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Cryptocurrency firms report Q2 2026 losses

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2026-08-14 17:04 UTC → 2026-08-15 20:23 UTC · added ~~removed~~

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, ~~though it noted~~ 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 through~~ profitability, with adjusted EBITDA reaching $11 million. This was supported by AI data-center ~~activity.~~ 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.~~ period, marking its fourth consecutive quarterly loss since its Nasdaq listing. While Gemini experienced a 37% year-over-year increase in total ~~revenue,~~ 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 ~~and over-the-counter~~ revenue, ~~but~~ 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 ~~provisions~~ and ~~non-cash mark-to-market losses on Bitcoin holdings.~~ transaction losses. CEO Tyler Winklevoss noted that the results reflect efforts to reduce operating expenses while diversifying revenue streams.

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