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Galaxy Digital swings to Q2 loss as shares fall more than 5% and Helios Phase II financing lifts debt above $6 billion

Galaxy Digital swings to Q2 loss as shares fall more than 5% and Helios Phase II financing lifts debt above $6 billion

The firm's digital assets business grew profit despite lower trading volume, while its Helios data center generated first revenue and secured fresh financing for expansion in West Texas.

Fact Check
The official Galaxy Q2 2026 press release confirms every material element of the claim: a Q2 net loss of $(85)M, Helios data center generating first revenue, completion of a $3.5B senior secured notes offering to fund Helios Phase II, and growth in the digital assets business (adjusted gross profit $66M) despite lower trading volume. CoinDesk and cryptonews corroborate the ~5%+ share decline and total debt now exceeding $6B. The only conflicting source (cryptobriefing, citing $30.7M net income) appears to have reproduced Q2 2025 10-Q figures in error and contradicts the primary official release, so it does not undermine the claim. The claim's specific West Texas Helios expansion financing is directly confirmed.
Summary

Galaxy Digital shares fell more than 5% in premarket trading after the company reported a second-quarter net loss of $85 million, narrower than a $216 million loss in the first quarter, and a diluted and adjusted loss of $0.09 per share versus $0.49 previously. That per-share result was better than Street forecasts for a $0.28 loss. Its digital assets operation generated $66 million in adjusted gross profit, up 34% quarter on quarter, even as trading volume declined 7%. The company's data center business booked revenue for the first time after completing the initial phase of its Helios campus in West Texas. The segment produced $20 million in adjusted gross profit and $11 million in adjusted EBITDA, compared with an adjusted EBITDA loss of $900,000 in the first quarter. Galaxy said it delivered 200 megawatts of gross power, equal to 133 megawatts of critical IT capacity, to CoreWeave under a 15-year lease. Investors may also have focused on what was not announced. Mike Novogratz had said earlier in the year that he expected the remaining capacity of the 1.6-gigawatt Texas site to be leased by the end of the summer, but no new tenants were unveiled with the results. Galaxy did say it acquired three new sites in Texas for additional data centers. On July 28, through subsidiary Galaxy Helios Data Centers II LLC, it closed a $3.5 billion private offering of senior secured notes due 2031 to fund construction of Helios Phase II, pushing total debt to more than $6 billion.

Terms & Concepts
  • adjusted EBITDA: A profitability metric that excludes interest, taxes, depreciation, amortization and certain other items to show underlying operating performance.
  • critical IT capacity: The portion of a data center's power infrastructure that can be used directly to run computing equipment such as servers and GPUs.
  • senior secured notes: Debt securities backed by collateral that rank ahead of other obligations if a borrower defaults.