Galaxy Digital Shares Dip 8% Despite Strong Q2 and Major Helios Expansion
Galaxy Digital (GLXY) saw its shares fall 8% on Tuesday following its second-quarter earnings release, as investors appeared to lock in profits after a strong rally since the company’s recent Nasdaq debut.
Led by CEO Mike Novogratz, the digital asset and financial services firm reported a 28% quarter-over-quarter jump in Global Markets revenue to $55.4 million, even as trading volumes dropped 22%. Brokerage KBW noted that Galaxy outperformed broader market trends, with its average loan book growing to $1.1 billion—outpacing Coinbase’s $879 million.
The firm’s total platform assets climbed 27% to $8.9 billion. However, asset management’s adjusted gross profit declined by 26% due to subdued on-chain activity.
A key development was CoreWeave’s decision to exercise its final option to secure an additional 133 megawatts (MW) of compute power at Galaxy’s Helios data center. That brings Helios’ total committed capacity to 800MW. Galaxy also acquired 160 acres of adjacent land and filed a 1GW interconnection request, positioning the site for potential expansion to 3.5GW.
Galaxy finished the quarter with $2.5 billion in liquidity, split between $1.1 billion in cash and stablecoins and $1.3 billion in net digital assets. Corporate debt stood at $1.1 billion.
The firm’s bitcoin holdings as of June 30 totaled 17,102 BTC, worth approximately $1.8 billion, up from 13,704 BTC valued at $1.3 billion at the start of the year.
KBW said the third quarter is off to a strong start, noting record activity in July, including Galaxy’s involvement in the sale of over 80,000 bitcoin and securing the last tranche of HPC capacity from CoreWeave.
The stock’s decline came alongside a broader crypto market pullback, with bitcoin dropping over 1% to $113,000. Still, Galaxy shares remain up 13% since the firm listed on Nasdaq in May.
