Galaxy Digital stock dropped 5% after missing earnings expectations, reporting $8.66 million in revenue for Q2, a 2.5% YoY decrease. The company’s EBITDA was $211 million due to increased virtual assets. Galaxy raised its Bitcoin holdings to 17,102 coins, worth $1.94 billion, during the quarter.

Despite the rise in crypto assets on its balance sheet, Galaxy Digital’s EPS fell short at $0.08 compared to the estimated $0.10. Founded by Mike Novogratz, the company went public on May 16 and saw a 16% increase in stock value, but dropped 5% post-earnings miss.

On the same day, leading crypto stocks like MicroStrategy, Coinbase Global, Robinhood Markets, and Circle also experienced declines in their stock prices. MicroStrategy dropped 3.82%, Coinbase Global fell nearly 5.49%, Robinhood Markets declined by 2.14%, and Circle’s value decreased by 4.50%. HIVE Digital, a Bitcoin mining firm, also saw a 0.73% decline in stock value.

Read more at Yahoo Finance: Galaxy Digital stock sinks 5% after shocking earnings