span hyperscalers, neoclouds, labs and new entrants, but many tenants are still focused on nearer-term power while Galaxy’s capacity is more back-end loaded to late 2028. Questions also focused on whether Galaxy would use behind-the-meter power; management said it is exploring it but remains focused on front-of-the-meter assets because BTM adds cost, complexity and timing risk. Other topics included the move to HITT as general contractor for Phase II, GalaxyOne’s early-stage consumer roadmap, and how TradFi partnerships like BNY will show up financially, with management saying those deals should first produce fee revenue and then broaden recurring product distribution over time.