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 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.

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

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

Financial highlights

• Reported GAAP net loss of $85.3 million ($0.09 per share) for Q2 2026 and adjusted EBITDA of negative $77.3 million, primarily due to digital asset price depreciation.

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

• Total assets increased to $10.8 billion and total equity remained flat at $2.7 billion as of June 30, 2026.

• 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.

• Revenues were $8.6 billion for Q2 2026 (down 1% YoY), with net gain on digital assets of $237.3 million and impairment of digital assets at $181.3 million.

Outlook and guidance

• Expectation for Phase I of Helios to generate approximately $80 million in 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 over 5.7 GW in the pipeline across Texas.

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

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

• Management anticipates continued volatility in digital asset prices and trading volumes, impacting results.