Financial Data and Key Metrics Changes - Galaxy Digital reported a record GAAP net income of $505 million for Q3 2025, with an adjusted gross profit of $728 million, indicating strong performance across its diversified model [9][10] - The firm achieved a firm-wide adjusted EBITDA of $629 million, significantly up from $211 million in Q2 2025 [11] - Cash and stablecoins on the balance sheet increased to $1.9 billion, up approximately $700 million from Q2 2025 [12] Business Line Data and Key Metrics Changes - The digital asset segment generated a record adjusted gross profit of $318 million, driven by strong trading, investment banking, asset management, and staking activities [10][15] - Assets under management and assets under stake reached over $15 billion, nearly doubling from the previous quarter, with asset management growing to approximately $9 billion [17][18] - The lending book grew to over $1.8 billion, reflecting new clients and market appreciation [16] Market Data and Key Metrics Changes - Galaxy Digital's trading volumes increased by 140% from Q2 2025, with record crypto trading volumes achieved during the quarter [15] - The firm executed a significant transaction involving the sale of over $9 billion of Bitcoin on behalf of a single client, marking one of the largest notional Bitcoin transactions ever completed [15] Company Strategy and Development Direction - Galaxy Digital is focused on expanding its digital asset offerings and enhancing its data center capabilities, with the launch of Galaxy One aimed at individual investors [7][24] - The company is strategically positioning itself to capture a broader market by integrating traditional finance with blockchain infrastructure [22][76] - The Helios data center project is a cornerstone of Galaxy's infrastructure strategy, with plans for multi-tenant capabilities and significant power capacity [36][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of building trust and relationships in the crypto community [4][5] - The company acknowledged the challenges posed by forced liquidations in the crypto ecosystem but noted that it performed well during this period [39][41] - Galaxy Digital is committed to disciplined risk management and maintaining sufficient capital and liquidity to support long-term growth [14] Other Important Information - The firm secured a $460 million PIPE deal from a large institutional investor, which will support the development of its data center [8][13] - Galaxy Digital's asset management business is now run rate profitable, providing a solid foundation for future growth [18] Q&A Session Summary Question: Impact of forced liquidations on market structure - Galaxy Digital performed well during the liquidation events, with no credit losses and quick responses from the trading desk [39] - Market makers and leveraged retail traders were significantly impacted, leading to reduced liquidity and wider bid-ask spreads [39][40] Question: Aspirations for Galaxy One - Galaxy One aims to serve high-net-worth consumers, providing a seamless platform for managing traditional and digital assets [42][44] - The target audience includes individuals with significant wealth who have historically been underserved by traditional platforms [46][47] Question: Update on data center approvals and demand - Approval timelines for additional capacity in Texas remain uncertain, but there is positive traction in demand from large customers [50][54] - The company is optimistic about securing additional interconnection capacity and has seen increasing proactive inquiries from potential clients [53][54] Question: Financing and refinancing opportunities - Galaxy Digital expects to unlock significant capital through refinancing once the Helios project stabilizes and generates revenue [56][58] - The refinancing could potentially unlock multi-hundreds of millions of dollars of equity for future developments [58] Question: Competitive positioning in the data center market - The company is focused on execution and delivering projects on time and on budget, which is critical for long-term customer demand [66][68] - Galaxy Digital is strategically positioned with existing land and infrastructure, differentiating itself from competitors [66][68]

RT Duncan (@FloodCapital)Good Morning $GLXY BullsMind boggling earning beat, $GLXY's best quarter ever +$505M in Net Income for Q3 (vs ~$31M in Q2).We are finally seeing Galaxy come alive on the crypto side of the business, they've spent the last 8 years building out crypto infrastructure with relatively fixed costs and are now seeing volumes explode and translate directly in profitability.Balance Sheet: $3.2B +21% QoQCrypto/Digital Asset Side:Global Markets (Q3 $295M in adj gross profit vs Q2 $55M)- Tradin ...

Coinbase said it acquired crypto investment platform Echo for about $375 million, expanding the digital-asset exchange’s footprint in private markets https://t.co/B6fdw0I4Pi ...

Exclusive: Coinbase has struck a roughly $375 million deal to acquire Echo, a platform that allows crypto companies to quickly raise capital directly on the blockchain https://t.co/YL6sqvGdmM ...

Regulatory Developments - MAS (新加坡金融管理局) launches BLOOM initiative for tokenized settlements [1] - Dubai unveils financial strategy highlighting virtual assets [1] - Russia explores tokenizing domestic stocks [1] - Japan considers allowing banks to hold crypto assets [1] Project Updates - Ant Group suspends stablecoin plans in Hong Kong [1]

Group 1: ABSA Bank and Ripple Partnership - ABSA Bank is partnering with Ripple to provide custodial services on the Ripple blockchain, marking a significant moment in the adoption of crypto by mainstream financial institutions [1][2] - The partnership allows ABSA customers to store crypto and digital assets on the Ripple blockchain, with integrated tools for managing these assets [3] - Ripple's managing director for the Middle East and Africa described the partnership as a "major shift," emphasizing the potential of digital assets in Africa [3] Group 2: Ghana's Crypto Regulations - The Central Bank of Ghana plans to introduce crypto regulations by December 2025, aligning with similar legislative trends in Nigeria and Kenya [4] - The regulatory framework and a new bill to regulate virtual assets are currently being prepared for parliament [4] - The growing size of global crypto markets is prompting regulators to seek visibility on the movement of funds, which is in the billions [4] Group 3: Blockchain.com in Nigeria - Blockchain.com is seeking a crypto exchange license from Nigeria's Securities and Exchange Commission, following its decision to establish Nigeria as its regional hub [2]

Core Insights - The Real World Asset (RWA) sector valuation reached $34.4 billion, marking an 11.6% increase and a $3.9 billion rise in total deposits over the last 30 days [1] - Despite a challenging crypto market, the RWA sector demonstrated resilience, with tokenized debt, commodities, and private credit products attracting inflows as investors sought yield stability amid macroeconomic uncertainty [2] RWA Sector Performance - Private credit constitutes the largest RWA category, accounting for 51.4% of the total market at $17.3 billion, with U.S. public debt and commodities contributing nearly half of the $3.9 billion in new deposits [3] - Tokenized U.S. debt instruments increased from $7.5 billion to $8.3 billion since the start of October, driven by accelerated tokenization following the U.S. government shutdown [4] - Commodities-backed RWAs rose from $2.1 billion to $3.2 billion, influenced by Gold's rally to $4,200, with U.S. Treasuries and Commodities together seeing $1.9 billion in inflows, representing 51% of all newly tokenized assets in the last 30 days [4] Market Dynamics - Increased liquidity in the RWA sector has led to significant gains for token holders, with the aggregate market cap of tokenized projects rising to $6.78 billion, an 8.3% increase intraday, contrasting with the broader crypto market's 0.6% uptick [5]

Core Insights - Japan's three largest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui, and Mizuho, are collaborating to launch stablecoins pegged to the Japanese yen and US dollar to compete with USDT and USDC [1][2] - The yen-backed stablecoin will initially be utilized for settlements by Mitsubishi Corporation, with plans for broader adoption across Japan [1][2] - The initiative is supported by Progmat, a blockchain infrastructure company established by MUFG, which will oversee the issuance and governance of the stablecoin [3][4] Group 1 - The three megabanks serve over 300,000 major business partners and aim to create a structure for corporate clients to transfer stablecoins under uniform standards [2] - The banks have partnered with various players in the crypto sector, including Bitbank, Avalabs, and Fireblocks, to enhance the stablecoin's infrastructure [4] - The stablecoin, named JPYC, will maintain its peg to the yen through reserves of highly liquid assets, with plans to issue 1 trillion yen (approximately $6.64 billion) over the next three years [5] Group 2 - The global interest in stablecoins is rising, with the total market capitalization recently surpassing $307 billion, where USDC and USDT dominate the market [6] - Currently, only Circle's USDC has received approval as a global dollar stablecoin for use in Japan, highlighting the competitive landscape [6]

Fundraising - Arthur Hayes' family office is seeking at least $250 million for a debut private equity fund [1] Investment Focus - The fund will target medium-sized crypto firms [1]

CZ QMMM Collapse. Photo by BeInCrypto Binance founder Changpeng Zhao (CZ) has called for stricter safeguards in the Digital Asset Treasury (DAT) sector. His Remarks follow the alleged collapse of QMMM, a US-listed firm accused of market manipulation and fleeing its Hong Kong office. The scandal, widely described as the first “runaway Microstrategy”, has sparked renewed debate about transparency and accountability among publicly traded companies investing heavily in crypto reserves. CZ Demands Custodial O ...