Galaxy Digital (GLXY) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked a transformational period with significant progress in both data center and digital asset businesses, including the delivery of Helios Phase I and expansion of the development pipeline, despite a challenging macro environment for crypto markets.

• Operates two main businesses: digital assets (trading, lending, brokerage, asset management, blockchain infrastructure) and data centers (high-performance computing infrastructure), with a leadership team experienced in capital markets, asset management, technology, and data center operations.

• Publicly listed since 2018, with a market cap of $9B and $10.8B in total assets as of June 30, 2026.

• Strategic partnerships with major financial institutions, including Bank of New York and Morgan Stanley, were established to advance digital asset infrastructure.

• Three new data center sites were acquired, expanding the development pipeline to over 5.7 GW of potential power capacity.

Financial highlights

• Reported GAAP net loss of $85 million ($0.09 per share) and adjusted EBITDA of negative $77 million for Q2, primarily due to digital asset price depreciation.

• Adjusted gross profit reached $86 million, with $1 million adjusted EBITDA for operating businesses, and total assets increased 9% to $10.8 billion; total equity remained flat at $2.7 billion.

• Cash and stablecoins stood at $2.5 billion, down 6% from Q1, while net digital assets and investments were $1.2 billion, down 15% from Q1.

• Asset management and infrastructure solutions had $7.1 billion in combined AUM and assets under stake, down 12% from Q1.

• Gross revenues and gains from operations were $8.7 billion, down 15% sequentially.

Outlook and guidance

• Expectation for Helios Phase I to generate approximately $80 million in quarterly leasing revenue and over 90% project-level adjusted EBITDA margin in Q3.

• Data center CapEx anticipated to continue rising with ongoing construction and expansion, with Phase II at Helios estimated at $4.0B.

• Positioned to benefit from the projected tripling of global data center demand by 2030, with U.S. facing an 80+ GW power capacity shortfall.

• Plans to raise a larger 2026 vintage of the Galaxy Ventures franchise, focusing on blockchain, stablecoin, digital payments, and tokenization.

• Digital asset technology adoption is expected to continue as financial markets modernize and integrate blockchain infrastructure.