Cryptocurrency firms report Q2 2026 losses

During the second quarter of 2026, major cryptocurrency-related firms reported significant net losses amid a contracting market. Galaxy Digital reported an $85 million loss, noting that declining cryptocurrency valuations reduced the value of its digital-asset holdings. The firm saw revenue fall 15% to $8.7 billion, down from $10.2 billion in the first quarter and below the $12.7 billion consensus estimate. Despite this, Galaxy Digital saw improved operating profitability, with adjusted EBITDA reaching $11 million. This was supported by AI data-center activity through a partnership with CoreWeave, which contributed $20 million in adjusted gross profit.

Similarly, Gemini reported a net loss of $107.7 million for the same period, marking its fourth consecutive quarterly loss since its Nasdaq listing. While Gemini experienced a 37% year-over-year increase in total revenue to $45.5 million, its exchange revenue fell 38% to $12.5 million due to a 66% drop in spot trading volume. The company saw growth in services revenue, which surged 149% to $23.5 million, driven largely by a 231% increase in credit card revenue and a 50% rise in staking revenue. However, results were impacted by a $16.1 million provision for credit card fraud and transaction losses. CEO Tyler Winklevoss noted that the results reflect efforts to reduce operating expenses while diversifying revenue streams.