Galaxy Digital Deposits $100M ETH, Q1 Revenue Beats While EPS Loss Narrows
Galaxy Digital deposited 45,000 ETH (over $100 million) across Binance, Bybit and OKX even as exchange reserves hit a decade low with 331,000 tokens withdrawn since April 19. In Q1 the firm reported $10.04 billion in revenue, down 22.7% Y/Y but beating forecasts by $1.29 billion, and a non-GAAP EPS loss of $0.49, beating estimates by $0.44, while CEO Novogratz warned Bitcoin may stall below the $80K–$85K range.
1. Large Ethereum Deposit
Galaxy Digital routed 45,000 ETH, valued at over $100 million, to major exchanges including Binance, Bybit and OKX. This move coincides with exchange reserves dropping to their lowest level since 2016, as 331,000 ETH have been withdrawn since April 19, highlighting heightened off-exchange accumulation.
2. Q1 Financial Performance
In the first quarter Galaxy Digital generated $10.04 billion in revenue, a 22.7% decrease year-over-year but $1.29 billion above consensus estimates. The company posted a non-GAAP EPS loss of $0.49, outperforming forecasts by $0.44, underscoring resilient trading and asset management operations despite broader market headwinds.
3. Bitcoin Outlook from Management
CEO Michael Novogratz indicated that Bitcoin may need additional time before clearing the $80K–$85K resistance zone, dampening near-term breakout expectations. This cautious stance suggests Galaxy Digital may prioritize risk management and strategic token allocations until market conviction strengthens.