On July 7, Galaxy Digital fell 8.31% in regular trading, trading at $24.225/share, with turnover of $81.71 million. The decline came as the company announced the completion of Phase I of its Helios data center campus in West Texas, delivering 133 megawatts of critical IT load to CoreWeave under a 15-year lease agreement.

While the milestone represents a significant operational achievement, the market reaction suggests the positive catalyst had already been fully absorbed. The Phase I delivery was explicitly disclosed in the Q1 earnings report and promised for completion by the end of Q2, leaving little room for upside surprise. Rent from the lease commenced in Q2 as previously guided. Development is now underway on the 260 MW Phase II build, with data hall deliveries expected in H1 of next year. Across Phases I through III, CoreWeave has committed to a total of 526 MW of critical IT load.

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