Daily Observation of Cryptocurrency Concept Stocks: Galaxy Digital's Q1 Financial Report First Reveals AI Revenue, Helios Data Center Delivery to CoreWeave Marks a Turning Point in Business Model

1. The Real Source of Q1 Losses: Non-Cash Pressure from Digital Asset Price Corrections

Galaxy Digital reported a net loss of $216 million in Q1 2026 (adjusted EPS -$0.49), primarily driven by the decline in digital asset prices— the total market capitalization of the crypto market fell by about 20% in Q1, triggering approximately $140 million in unrealized losses in the company's Treasury & Corporate division; adjusted EBITDA loss was $188 million. Meanwhile, the company had $5 billion in AUM (with positive net inflows in Q1), cash and stablecoin holdings of $2.6 billion, and total equity of $2.8 billion; during the period, it repurchased 3.2 million shares at a cost of $65 million. The Q1 loss is essentially a non-cash accounting impact caused by fluctuations in digital asset valuations, rather than a deterioration in operating cash flow—this fundamentally differs from the real operational losses incurred by mining companies due to negative margins from power costs.

2. CoreWeave Delivery: 15-Year Lease Marks Cash Flow Turning Point

In April, Galaxy completed the delivery of its first data hall to CoreWeave, and the Helios data center officially entered the revenue recognition phase; Phase 1 involves a total of 133 megawatts of critical IT load, expected to be fully delivered by the end of Q2. The CoreWeave lease term is 15 years, covering approximately 526 megawatts of critical IT load across Phase 1 and Phase 2 (corresponding to about 800 megawatts of total power capacity), with management forecasting an average annual revenue exceeding $1 billion after consolidation of the phases, and an EBITDA profit margin of about 90% on the leasing side. Preliminary Q2 data shows adjusted EBITDA of approximately $90 million, a significant improvement compared to Q1's -$188 million. The strategic significance of this turning point lies in: it will gradually transform Galaxy from a "financial services company highly correlated with crypto prices" to an "AI infrastructure operator holding long-term locked contract cash flows"—these two attributes correspond to vastly different valuation multiples and discounting logic in the capital markets.

3. 1.6 Gigawatt Expansion: Scale Leap in the AI Computing Power Market

Galaxy has received approval from ERCOT to add 830 megawatts of power capacity at the Helios site, bringing the total authorized capacity to over 1.6 gigawatts, nearly doubling the previous capacity of about 800 megawatts. Management stated that the new capacity is actively seeking leases targeting large-scale customers, with the goal of finalizing contracts in the second half of 2026; Phase 2 Helios delivery is expected to start in the first half of 2027, with financing details anticipated to be finalized soon. Completing the construction of large-capacity data centers ahead of competitors and securing anchor tenants will create a structural advantage in the computing power market from 2027 to 2028—this logic also applies to mining transformation companies like TeraWulf ($WULF), Keel Infrastructure ($KEEL), and HIVE Digital ($HIVE), with Galaxy's 1.6 gigawatts approval being its most direct differentiating asset when competing for AI data center leases against these companies.

The Earnings Season for Crypto Concept Stocks Officially Begins, AI Revenue Becomes a New Core Valuation Variable

Galaxy Digital's Q1 earnings report is the first signal of this earnings season for crypto concept stocks and serves as the first answer to whether the "AI transformation narrative can translate into real earnings." From the results, Galaxy provided a qualified starting point: losses were better than expected, CoreWeave revenue has started in Q2, and the approved expansion means a significant increase in future sellable capacity. In the coming weeks, crypto exchanges, stablecoin issuers, and mining companies will successively disclose their Q1 earnings reports, at which point whether the two narratives of "improved regulatory environment" and "AI computing power layout" can simultaneously convert into revenue figures will be a key verification point determining the valuation path of crypto concept stocks in the second quarter. If the overall sector earnings reports exceed consensus expectations, combined with the CLARITY Act Senate markup landing at the end of May, it will constitute the strongest dual catalyst combination for the H1 market of crypto concept stocks.

Data source: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.