Galaxy Digital (NASDAQ: $GLXY) reported a net loss of $216 million for the first quarter of 2026, reflecting a softer digital-asset market that pressured its balance sheet and investment positions even as several parts of the business continued to hold up operationally. The company also reported diluted and adjusted EPS of $(0.49), with management attributing the quarter largely to the roughly 20% decline in total crypto market capitalization over the period.  

The quarter reads less like a breakdown in the business than a reminder of how exposed Galaxy still is to broader crypto price swings, even as it continues to broaden its platform. The company…