Galaxy Digital Holdings announced a net loss of $295 million for the first quarter of 2024. This announcement was made on Tuesday before U.S. markets opened. Despite the loss, the company reported $12.9 billion in revenue, a 38% increase from the previous quarter.
The company's shares are set to list on the Nasdaq on May 16. As of March 31, Galaxy Digital held $1.9 billion in equity capital and $1.07 billion in cash and net stablecoins. The loss per share was $0.86, a decrease from the $388 million profit in the same quarter last year.
The financial results reflect a shift in digital asset investments towards gold amid geopolitical uncertainty. On the Toronto Stock Exchange, Galaxy shares are trading at $27.32 CAD, down 3% in the past day, but up 117% in the past year.
Galaxy is also expanding its partnership with CoreWeave to support AI and high-performance computing. Earlier this month, shareholders decided to redomicile Galaxy in the U.S. to capitalize on regulatory support for tech firms.
Bitcoin recently traded around $104,200, about 4% off its all-time high.
This article is based on our author's analysis of materials taken from Decrypt.