Galaxy Digital reported its first-quarter 2026 earnings, posting a net loss of $216 million, or $0.49 per diluted share, primarily driven by the broader downturn in the cryptocurrency market during the quarter, which saw total crypto market capitalization shrink by approximately 20%. Its crypto asset holdings fell from $1.67 billion in Q4 2025 to $1.36 billion. As of the end of March, its largest crypto holdings were 6,894 BTC (approximately $431 million), followed by $61 million in SOL and $42 million in ETH. Despite the earnings pressure, Galaxy Digital's AI infrastructure business is progressing smoothly. The company confirmed that it has delivered the first data center module to CoreWeave and expects to complete the full 133 MW commitment of AI/IT infrastructure delivery by the end of Q2. Bolstered by this news, the company’s stock (Nasdaq: GLXY) rose 5% in a single day, diverging from Bitcoin's performance during the same period, which remained under pressure. Wall Street analysts currently assign a consensus rating of "Moderate Buy" to GLXY, with a price target of $39.40, implying roughly 50% upside from the stock price of $26.30 at the time of writing.