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 major new site acquisitions, despite a challenging macro environment for crypto markets.

• The company operates two main businesses: digital assets (trading, lending, brokerage, asset management, blockchain infrastructure) and data centers (high-performance computing infrastructure), with Helios campus delivering its first lease revenue in Q2 2026.

• Signed major infrastructure engagements with Bank of New York and expanded partnerships with BlackRock and Morgan Stanley, highlighting institutional demand for digital asset infrastructure.

• Publicly listed since 2018, with a market cap of $9B and $8B in assets on platform as of June 30, 2026.

• Leadership team includes expertise across capital markets, asset management, technology, and data center operations.

Financial highlights

• Reported GAAP net loss of $85 million ($0.09 per share) for Q2 2026, with adjusted EBITDA of -$77 million, primarily due to digital asset price depreciation.

• Combined operating businesses' adjusted gross profit was $86 million and adjusted EBITDA was $1 million, both up significantly from Q1.

• Total assets reached $10.8 billion (up 9% from prior period); total equity was $2.7 billion, with 72% allocated to operating businesses.

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

• Data centers generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA in Q2.

Outlook and guidance

• Phase I of Helios expected to generate a full quarter of leasing revenue (~$80 million) and project-level adjusted EBITDA margin over 90% in Q3.

• CapEx for data centers expected to continue increasing with ongoing construction at Helios.

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

• Next vintage of Galaxy Ventures franchise to launch in H2 2026, focusing on blockchain, stablecoin, digital payments, and tokenization.

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