Galaxy Digital reports $216M Q1 loss, credits Hyperliquid for mitigating losses

Galaxy Digital posted a $216M Q1 loss as crypto market cap fell about 20%. Novogratz said shifting exposure to Hyperliquid limited the damage.

Galaxy’s Q1 snapshot shows pressure from falling prices. The company cited digital asset depreciation as the main driver of the loss in its Q1 report. Source

Key metrics:
- Adjusted gross loss $88M; adjusted EBITDA loss $188M Q1 filing
- Diluted and adjusted EPS $0.49 per share Q1 filing
- Total equity $2.8B; cash plus stablecoins $2.6B as of Mar 31, 2026 Q1 filing
- AUM about $5B; assets staked $3.2B Q1 filing
- Asset management net inflows $69M in Q1 NewsBTC

Novogratz said the balance sheet “lost money because crypto prices were down,” but claimed Galaxy “way outperformed” what it would have without risk changes. Bloomberg

He cut positions and shifted a large part of L2 exposure into Hyperliquid. He backed Hyperliquid “mostly because it’s got an economic model,” contrasting it with “association tokens.” Bloomberg

On Bitcoin (BTC), Novogratz said a move above $100,000 would require central bank easing. He warned macro pressures may persist given inflation risks. Bloomberg NewsBTC

Galaxy stock rose roughly 4% to $26 on Tuesday. TradingView

Headline: Galaxy Digital posts $216M Q1 loss; Novogratz shifts to Hyperliquid; $69M inflows despite rout