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$GLXY just reported its Q3 earnings and The Streets consensus was completely WRONG They expected a big loss and instead: - They made $0.83/share - Net income came in at $323M, up from an $85M loss in Q2 (most of that came from investment gains). - $455M of adjusted EBITDA with $395M coming from Treasury & Corporate Data Centers adjusted EBITDA hit $69M, up from $11M, in the first full quarter of Helios I Phase I (133 MW). That's right in line with $80M of lease revenue at a 90%+ margin They also: - Added a new $200M buyback - Closed a $3.5B note offering to fund Helios I Phase II - Grew AUM plus assets under stake 46% from Q2 to $10.4B - Have a power pipeline of 5.7 GW+ It’s time the market starts giving Galaxy credit where credit is due. They are growing 2 separate businesses across 2 different sectors and they are great at both!

Galaxy reports tomorrow before the open. Since early September, the stock has cratered 43%, landing near $15 today, and it has nothing to do with Galaxy’s execution. It is fallout from its tenant, CoreWeave, and the broader AI rout. Over the last 90 days $GLXY has moved with CoreWeave, not bitcoin. And the last Q2 report didn't help either: an $85M net loss and a 14% drop on the day. But Q3 can be a real game-changer. Here's what I'm expecting tomorrow: