Galaxy Digital has completed its transition to the U.S. market ahead of its planned Nasdaq listing on May 16, 2025, and reported a $295 million loss for the first quarter.
During a special meeting on May 9, shareholders voted for the redomiciliation of the firm from the Cayman Islands to Delaware. The SEC approved the move in April. Approval is still required from the Toronto Stock Exchange, where the company is currently listed.
In connection with the business relocation, Galaxy announced a shift to accounting standards accepted in the United States.
According to the financial report, the company incurred a $295 million loss in the first quarter, compared to a $118 million profit in the previous period. Galaxy attributed the losses mainly to the revaluation of digital assets and a $57 million revenue decline due to the winding down of mining operations at the Helios data center.
For the second quarter, as of May 12, the firm estimated operating profit at $160-170 million, with equity at $2.2 billion. Galaxy’s market capitalization stands at $9.66 billion.
After three months of the year, AI hyperscaler CoreWeave exercised an option for access to an additional 260 MW of capacity at Helios for high-performance computing under a 15-year contract.
Galaxy plans to begin providing hosting services to the partner in the first half of 2026 with the already leased 133 MW from the first phase. After granting CoreWeave access to all contracted 393 MW in 2027, the company expects to generate approximately $700 million in revenue in the first 12 months.
At the end of 2022, Galaxy acquired Helios for $65 million from financially troubled Argo Blockchain.
Back in March, the company agreed to pay $200 million to settle claims by the New York Attorney General’s office in the LUNA case.