CumberlandHelios produced data-center revenue for the first time with Phase I expected to generate about $80 million quarterly from Q3.
Galaxy Digital shares slip 5% after second-quarter results
Helios produced data-center revenue for the first time with Phase I expected to generate about $80 million quarterly from Q3.
Galaxy shares fell 5% premarket after mixed quarterly results. The company posted a loss of just $0.09 per share, versus forecasts of $0.28, while revenue of $8.8 billion was shy of estimates of $9 billion. Helios generated data-center revenue for the first time, with Phase I expected to generate about $80 million per quarter starting in the third quarter.
Galaxy Digital (GLXY) shares are lower by a bit more than 5% in pre-market action after reporting quarterly results.
Galaxy’s $85 million net loss narrowed from $216 million in the first quarter, while its diluted and adjusted loss narrowed to $0.09 per share from $0.49. Street forecasts had been for a loss of $0.28 per share.
Its digital assets operation generated $66 million in adjusted gross profit, up 34% quarter-on-quarter, despite a 7% decline in trading volume.
Galaxy’s data center business generated revenue for the first time in the quarter as the company completed the initial phase of its Helios campus in West Texas.
The segment generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, reversing a $900,000 adjusted EBITDA loss in the first quarter. Galaxy delivered 200 megawatts of gross power, representing 133 megawatts of critical IT capacity, to CoreWeave under a 15-year lease.
The firm’s results, however, could have disappointed as they did not include a new data-center customer or lease, though Galaxy said it remains in discussions with prospective tenants for another 830 megawatts of approved capacity at Helios.
The firm’s CEO Mike Novogratz said earlier in the year that he expected the remaining capacity of the 1.6-gigawatt Texas site to be leased by the end of the summer. While no tenants were unveiled, Galaxy said it acquired three new sites in Texas for new data centers.
Galaxy Digital closed a $3.5 billion private offering of senior secured notes due 2031 on July 28, through its subsidiary Galaxy Helios Data Centers II LLC, to fund construction of Helios Phase II. This pushed total debt to over $6 billion.
1Crypto may have institutionalized, but it still trades like a rumor mill20 minutes ago 2AI agent token once worth $2.4 billion ends with founder calling it dead51 minutes ago 3SpaceX extends decline to 11% on lockup expiration and capex spending fears1 hour ago 4Yellow Card raises $40 million to link banks to stablecoin processing1 hour ago 5The $120 million Coldcard hack lights up Bitcoin's memory pool1 hour ago 6Circle shares fall 3% despite earnings beat as stablecoin issuer misses on revenue2 hours ago 7Bitcoin, broader market fail to keep pace as global equities hit record highs2 hours ago 8Coldcard hack sparks a self-custody security overhaul: Cory Klippsten3 hours ago 9Why bitcoin’s ‘500-day rule’ faces its biggest test yet4 hours ago 10Live updates: An AI credit bubble could set up bitcoin’s path to $1 million, says Arthur Hayes4 hours ago
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Yellow Card raises $40 million to link banks to stablecoin processing
SpaceX tops Wall Street revenue forecast, posts $540 million loss on bitcoin holdings
Open USD rattled Circle's stock, but its key backers still support USDC