Hyperliquid gains help offset $216 million Q1 loss at Novogratz's Galaxy Digital.

Galaxy Digital, the crypto financial services and infrastructure firm led by Mike Novogratz, reported a net loss of $216 million for Q1 2026, narrowing from a $482 million loss in the prior quarter. Adjusted EBITDA came in at -$188 million, while diluted earnings were -$0.49 per share. Total equity rose 46% year over year to $2.8 billion. Cash and stablecoins totaled $2.6 billion, little changed from the previous quarter. The quarter's loss was driven primarily by unrealized markdowns on digital assets and investment positions in the Treasury and Corporate segment, as weaker crypto conditions weighed on valuations. Total crypto market capitalization fell about 20% during the period. Bitcoin dropped nearly 24%—its steepest quarterly decline since 2018—and ended March around $66,600. Helios data center buildout Galaxy energized its first data hall at the Helios campus in West Texas and delivered it to CoreWeave under a Phase I lease. Novogratz wrote on X: "The lights are on at Helios." He added that the AI data center business is now generating cash flow. The remaining 133 megawatts of critical IT capacity under Phase I is expected to be delivered by the end of Q2 2026. A 260-megawatt Phase II build is already underway, targeting early 2027 delivery. During the quarter, ERCOT approved an additional 830 megawatts of power for Helios, taking total approved capacity to more than 1.6 gigawatts. The full CoreWeave lease covers 526 megawatts of critical IT load across three phases with a 15-year base term. Galaxy estimates the arrangement alone will generate more than $1 billion in average annual revenue, with anticipated EBITDA margins of roughly 90%. Digital assets Adjusted gross profit in the digital assets segment was $49 million, slightly below the prior quarter's $51 million. Galaxy attributed the resilience to a greater mix of recurring fee revenue and transaction income. Trading counterparties rose 4% to 1,691. Galaxy's own trading volumes were flat even as industrywide volumes fell sharply, according to The Block. The lending book declined 20% to an average of $1.4 billion as clients reduced leverage. Asset management The asset management business ended Q1 2026 with about $5 billion in assets under management and $3.2 billion in assets under stake. Assets under stake fell 35% quarter over quarter, which the company said was almost entirely due to token price declines rather than client withdrawals. Net inflows were $69 million. BlackRock selected Galaxy as an approved validator for the iShares Staked Ethereum Trust ETF, BlackRock's first rewards-generating crypto product. Galaxy also announced a new fintech-focused hedge fund aimed at the intersection of traditional finance and blockchain infrastructure, set to launch May 1. Corporate treasury and capital allocation The corporate treasury segment posted an adjusted gross loss of $140 million and EBITDA of -$167 million, reflecting unrealized markdowns on digital asset holdings and venture investments. Galaxy said its equity allocation is roughly split among digital assets (33%), data centers (28%), and treasury and corporate (39%). Buybacks and listing changes Galaxy repurchased 3.2 million shares for $65 million during the quarter, more than offsetting dilution from employee stock grants. The company also completed a voluntary delisting from the Toronto Stock Exchange and is now fully consolidated on Nasdaq. Management said the move streamlines the corporate structure following the May 2025 reorganization that converted the prior partnership into a standard corporate entity.

Visa has partnered with WeFi Official, a venture co-founded by Reeve Collins, who also co-founded Tether, to build on-chain banking infrastructure aimed at underbanked populations across Europe, Asia and Latin America.

Türkiye's central bank is rebuilding its bullion stockpile after reducing some of the dollar-for-gold swap positions used during the height of market stress. Official data show physical gold holdings climbed to about 730 tonnes as of April 17. Gold reserves rose by 30.7 tonnes over the past week, taking the two-week increase to 36.4 tonnes and partially reversing earlier declines linked to liquidity operations. Full story at Kitco:

Gold is still struggling to gain traction as markets brace for interest rates to stay unchanged for the foreseeable future. The metal may also face additional selling pressure as U.S. consumer sentiment continues to strengthen. The Conference Board said Tuesday that the Consumer Confidence Index rose to 92.8 in April. The reading beat economists' expectations for a decline to 89 and improved from February's downwardly revised 91.2. Source: Kitco

Visa has entered a partnership with WeFi, a blockchain-based banking firm founded by Reeve Collins, the former CEO of Tether, to enable digital-asset payments via WeFi's on-chain banking infrastructure, Odaily Planet Daily reported. WeFi lets users hold assets and control their private keys through self-custody wallets, while allowing those funds to be spent wherever Visa payments are accepted. The rollout will begin in select markets across Europe, Asia and Latin America, with plans to expand to additional regions once regulatory approvals are secured. WeFi CEO Maksym Sakharov said the stablecoin will be embedded directly into the platform's core infrastructure, with settlements handled in the background so users don't need to manually convert currencies.

U.S. President Donald Trump said Iran's government is in a "state of collapse" and has asked for the Strait of Hormuz to be reopened immediately. The remarks point to a diplomatic shift as Tehran reportedly tries to contain a leadership crisis while the blockade continues to squeeze flows through a route that carries about 20% of the world's oil supply. Trump said reopening the strait is a priority as Iran's administration moves to reorganize its domestic governance structure. Based on past patterns, Iran is expected to issue a statement soon.

CoinDesk reports that Iran's deputy defense minister said post-conflict shipping through the Strait of Hormuz will proceed under procedures set by the Islamic Republic. Authorities expect traffic to normalize on May 15. Market pricing indicates 59.5% "Yes," up 20% from a day earlier. After the statement, the asset gained 40 points over 24 hours as traders read the comments as a sign of a managed reopening during the 2026 Hormuz Strait crisis. Gen. Michael Kurilla and other key participants remain involved in negotiations. Liquidity conditions show $36,459 in daily volume (USDC-denominated). A 5-point move requires $4,658, pointing to steady order flow. The latest notable move came at 3:48 PM with a 2-point spike, underscoring sensitivity to headlines. The key issue is definition: Iran's reference to an "Islamic Republic Agreement" implies any reopening would be on Iran's terms rather than a return to pre-crisis conditions. Whether regulated passage satisfies the contract depends on how the market's resolution criteria define "ordinary" traffic restoration. Traders are watching two primary catalysts: an end to the U.S. blockade and confirmation that mine clearance has been completed. Updates from U.S. Central Command and statements from Iran's Ministry of Foreign Affairs are likely to shape expectations for whether the May 15 timeline is achievable. Contract snapshot: "Yes" at 60 cents; pays $1 if resolved; 1.67x back. API access available.

T. Rowe Price is preparing to launch $TKNZ, an actively managed crypto ETF expected to hold a rotating portfolio of 515 cryptocurrencies. The basket would include major tokens such as $BTC, $ETH, $SOL, $XRP, $DOGE and $SHIB.