Galaxy Digital’s (GLXY) stock dropped more than 14% on Tuesday after the company posted a steep net loss of $482 million for the fourth quarter of 2025 and missed analyst expectations.

Shares of the crypto financial services firm led by Mike Novogratz are trading around $22.60 as investors digest the latest results. The company’s revenue came in at $10.2 billion, far from the $12 billion analysts had expected.

Adjusted earnings per share (EPS) was a loss $1.08, compared to analysts' forecast of a loss of up to $0.99.

The price drop started in pre-market trading when most other crypto equities were rising in a recovery that came on the heels of a major market crash that saw bitcoin lose its position as one of the top 10 assets by market capitalization.

Since then, the market has turned around and crypto equities are slightly negative in general. Bitcoin BTC$78,937.14 is down more than 2.5% in the last 24 hours, while ether ETH$2,325.24 lost 4.1% of its value.

Galaxy cited declining cryptocurrency prices and one-time costs of about $160 million as the main reasons for the loss.

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.

UPDATE (Feb. 3, 17:05 UTC): Restructures to cite GLXY's drop after the market opened rather than in pre-market trading; adds additional detail on EPS and analysts' forecasts.