Galaxy Digital Holdings and its related subsidiaries have reported a net loss of $295 million for the first quarter of 2025. This is coming a few days before its much-anticipated listing on the Nasdaq Stock Market.
The digital assets and data infrastructure provider claims its reported loss is a result of a decline in the prices of digital assets, a $57 million impairment charge, and disposal costs that came as a result of the winding down of mining operations at its Helios data center.
Impending listing on Nasdaq and corporate reorganization
The first quarter financial report for Galaxy Digital wasn’t all stellar as it reported a net loss of $295 million, which is a stark contrast from the previous quarter, where it made a reported $118 net income.
Its gross revenues and gains from operations were $12.9 billion, and this figure was offset by $13.1 billion in gross transaction expenses, marking a 21% quarter-over-quarter decline.
However, the reality wasn’t all grim as it still maintained a positive balance sheet with over $1.1 billion in cash and stablecoins and equity capital, which stood at $1.9 billion at the end of the quarter.
The company’s shareholders recently voted to approve its domestication as a Delaware corporation.
Last month, Galaxy Digital announced that it had received approval from the SEC to domesticate to Delaware from the Cayman Islands, a move that is seen to enable its potential listing on Nasdaq.
Galaxy Digital, which is currently listed on the Toronto Stock Exchange, also sought approval from the exchange for its move to the US. It intends to begin trading its Class A common stock on the Nasdaq on May 16 under the ticker symbol, GLXY.
Galaxy Digital’s data center commitments with CoreWeave
Galaxy directed attention to the expansion plans at its Helios data center campus. CoreWeave, a cloud infrastructure company, exercised an option to lease an additional 260 megawatts of computing capacity on top of a 133 MW lease announced in March.
The expansion brings CoreWeave’s total committed capacity at Helios to approximately 393 MW, with deliveries beginning in 2027.
The Helios facility is a key part of Galaxy’s strategy to diversify beyond digital asset trading and investment as it pivots toward AI and high-performance computing infrastructure.
Despite the Q1 setback, Galaxy remains optimistic about its outlook. The company estimates operating income between $160 million and $170 million for the second quarter through May 12. Equity capital has rebounded to approximately $2.2 billion in the same period.
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