Galaxy Digital Trims Its Core Scientific Stake by $4.8 Million -- but Still Holds Plenty
Key Points
Sold 272,777 Core Scientific shares; estimated trade value ~$4.8 million (based on quarterly average price)
Sale equated to approximately 5.0% of the fund's reportable U.S. equity AUM as of December 31, 2025
Post-trade holding: 784,540 shares valued at $11.4 million
Core Scientific remains a significant position, representing 11.9% of Galaxy Digital's 13F assets
What happened
According to an SEC filing dated March 23, 2026, Galaxy Digital Capital Management GP LLC sold 272,777 shares of Core Scientific (NASDAQ:CORZ) in the fourth quarter of 2025. The estimated value of these sales was $4.8 million, based on quarterly average pricing. The fund’s quarter-end stake in Core Scientific was 784,540 shares, with a total reported value of $11.4 million.
What else to know
- Galaxy Digital’s Core Scientific position after the trade accounted for 11.9% of its 13F AUM as of Dec. 31, 2025.
- Top five holdings after the filing:
- NASDAQ:RIOT: $7,848,279 (9.9% of AUM)
- NASDAQ:CLSK: $5,128,270 (6.5% of AUM)
- NASDAQ:MU: $4,815,152 (6.1% of AUM)
- NASDAQ:BITF: $4,431,461 (5.6% of AUM)
- NASDAQ:CIFR: $4,394,805 (5.5% of AUM)
- As of March 23, 2026, Core Scientific shares were trading at $16.58, up 78.1% over the past year and outperforming the S&P 500 by roughly 64 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-03-23) | $16.58 |
| Market capitalization | $5.1 billion |
| Revenue (TTM) | $319.0 million |
| Net income (TTM) | ($288.6 million) |
Company Snapshot
- Core Scientific, Inc. provides digital asset mining, blockchain infrastructure, and colocation hosting services, generating revenue from both proprietary mining and third-party hosting contracts.
- The company's business model leverages owned-and-operated data center facilities to mine digital assets for its own account and to offer hosting and equipment sales to institutional mining clients.
- Primary customers include institutional-scale digital asset miners and enterprises seeking blockchain infrastructure solutions in North America.
What this transaction means for investors
Galaxy Digital's decision to trim its Core Scientific position might look like a vote of no confidence at first glance -- but the bigger picture is more nuanced.
For starters, this isn't a full liquidation of Galaxy’s position. Even after the sale, Core Scientific remains Galaxy Digital's single largest 13F holding, representing nearly 12% of the fund's total reported equity assets. It’s likely the fund is simply locking in some gains after a strong run.
And what a run it has been. Core Scientific shares surged more than 78% in the past year, dramatically outpacing the S&P 500. After that kind of price move, some profit-taking is entirely normal institutional behavior. Portfolio managers routinely trim positions that have grown quickly relative to the rest of their holdings -- not because they've soured on the company, but because prudent risk management demands it.
It's also worth thinking about how the crypto infrastructure industry has fared lately. Core Scientific -- along with peers like Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK), both of which Galaxy Digital also holds -- operates in a sector that has seen a recent resurgence tied to Bitcoin's price recovery and growing institutional demand for blockchain-related services. Galaxy Digital's portfolio reads like a concentrated bet on that theme, and CORZ remains the number one holding.
For everyday investors, the takeaway is straightforward: Galaxy Digital sold some shares, but it doesn’t appear to have changed its conviction level.
Andy Gould has positions in Cipher Mining. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.