Galaxy Digital Reports $216 Million Q1 Loss Amid Tepid Crypto Market
- Galaxy Digital posted a first-quarter net loss of $216 million, or $0.49 per share.
- This loss marks an improvement from a deficit of $295 million a year ago.
- The company’s total assets declined by $316 million in digital asset value.
- Exposure to Bitcoin, Ethereum, and Solana totaled $431 million, $61 million, and $42 million, respectively.
- Hyperliquid’s native token price has increased by 56% to $39.73 year-to-date.
Galaxy Digital’s consecutive quarterly losses reflect the ongoing pressure from a subdued crypto market, despite narrowing losses compared to previous periods. The firm’s strategic shift towards Hyperliquid exposure provided some cushion against the broader market decline.
Founder Mike Novogratz emphasized diversification as key to future resilience amid fluctuating crypto prices and highlighted potential growth from data center operations.(Source)
