Q1 Recap: Helios Online, Onchain Infrastructure Bull Market Intensifies
The lights are on at Helios.
Galaxy delivered the first data hall at its Helios campus in West Texas to our anchor tenant, marking the transition from what was recently a bitcoin mining facility into a live, operational data center. The delivery markets a pivotal moment for Galaxy – Helios transitioning from a construction site to a cash-flowing business, unlocking more than $15 billion in contracted revenue over the life of the lease agreements. Our tenant has indicated that a multi-trillion-dollar investment-grade public company will be the end user for Phase I GPUs once the clusters are operational, a reflection of the high-quality demand that the Helios campus attracts.
“This is the single most important derisking event this business has experienced,” said Chris Ferraro, Galaxy’s President and Chief Investment Officer. “We now have a track record of delivering on time and on budget, not a projection”
That track record matters. Nearly half of U.S. data centers planned for 2026 are expected to be delayed or cancelled as developers run into power constraints and equipment shortages, with lead times for transformers and other grid infrastructure stretching to five years or more.
Galaxy is on schedule to deliver substantially all 133 MW of critical IT load to our tenant under the Phase I agreement by the end of Q2. Greenfield development of the 260 MW incremental capacity for Phase II is underway, with civil and structural work advancing and data hall deliveries expected to commence in the first half of next year.
Galaxy received ERCOT approval for an additional 830 megawatts of power capacity during the quarter, bringing total approved capacity at Helios to over 1.6 gigawatts. The Company continues to progress in its discussions with potential tenants for the incremental capacity, supported by robust demand for large-scale power capacity.
The vision extends beyond a single campus. Galaxy is evaluating a deep pipeline of new development sites across the U.S. and expects to share more on its multi-campus portfolio later this year.
Learn more about what we’re doing at Helios.
Building Onchain Infrastructure
A parallel build-out is taking shape in digital assets.
The world’s largest financial institutions are preparing to move onto blockchain-based rails, and they need foundational infrastructure to get there: wallet and custody technology, staking, settlement, and the ability to integrate digital assets into existing systems. Galaxy has spent nearly a decade building exactly that. The institutions that many expected to become Galaxy's biggest competitors in digital assets are instead becoming its customers, and the pipeline of demand has never been stronger.
Some early examples include BlackRock selecting Galaxy as a validator powering staking for its new iShares Staked Ethereum Trust ETF, the asset manager's first rewards-generating crypto ETP. Galaxy also closed on $75 million for its debut tokenized CLO, further highlighting how real-world assets continue to move onchain.
"We said last quarter we're in a bull market for crypto infrastructure, and we feel even more strongly about that today," Novogratz said.
Q1 at a Glance
Q1 results reflected the broader market pullback, with digital asset prices declining roughly 20% across the board. Galaxy reported a GAAP net loss of $216 million and firm-wide adjusted EBITDA of $(188) million, driven by unrealized mark-to-market losses on balance sheet digital asset holdings.
The Digital Assets operating business delivered $49 million of Adjusted Gross Profit, roughly in line with the prior quarter despite the market downturn. The firm ended Q1 with approximately $9 billion in assets on platform, $2.8 billion in equity, and $2.6 billion in cash and stablecoins.
For a full earnings summary, read our first quarter 2026 results.
Spotlight: Introducing the Galaxy Fintech Fund
Financial services are undergoing a fundamental re-platforming, and Galaxy is launching a strategy built specifically to invest in that transition.
In May, Galaxy will launch the Galaxy Fintech Fund, a long/short equity hedge fund focused on the convergence of traditional financial services, blockchain infrastructure, and emerging technologies. Leading the fund is Joe Armao, who joins from Senator Investment Group with nearly two decades of experience investing and managing portfolios at Senator and Blackstone.
The core thesis is what Galaxy calls the Great Convergence: the view that crypto infrastructure, paired with AI-driven disruption, will drive a long-term, structural shift in financial services, surfacing both winners and losers and alpha opportunities on both sides. That shift is already playing out: stablecoin volumes are scaling, tokenization is gaining institutional traction, public exchanges and incumbents are building onchain capabilities, and AI is beginning to disrupt legacy financial software and services. The long/short structure is designed to capture dispersion on both sides of that transition, not just beta to a single theme.
This is not a generic fintech fund. The investment universe is specifically the intersection of digital assets, tokenization, market structure evolution, and AI disruption in financial services. And it is backed by something most hedge funds cannot replicate: Galaxy's nearly decade-long operating history inside this ecosystem, including its institutional relationships, proprietary research, and firsthand experience watching this convergence play out across its own businesses.
Read Steve Kurz’s 2026 Investment Outlook: The Great Convergence
Webinar: Financials, AI Disruption, & Digital Asset Adoption
Spotlight: GalaxyOne Expands with Staking Services and Business Accounts
GalaxyOne, a financial technology platform from Galaxy built for U.S. individual investors and entities to manage high-yield cash products, equities, and crypto all in one place, had two meaningful milestones in Q1.
On March 31, GalaxyOne launched Solana (“SOL”) staking, allowing eligible clients* to earn up to an estimated 6.50% in variable rewards** with no platform commission through December 31, 2026***. GalaxyOne Staking is powered by Galaxy's institutional validator infrastructure****, which has been one of the largest Solana validator operations globally for several years. The launch marks an expansion of GalaxyOne's digital asset capabilities, allowing clients participate in blockchain network validation while earning rewards directly within their broader financial portfolio. Learn more.
Shortly after, Galaxy announced GalaxyOne for Business, a new account type extending the platform to U.S.-based entities, including LLCs and trusts.
GalaxyOne for Business extends GalaxyOne beyond individual investors, enabling eligible U.S. entities to manage cash liquidity, earn yield, and access multi-asset portfolio management solutions – all in a single platform backed by Galaxy. At launch, GalaxyOne for Business will offer cash liquidity solutions with 3.25% Annual Percentage Yield (APY) in an interest-bearing commercial high-yield cash account, commission-free brokerage services, and crypto custody, trading and staking services via a single user experience. Additionally, entities that verify as accredited investors can earn up to 8.00% yield***** on cash investments of up to $1 million through Galaxy Premium Yield. Businesses interested in early access can apply at galaxy.app/business/waitlist.
Together, these launches broaden both what GalaxyOne does and who it serves, adding institutional-grade staking for individual investors while opening the platform to support U.S. businesses and entities for the first time.
Upcoming Events
Join us and connect with Galaxy at these industry events:
Consensus Miami
— Miami, FL | May 5-7
Solana Accelerate
— Miami, FL | May 5
Web3 Summit
— Berlin, Germany | Jun 18-19
Disclaimers:
This document, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options, or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal, or tax advice or is an endorsement of any of the digital assets mentioned herein. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Galaxy’s views, estimates, opinions, or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions, or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees, or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy, and Galaxy does not assume responsibility for the accuracy of such information. Affiliates of Galaxy may have owned, may currently own, or may own in the future investments in some of the digital assets and protocols discussed in this document, or may have implemented some or all of the trade ideas mentioned herein. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document provides links to other websites that we think might be of interest to you. Please note that when you click on one of these links, you may be moving to a provider’s website that is not associated with Galaxy. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours. The foregoing does not constitute a "research report" as defined by FINRA Rule 2241 or a "debt research report" as defined by FINRA Rule 2242 and was not prepared by Galaxy Digital Partners LLC. Similarly, the foregoing does not constitute a “research report,” as defined by CFTC Regulation 23.605(a)(9), and may only be considered a solicitation for entering into a derivatives transaction for purposes of CFTC Regulation 23.605. It is not intended to constitute a solicitation for any other purposes under CFTC or NFA rules, and it should not be relied on as a form of recommendation to trade under CFTC regulations. Rather, each recipient is responsible for exercising their own independent investment discretion when determining what is suitable for their requirements. For additional disclosures related to Galaxy Derivatives LLC and/or derivatives, please see here for more information. For all inquiries, please email [email protected]. Copyright Galaxy Digital Holdings LP 2026. All rights reserved.
*GalaxyOne Staking is not available for clients in CA, LA, MD, NJ, NV, NY, PA, TN, WA, or WI. Availability is subject to change. Eligibility determined at the account level. See full details here.
**Reward rate is estimated and not guaranteed. Rewards are variable and may increase or decrease. Actual returns depend on network conditions. Past performance is not indicative of future results. Crypto is not FDIC insured, not SIPC protected, and may lose value.
***0% platform commission through December 31, 2026. Platform commission is defined as the fee GalaxyOne charges to access staking on GalaxyOne and applies to Inflation and eligible MEV rewards earned while assets remain actively staked. Validators may retain transaction fees and certain protocol-level rewards associated with block production. Residual MEV rewards that are distributed after your assets are unstaked will not be credited to your account. Network transaction fees for sending and receiving SOL still apply.
****Staking involves risks, including validator downtime, slash, loss of rewards, and Galaxy cannot guarantee validator performance.
*****Yield is subject to change with 30-day notice. Galaxy Premium Yield is for U.S. accredited investors only.