Galaxy Digital shares fall 13% after $85 million quarterly loss

Galaxy Digital shares fell more than 13% Wednesday morning after the company reported an $85 million net loss for the second quarter, driven primarily by the depreciation of digital asset prices. The stock traded near $19.15 during the session, down approximately 13.5%, after falling as low as $18.97. Galaxy reported a diluted and adjusted loss of $0.09 per share. The company ended the quarter with $2.7 billion in total equity and $2.5 billion in cash and stablecoins. The net loss narrowed from $216 million in the first quarter. Adjusted EBITDA improved to a loss of $77 million from a loss of $188 million, while adjusted gross profit increased to $43 million from a loss of $88 million. Galaxy’s Digital Assets and Data Centers businesses generated a combined $86 million in adjusted gross profit and $1 million in adjusted EBITDA. The Digital Assets segment produced $66 million in adjusted gross profit, up 34% from the previous quarter, while recording an adjusted EBITDA loss of $11 million. Treasury and Corporate reported an adjusted gross loss of $42 million and an adjusted EBITDA loss of $78 million, primarily due to unrealized losses on digital assets and investment positions. Gal...