Galaxy Digital shares fell more than 13% Wednesday morning after the company reported an $85 million net loss for the second quarter, driven primarily by the depreciation of digital asset prices.

The stock traded near $19.15 during the session, down approximately 13.5%, after falling as low as $18.97.

Galaxy reported a diluted and adjusted loss of $0.09 per share. The company ended the quarter with $2.7 billion in total equity and $2.5 billion in cash and stablecoins.

The net loss narrowed from $216 million in the first quarter. Adjusted EBITDA improved to a loss of $77 million from a loss of $188 million, while adjusted gross profit increased to $43 million from a loss of $88 million.

Galaxy’s Digital Assets and Data Centers businesses generated a combined $86 million in adjusted gross profit and $1 million in adjusted EBITDA. The Digital Assets segment produced $66 million in adjusted gross profit, up 34% from the previous quarter, while recording an adjusted EBITDA loss of $11 million.

Treasury and Corporate reported an adjusted gross loss of $42 million and an adjusted EBITDA loss of $78 million, primarily due to unrealized losses on digital assets and investment positions.

Galaxy’s Helios data center business generated revenue for the first time during the quarter as the company gradually delivered capacity to CoreWeave.

The Data Centers segment reported $20 million in adjusted gross profit and $11 million in adjusted EBITDA. Galaxy had delivered all 133 megawatts of critical IT load covered by the first phase of its 15 year CoreWeave lease by the end of the quarter.

With the full capacity now operational, Galaxy expects the first phase to generate approximately $80 million in quarterly leasing revenue beginning in the third quarter. The company is targeting a project level adjusted EBITDA margin above 90%.

Galaxy has also started construction on the second phase of Helios, which will add 260 megawatts of critical IT capacity. Initial data hall deliveries are scheduled to begin in the second quarter of 2027.

The company completed a $3.5 billion private debt offering in July to finance the project. Galaxy also acquired three additional development sites in Texas, bringing its total potential power pipeline to more than 5.7 gigawatts.