- Galaxy Digital Holdings reported a net loss of $295 million in the first quarter of 2025, despite an increase in revenue.
- Crypto market downturn and investor shift to safer assets contributed to weak financial results, according to statements.
- The company is set to list on Nasdaq as it expands U.S. operations and deepens tech partnerships.
Galaxy Digital Holdings posted a net loss of $295 million for the first quarter of 2025, according to an announcement made before U.S. markets opened on Tuesday. The digital asset firm cited a slowdown in the cryptocurrency market as a key factor behind the quarterly loss.
The company reported losses per share of $0.86. At the same time, Galaxy Digital recorded $12.9 billion in revenue for the period, an increase of 38% compared to the previous quarter. The firm also revealed it had $1.9 billion in equity capital and $1.07 billion in cash and net stablecoins as of March 31.
The declines were reported despite rising revenue. According to the company’s official statement, the first quarter was marked by decreased activity in crypto markets. Decrypt noted that digital asset investors shifted funds into Gold and other lower-risk investments during this period, as global political uncertainty grew.
Crypto values fell in March, with Bitcoin dropping to about $80,000 as traders pulled back from riskier assets, partly due to volatility driven by meme coins linked to prominent figures like U.S. President Donald Trump and Argentine President Javier Milei. However, Bitcoin prices have since rebounded, recently trading at around $104,200—approximately 4% below its all-time high.
The financial results come as Galaxy Digital prepares to debut its shares on the Nasdaq on May 16. The company is also moving forward with a strategic reorganization, which received approval from the U.S. Securities and Exchange Commission last month. The company’s transition includes redomiciling its headquarters in the U.S., a move supported by shareholders earlier this month.
In addition, Galaxy Digital is working to strengthen its alliance with cloud-computing startup CoreWeave. The company aims to support increased information technology (IT) workloads for CoreWeave’s Artificial Intelligence and high-performance computing projects at its Helios data center.
On the Toronto Stock Exchange, Galaxy Digital shares were recently trading at $20.10, down 3% on the day but up 117% over the past year.
For more details, see the full coverage from Decrypt.
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