Crypto·AI Theme Leader Loses $300 Million in Market Cap in One Day

Galaxy Digital Inc. (NASDAQ: GLXY) closed at $21.69 on the Nasdaq on the 18th, down 7.7%. Trading volume rose to about 2.7 million shares, and market capitalization slipped to roughly $4.1 billion (about ₩5.5 trillion), erasing around $296 million (approximately ₩400 billion) in a single day.

In February, the company posted a $482 million net loss for Q4 2025, triggering an intraday share plunge of over 20%. It is also preparing to launch a $100 million crypto and related-equity hedge fund in the first quarter.

Following its Nasdaq listing, Galaxy Digital has continued aggressive investments, issuing $402.5 million in convertible bonds to expand power capacity up to 3.5 GW at its Texas Helios campus, aiming to grow its AI and high-performance computing data-center business.

Founded in 2018 by former Goldman Sachs star trader Mike Novogratz, Galaxy Digital is a financial group specializing in digital assets and blockchain. Its diversified portfolio spans trading, asset management, investment banking, proprietary investing, and AI data-center infrastructure.

Headquartered in New York, the firm operates offices across North America, Europe, and Asia, positioning itself as a “bridge player” linking traditional finance, cryptocurrency, and AI infrastructure.