Galaxy Digital shares fell nearly 13% in early trading Wednesday after the company reported an $85 million second-quarter net loss, as weaker digital asset prices overshadowed what executives described as an inflection point for its AI infrastructure business, which generated revenue for the first time.
The digital asset finance and data center infrastructure firm reported a net loss of $85 million in the second quarter, mostly due to the depreciation of digital asset prices.
Treasury and corporate reported a $42 million adjusted gross loss, driven by unrealized losses on digital assets and investment positions, while adjusted EBITDA improved to a loss of $77 million from $188 million in the first quarter.
Galaxy Digital (GLXY) stock price chart.
Source: The Block/TradingView Despite the weaker crypto market backdrop, Galaxy's operating businesses improved, generating $86 million in adjusted gross profit and $1 million in adjusted EBITDA, both major improvements over the prior quarter.
