Galaxy: Strong Crypto Backdrop Drives Gross Profit Surge, Data Center Progress Encouraging

Galaxy’s Q3 was the best quarter in company history, per management, with the company seeing record crypto trading volumes, facilitating the sale of 80,000 Bitcoin worth more than $9 billion for a major client. Initial Data Center revenue was recorded in Q3 of just $2.7 million, though management explained that Data Center would be immaterial to results until the first half of 2026 when the first phase at Helios is delivered to CoreWeave. Management had some interesting comments about being tied to CoreWeave when it comes to future financing and the economic opportunities around diversifying to possible hyperscale customers, as well as why they will not pursue a GPUaaS model like IREN. Management also teased a “big update” in Q2 next year for the newly-launched consumer-facing platform GalaxyOne.

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