Galaxy Digital Shares Drop 8% After Earnings Report Release
Galaxy Digital (GLXY) experienced a decline in share price after its second quarter earnings report. Key points include:
- Global Markets revenue increased by 28% to $55.4 million despite a 22% drop in trading volumes.
- The average loan book reached $1.1 billion, surpassing Coinbase's (COIN) $879 million.
- Assets on Galaxy’s platform grew by 27% to $8.9 billion, though adjusted gross profit in asset management fell by 26% due to reduced on-chain activity.
- CoreWeave exercised an option for an additional 133MW of compute capacity at Helios, raising total commitment to 800MW.
- Galaxy agreed to acquire 160 acres of land, with potential expansion of Helios' capacity to 3.5GW.
- Total liquidity at the end of the quarter was $2.5 billion, including $1.1 billion in cash and stablecoins and $1.3 billion in net digital assets.
- Digital asset holdings included 17,102 bitcoin valued at $1.8 billion as of June 30, up from 13,704 bitcoin valued at $1.3 billion six months prior.
- Record activity in July included facilitating the sale of over 80,000 bitcoin and securing final AI/HPC compute capacity at Helios.
- Shares fell by 8% amid a broader crypto selloff, while remaining 13% higher since the Nasdaq listing in May.