Introduction: Two Logics on the Same Day
Galaxy is a financial services company that heavily allocates digital assets on its own balance sheet, with profits and losses directly tied to fluctuations in the crypto market; KULR is an industrial enterprise supported by cash flow from aerospace battery business to accumulate Bitcoin, with BTC holdings being a supplementary strategy contingent on positive operations of its core business. In the same quarter, both recorded unrealized losses due to the decline in BTC prices, but the underlying structures are completely different.
1. Galaxy: Transformation Tension Coexists in the Same Financial Report
The $140 million unrealized loss comes from structural exposure: holding $431 million in BTC and $650 million in venture capital on the balance sheet, it is inevitable to incur accounting losses during a quarter in which the crypto market declines by 20%. However, Helios confirmed income to CoreWeave for the first time, providing a different valuation anchor—when the proportion of long-term contract revenue from data centers continues to rise, its correlation with the crypto market beta will gradually decrease. CEO Novogratz defined 2026 as "a transition year from speculative crypto to industrial-grade technology," and the Q1 financial report is the first point on this timeline backed by financial numbers.
2. KULR: Industrial Core Supports, With 1,001 BTC Untouched
KULR has held 1,001 BTC without selling, and even though the annual net loss is mainly made up of non-cash Bitcoin losses, the company still maintains no debt and $13.3 million in cash, with core battery business revenue up 51% year-on-year. The five-year supply agreement with Caban is direct verification of the sustainability of the industrial core business. The suspension of ATM until June 30 is the next key milestone: whether financing will resume to accelerate BTC accumulation will be a core observational indicator to judge the next pace of KULR's treasury strategy.
Galaxy trades exposure to digital assets for potential excess returns, while KULR uses its industrial core to support Bitcoin accumulation—both presented their respective costs and values with real numbers in their April 28 financial reports. These two paths together form the most representative means of survival in the crypto concept stock ecology in 2026.
Data Source: https://bbx.com/ Crypto concept stock information repository, compiled based on announcements from global listed companies and SEC/TSE disclosure documents from yesterday.
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