Institutions are going to Galaxy for loans (among other things), but Galaxy wants to stay asset-light and not be constrained by its own balance sheet. So they just secured a $500M credit line from Grove/Sky. This isn't coming out of the blue. Grove and Galaxy started working together back in December 2025, when Grove anchored Galaxy's first tokenized CLO, a bundle of existing loans packaged into one vehicle that Grove bought into. But this new deal moves Grove one step earlier in the chain. Instead of buying finished loan pools, Grove now finances the origination of new loans, committing USDS capital through a dedicated lending vehicle. Galaxy is happy here, as it lets them serve more clients without funding those loans themselves. I love this move because it connects my favorite projects: Sky (Grove) and Galaxy. This is an important relationship that just got stronger, and Grove can tap into billions of liquidity from Sky. Meanwhile, I expect demand for Galaxy's services to really accelerate from here, so the more credit available at scale, the better. On the Q1 earnings call, CFO Tony Paquette said activity in their digital asset business had picked up, with preliminary estimates of Q2 adjusted EBITDA of roughly $90 million. That covered only the first few weeks of April, so it could still change. But deals like this one certainly help grow the business and support the optimistic outlook he shared. Galaxy is the biggest bag in my portfolio. Follow my updates and moves in real-time just for $1. (link in bio)