Galaxy Digital Holdings has reported a net loss of $295 million for the first quarter of 2025, ahead of its upcoming Nasdaq listing.
First Quarter Financial Results
In the first quarter, Galaxy Digital recorded a net loss of $295 million, a stark contrast to the previous quarter's reported net income of $118 million. The company's revenue totaled $12.9 billion, while transaction expenses hit $13.1 billion, marking a 21% quarter-over-quarter decline. Despite the loss, the company maintains a positive balance sheet with over $1.1 billion in cash and stablecoins, along with equity capital of $1.9 billion at the end of the quarter.
Plans for Nasdaq Listing
Recently, Galaxy Digital shareholders voted to approve the company's domestication as a Delaware corporation. Last month, the company announced it had received SEC approval to transition from the Cayman Islands to Delaware, a move that analysts believe will facilitate its Nasdaq listing. Currently listed on the Toronto Stock Exchange, Galaxy Digital plans to begin trading its Class A common stock on Nasdaq on May 16 under the ticker GLXY.
Helios Data Center Expansion
Galaxy Digital also highlighted its expansion plans at the Helios data center campus. CoreWeave, a cloud infrastructure provider, has exercised an option to lease an additional 260 megawatts of computing capacity, bringing the total committed capacity at Helios to approximately 393 megawatts. Deliveries for this expansion are set to begin in 2027 and form part of Galaxy's strategy to diversify beyond digital asset trading.
Despite the setbacks in the first quarter, Galaxy Digital remains optimistic about its outlook, projecting operating income between $160 million and $170 million for the second quarter.
