Crypto·AI Infrastructure Stocks Lose $400 Billion in Market Cap in One Day

Galaxy Digital Inc. (NASDAQ: GLXY) closed at $29.75 on the Nasdaq on the 24th, down 5.10% on a trading volume of 5.05 million shares. With a market capitalization of approximately $5.67 billion (about ₩8.8 trillion), the company saw roughly $275 million (₩430 billion) erased in a single day.

In its Q1 2026 earnings report released at the end of April, Galaxy Digital posted a net loss of about $216 million (₩330 billion), underscoring the impact of falling digital asset prices. Two weeks earlier, the firm completed a Class A common stock offering at $19 per share alongside its Nasdaq listing, raising additional capital to fund growth investments and expand its data-center infrastructure.

Founded in 2018 with an initial listing on the Toronto Stock Exchange, Galaxy Digital is now dual-listed on Nasdaq and the TSX. The company specializes in digital assets and data-center infrastructure, offering cryptocurrency trading, asset management, investment banking and venture-capital services. Founder and CEO Mike Novogratz—a former Goldman Sachs partner and president of Fortress Investment Group—is a well-known Bitcoin bull from Wall Street. Both Galaxy Digital and its share price are viewed as highly leveraged to cycles in digital assets and AI infrastructure.