Core Insights - Galaxy Digital (NASDAQ:GLXY) achieved a new all-time high following its return to profitability, with a remarkable surge of 1,600 percent in the third quarter of the year [1][2] - The company reported a net income of $505 million, representing a 1,615-percent improvement from a net loss of $33.3 million in the same period last year [2] - Revenues increased by 231 percent to $28.4 billion, up from $8.57 billion year-on-year, driven by record volumes in its digital asset trading operations [2] Business Developments - In the high-performance computing (HPC) sector, Galaxy Digital is on track to deliver the first phase of its IT load capacity commitment to CoreWeave by the first half of 2026, covering a total of 133 MW [3] - CoreWeave has exercised its final option to access an additional 133 MW of critical IT load from the Helios data center, bringing its total commitment to 800 MW of the campus's maximum power capacity [3]

Core Viewpoint - Bakkt Holdings (BKKT) shares surged over 45% following the appointment of fintech veteran Mike Alfred to its board, reflecting investor optimism about the company's strategic direction in digital assets and AI [1][3]. Group 1: Appointment of Mike Alfred - Mike Alfred's appointment is seen as a strategic move, aligning with Bakkt's focus on digital asset trading, stablecoin payments, AI-powered finance, and Bitcoin adoption [3]. - Alfred's background includes founding successful fintech ventures, which may enhance Bakkt's governance and expertise [1][4]. Group 2: Stock Performance - Following Alfred's appointment, Bakkt stock has increased over 90% from its August low, indicating strong market interest [2]. - Despite the recent surge, the stock is still viewed with caution due to the volatile nature of the digital asset market [5]. Group 3: Financial Performance - Bakkt has not yet turned a profit, reporting a net loss of over $30 million in its latest quarter, which raises concerns about its financial stability [6]. - The lack of coverage from Wall Street analysts contributes to a perception that BKKT shares may not be particularly attractive for investment [8]. Group 4: Market Sentiment - The market reaction to Alfred's appointment appears to be driven more by sentiment rather than fundamental changes in the company's competitive position [5]. - The only analyst rating on BKKT shares suggests a price target of $13, indicating potential downside from current levels [8].

Core Insights - Bakkt Holdings Inc. appointed fintech entrepreneur Mike Alfred to its board of directors to enhance governance and position for growth in digital assets and financial technology [1][2] - CEO Akshay Naheta emphasized that Alfred's experience in fintech and digital assets will be crucial for advancing Bakkt's strategy and building next-generation financial infrastructure [2] Company Developments - Alfred co-founded BrightScope and Digital Assets Data, both of which were acquired, and currently leads Alpine Fox LP, focusing on Bitcoin and AI-related equities [2] - Alfred's role at IREN, a data center developer for Bitcoin and AI operations, aligns with Bakkt's strategy to serve institutions in digital asset trading, stablecoin payments, AI-powered finance, and Bitcoin adoption [3][4] Market Reaction - Following the announcement of Alfred's appointment, Bakkt's shares increased by 24.65%, reaching $13.00 [5]