Key Takeaways:

• Galaxy Digital posted a $216M Q1 loss as the crypto market fell approximately 20% by March 31.
• Galaxy Digital assets fell 12% to approximately $10B, showing crypto sector volatility impact.
• Galaxy Digital bets on Helios, adding 830MW; Coreweave deal to drive Q2 revenue.

Mike Novogratz’s Galaxy Holds $2.6B Cash as $216M Loss Tests Market Strategy

Galaxy Digital Holdings posted a sharp quarterly loss of $216 million as falling digital asset prices weighed on its investment portfolio, underscoring the sector’s continued sensitivity to market swings even as the firm expands into infrastructure.

The company reported the net loss of $216 million for the three months ended March 31, compared with a $482 million loss in the prior quarter. The improvement was largely relative, as a roughly 20% drop in total crypto market capitalization during the period eroded the value of Galaxy’s holdings. Adjusted EBITDA came in at negative $188 million, while adjusted gross loss totaled $88 million.

Total assets fell 12% quarter-on-quarter to just under $10 billion, and equity declined to $2.8 billion. Still, Galaxy maintained a strong liquidity position, holding $2.6 billion in cash and stablecoins.

The firm’s core digital assets business showed resilience. Adjusted gross profit in the segment reached $49 million, only slightly below the previous quarter, supported by steady fee income and transaction revenue. Trading volumes held flat even as broader market activity declined, while the average loan book shrank 20% to $1.4 billion amid client deleveraging.

Pressure was most evident in Galaxy’s Treasury and corporate unit, which recorded a $140 million adjusted gross loss driven by unrealized losses on digital assets and investments.

At the same time, Galaxy is pressing ahead with a strategic pivot toward data infrastructure. In April, shortly after quarter-end, the company delivered its first data hall at the Helios campus to Coreweave, marking the start of revenue generation for the project.

The Helios site has also secured regulatory approval for an additional 830 megawatts of power capacity, bringing total approved capacity to more than 1.6 gigawatts. The expansion reflects strong demand for high-performance computing infrastructure, particularly tied to artificial intelligence (AI) workloads.

Asset management remained a mixed picture. Assets under management stood at roughly $5 billion, down from the previous quarter due to market depreciation, though the business attracted $69 million in net inflows. Galaxy also disclosed new partnerships, including a role supporting staking infrastructure for a Blackrock Ethereum exchange-traded product.

During the quarter, Galaxy repurchased $65 million worth of shares and completed its delisting from the Toronto Stock Exchange, consolidating trading on Nasdaq.

The results highlight a company navigating volatile crypto markets while betting on more stable, long-term revenue streams. Whether that shift can offset continued price-driven earnings swings remains an open question.

(FOX 9) – Lawmakers are on the verge of banning cryptocurrency kiosks in Minnesota, citing a surge in scams and growing concerns from law enforcement.

Minnesota cryptocurrency kiosk ban

What we know:

The Minnesota House has passed S.F. 3868, which would ban cryptocurrency kiosks statewide. The legislation previously passed the Minnesota Senate earlier this month and now heads to Gov. Walz for his signature to become law. 

If signed, Minnesota would become one of the first states to ban cryptocurrency kiosks in response to widespread fraud.

Dig deeper:

Cryptocurrency kiosks, which look like ATMs, allow people to use cash or debit cards to buy cryptocurrency. Once cash is converted, it becomes untraceable and nearly impossible for law enforcement to investigate.

Minnesota currently has 350 licensed cryptocurrency kiosks run by about eight companies, according to the Minnesota Department of Commerce.

The backstory:

A 2024 FBI report found that more than $100 million in cryptocurrency theft has been reported nationally.

In just the first six months of 2025, the FBI found that Americans lost $240 million in crypto kiosk scams.

Lawmakers say the move is in response to direct feedback from law enforcement and advocates working with scam victims.

Minnesota legislators passed a law two years ago requiring the kiosk owners to limit transaction amounts and refund victims in certain situations.

What they’re saying:

“We’re hearing directly from law enforcement that these crypto kiosks have become a prime tool for scammers to target some of our most vulnerable neighbors, especially seniors living on fixed incomes. When Minnesotans are losing their life savings in transactions that are nearly impossible to trace or recover, we have a responsibility to act,” Rep. Koegel, an author of the bill, said in a statement. “This legislation is about protecting people, closing a clear avenue for fraud, and ensuring no one is left to choose between financial security and falling victim to a scam. This is about working together to put Minnesotans first and making sure our laws keep pace with the tactics scammers are using to exploit our communities.”

The other side:

Throughout committee hearings, crypto kiosk owners have said the proposed law goes too far.

A statement to FOX 9 said in part: “We can’t speak for the entire industry, but CoinFlip holds itself to the highest standards of compliance, consumer protection, and transparency. We have been a registered Money Services Business (MSB) since 2015, support commonsense legislation, and believe all operators should meet consistent, clearly defined regulatory standards.”

Key Takeaways:

• Romania ONJN blocked over 300 illegal gambling sites and revoked 60 licenses in its 2025-2026 mandate year.
• €5M Conștient și Liber fund marks Romania’s first state funding for gambling addiction treatment
• Romanian court rejected Polymarket’s suspension request on April 1, keeping ONJN blacklist intact.

Romania’s Gambling Regulator Shares Block List

The Oficiul Național pentru Jocuri de Noroc (ONJN) published its activity report on April 24, summarising 12 months of enforcement and reform. The figures point to a reorientation toward black market enforcement. ONJN inspectors carried out approximately 11,000 control actions, issued fines totaling 10 million lei (about $2.2 million), revoked 60 operator licenses, and filed 70 criminal complaints. The regulator also issued more than 60 orders for the removal of illegal online content, with a reported 98% compliance rate, and added 300+ unlicensed websites to its national blocking list.

“This year has shown that change is possible. It does not come easily and is not done without resistance. There have been blockages, opposition and attempts to slow down essential projects, both from inside and outside,” Soare said in the report’s accompanying statement, confirming that ongoing investigations would continue.

A key structural change underpinning the enforcement push is the public register of gaming devices, launched by the ONJN in October 2025. The cloud-native system links each registered slot machine and video lottery terminal to a unique QR code, with mandatory geolocation tracking. The regulator has described it as the first of its kind among EU regulators. The legislation also expanded the agency’s authority to issue takedown orders for illegal gambling content under the EU Digital Services Act framework.

The ONJN inherited approximately 30,000 unprocessed self-exclusion requests when Soare took office; the report says the registry now covers approximately 54,000 individuals. A draft emergency ordinance currently with Romania’s Ministry of Finance would unify the self-exclusion procedure across land-based and online operators, introduce a mandatory cool-off period, with penalties of up to 100,000 lei for non-compliance.

The most concrete policy shift came on April 17, when ONJN opened applications for its Conștient și Liber (Aware and Free) program. The €5 million fund marks the first time the Romanian state has directly financed gambling addiction prevention and treatment. Applications close May 11, with implementation running August through December 2026.

The activity report follows Soare’s April 1 announcement of a Bucharest court ruling that rejected Polymarket’s request to suspend ONJN’s blacklist decision. “The decision to include Polymarket on the blacklist is not about technology, but about the law. Whether you bet in lei or in crypto, if you wager money on a future outcome under counterparty conditions, we are talking about gambling that must be licensed,” Soare said at the time. “ONJN will not permit blockchain to be turned into a screen for illegal betting.”

Romania separately joined the Balkan Gaming Federation in March, a regional industry body coordinating policy across Western Balkans markets without supplanting national regulators.

The Conștient și Liber program, device register rollout, and unified self-exclusion bill remain in early implementation phases. ONJN’s report acknowledged that several reforms still depend on legislative or budgetary follow-through.