Galaxy Digital Shares Drop 10% After Disappointing Earnings Report

Shares of Galaxy Digital declined by 10% to $27.68 after reporting disappointing quarterly earnings. Key points include:

Earnings per share were $0.08, below the estimated $0.18.
Revenue totaled $9.1 billion, significantly lower than the expected $13.9 billion.
Digital-asset trading volumes fell by 22% from Q1, impacting revenue from crypto sales, which dropped to $8.6 billion from $12.8 billion.
Galaxy announced positive developments at its Helios data center, including a commitment from CoreWeave to utilize approved electrical power and plans to acquire additional land.
CEO Mike Novogratz expressed optimism about Helios becoming a top five data center globally, with anticipated revenue generation starting in H1 2026.
Piper Sandler analyst rated Galaxy stock as Overweight, suggesting a price target of $36.

Coinbase Updates

Coinbase Global's stock dipped by 1% following its announcement of a $2 billion offering of convertible senior notes. Key details include:

The offering consists of $1 billion in notes maturing in 2029 and another $1 billion due in 2032.
Purchasers can acquire up to $150 million more of each series.
Notes will be senior, unsecured obligations with semi-annual interest payments, convertible into cash or Class A common stock.
To mitigate dilution, Coinbase plans capped call transactions funded by proceeds from the offering.
Funds will support corporate needs, including working capital and potential debt repurchases.