Galaxy Digital posted heavy losses for the year as a downturn in crypto hammered its holdings and trading business, according to the firm’s latest results. The company reported a GAAP net loss of $241 million for the full year — but the pain was concentrated in the fourth quarter, when Galaxy took a $482 million net loss. Most of the damage came from sharp markdowns to the value of the company’s digital assets and investments late in the year, coupled with cooling trading volumes that cut fee and transaction income. Management also absorbed one-time charges related to mining infrastructure and a corporate reorganization, which added to the headline losses. Galaxy is simultaneously trying to reshape its business beyond trading and asset management. Over the past year it has been building out a substantial data-center footprint in Texas, including the Helios campus, which has approvals to scale power capacity to more than 1.6 GW. The company says that this infrastructure, together with deals with cloud partners, could create steadier revenue streams even if crypto markets remain weak in the near term. That strategic pivot arrives alongside a strong liquidity position: Galaxy ended the year with roughly $2.6 billion in cash and stablecoins, which management highlights as a buffer against further market volatility. The firm also raised capital and accessed debt markets late in the year to preserve optionality as trading revenues slump. There were some bright spots. Certain asset-management lines reported record activity, which helped offset portions of the losses on an adjusted basis. Still, investors reacted negatively: shares slid in premarket trading after the results and fell further as the market absorbed the scale of the write-downs. Analyst views are mixed. Some see the move into large-scale mining and data centers as a sensible diversification — a hedge against volatile crypto returns that could yield recurring revenue over time. Others warn that near-term earnings will likely remain under pressure until trading volumes and crypto asset prices recover. Bottom line: Galaxy’s headline numbers reflect the slump in digital-asset markets, but the company is leaning into infrastructure and financing steps intended to stabilize cash flows and preserve flexibility while it waits for a market recovery. Read more AI-generated news on: undefined/news

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