Galaxy Digital’s (GLXY) stock dropped more than 6% in pre-market trading after the company posted a steep net loss of $482 million for the fourth quarter of 2025.

Shares of the crypto financial services firm led by Mike Novogratz are trading around $24.70 as investors digest the latest results. The price drop comes as most other crypto equities rise in a recovery that comes on the heels of a major market crash that saw bitcoin lose its position as one of the top 10 assets by market capitalization.

Galaxyt cited declining cryptocurrency prices and one-time costs of about $160 million as the main reasons for the loss. On a full-year basis, Galaxy reported full-year a net loss of $241 million, or $0.61 per diluted share.

Despite the losses in the last quarter, the company generated $426 million in adjusted gross profit for the year, and ended it with $2.6 billion in cash and stablecoins.

Galaxy, which completed its shift to a U.S.-based company last year and now trades on Nasdaq, reported growth in its trading and asset management segments.

It claimed record trading profits and volumes, and said its asset platform attracted $2 billion in net inflows last year, ending 2025 with $12 billion in total assets.

In the infrastructure space, the firm doubled its approved data center power capacity to over 1.6 gigawatts following new agreements and regulatory approvals in Texas.