Galaxy Digital reported a $216 million net loss in the first quarter of 2026, as a broad decline in crypto prices weighed on its balance sheet and investment portfolio. The total crypto market capitalization fell about 21% during the quarter, leading to unrealized losses across the firm’s treasury holdings and venture investments. The drawdown reflects continued sensitivity of crypto-native balance sheets to market cycles. Despite the losses, CEO Mike Novogratz framed the period as part of a structural transition in the industry. “For digital assets, this is a transition year — globally, we’re moving from a ... (full story)