Galaxy Digital Q1 Report: Behind the Loss, AI Business Acts as a "Buffer"

Digital asset and AI infrastructure company Galaxy Digital recently announced its first-quarter financial report, showing a clear divergence in performance.
The report indicates the company had a net loss of approximately $216 million this quarter, mainly due to unrealized losses from falling digital asset prices. As a result, the overall market capitalization of cryptocurrencies declined by about 20% during the same period, and the company's holdings also shrank:
From approximately $1.67 billion in Q4 2025 down to $1.36 billion in early 2026.
Interestingly, after the earnings release, the company's stock price rose about 5%, not because of the crypto assets themselves, but due to the AI infrastructure business.
Currently, Galaxy has delivered its first data center to CoreWeave and plans to complete the remaining approximately 133MW of AI/IT infrastructure by the end of Q2.
The market has also shown relatively positive expectations, with Wall Street analysts maintaining a "Moderate Buy" rating and a target price of about $39.4, roughly 50% higher than the current price.
In terms of asset structure, as of March 31, the company's largest crypto holdings were:
6,894 Bitcoin (about $431 million)
Approximately $61 million Solana
Approximately $42 million Ethereum
If only considering digital assets, this financial report is indeed under pressure; but when viewed within the overall business structure, a clear change emerges: the company is using its AI infrastructure business to hedge against crypto cycle fluctuations.
My feeling is that such companies are no longer just "crypto companies," but are transforming into "multi-cycle asset + infrastructure" entities.
The crypto market handles volatility, while AI businesses provide stability—both are beginning to balance each other on the same balance sheet.
Many people are used to only looking at losses or profits, but what truly matters is: during cycle fluctuations, is the company passively under pressure or actively restructuring its framework?
The market ultimately rewards not just explosive growth in a single track, but the ability to traverse cycles with a resilient structure. #WCTC交易王PK #美联储利率不变但内部分歧加剧 #Polymarket每日热点 $BSB $SWARMS