Galaxy Digital Holdings Ltd. (GLXY) experienced a significant pre-market plunge of 5.07% on Tuesday, following the release of its first-quarter 2026 financial results.

The company reported a net loss of $216 million for Q1 2026, with adjusted earnings per share coming in at -$0.49. According to the company's press release, these results were "driven primarily by the depreciation of digital asset prices" during the quarter, with total cryptocurrency market capitalization decreasing by approximately 20%.

The Treasury & Corporate segment was particularly affected, generating an adjusted gross loss of $140 million and adjusted EBITDA loss of $167 million, driven primarily by unrealized losses on digital assets and investment positions. While the company noted disciplined expense management helped narrow the adjusted EBITDA loss to $188 million from $518 million in the previous quarter, investors reacted negatively to the overall financial performance.