Galaxy Digital founder Mike Novogratz testified in Delaware court against BitGo CEO Mike Belshe over a failed $1.2 billion crypto merger. Galaxy seeks to avoid a $100 million fee, citing regulatory hurdles and BitGo's alleged failure to provide financial information.
Galaxy Digital reported a Q1 net loss of $216 million ($0.49/share), improved from $295 million deficit a year ago, as tepid crypto markets continued to pressure the financial services firm. CEO Mike Novogratz noted the loss was partially offset by exposure to Hyperliquid's native token, which has rallied 56% YTD. Total assets declined 12% QoQ to $9.99 billion, with Bitcoin holdings at $431 million, Ethereum at $61 million, and Solana at $42 million.
Galaxy Digital reported a Q1 2026 loss of $216 million ($0.49 per share), beating analyst expectations of $0.59 loss, as weaker crypto prices reduced asset valuations. Revenue held steady at $10.2 billion. The company is pivoting to AI-linked data centers, with Helios campus in Texas expected to start generating revenue in Q2 2026.
