Galaxy Digital's Strong Q3 Performance and Strategic Initiatives Reinforce Buy RatingWe remain bullish on the stock coming out of Galaxy's 3Q25 earnings release from last Tuesday (10/21), when the company reported strong broad-based sequential growth across its digital asset businesses and delivered record quarterly results that handily beat consensus forecasts (GLXY delivered $505M of net income and $629M of adjusted EBITDA for 3Q). Galaxy disclosed that it ended 3Q with $17B in total assets on platform, nearly a 2x increase from the end of 2Q, as it continues to attract institutional capital to its platform. Meanwhile, GalaxyOne, the company’s first direct-to-consumer retail offering launched on 10/6, is already gaining good traction and represents a new long-term addressable market, while the core institutional business continues to scale.