$Galaxy Digital Holdings Ltd.(GLXY)$
Bull: Galaxy swung to a $323M net profit from an $85M loss, with adjusted EBITDA of $455M. Digital asset trading volumes rose 12%, the loan book grew 27%, and assets under management and stake reached $10.4B. Helios delivered its first 133MW to CoreWeave, and management targets an $800-850M annualized leasing run rate by end-2027. A $4.9B cash and Treasuries cushion and a new $200M buyback add support.
Bear: Much of the profit came from investment valuation gains, so it can reverse with crypto prices. Helios depends heavily on one tenant, CoreWeave, which carries about $35.6B of debt. Shares fell roughly 30% in early October on those worries, and large construction debt adds execution risk.
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- puffyxx·16:22323M net profit looks good, but if valuation gains did most of the lifting, I would watch trading and leasing contribution more closelyLikeReport