Galaxy Digital posted a roughly inline first quarter result, with shares closing up 1.5% post-earnings. The update reflected continued progress in data centers and resilient trading volumes despite a 25% drop in average crypto prices during the period.

• Data center operations remained on track, with initial data halls delivered and construction schedules being met; Phase II financing is in progress, with management expecting an update soon.
• The company secured an 830 MW power grant, though management suggested tenant agreements are more likely in the second half of the year.
• Trading volumes at Galaxy were flat year-over-year, notably outperforming a 20% decline in industry-wide crypto trading volumes.
• Management emphasized momentum in infrastructure business opportunities, with new deals in late stages but not yet ready for announcement.
• Management characterized 2026 as a transition year for crypto markets, noting near-term headwinds from inflation and macro uncertainties, but expressed optimism about future AI and blockchain adoption.