Galaxy Digital Holdings ($GLXY) reported its best quarter ever with $505M net income, driven by a 140% QoQ increase in trading volumes and a 75% QoQ rise in AUM/AUS to $14B. The company's strong balance sheet ($1.9B cash/stablecoins, $3.2B equity capital) and $1.4B financing for its Helios data centers position it for continued growth in the digital asset and infrastructure space. Investors should monitor the progress of Helios, with revenue recognition expected in H1 2026, and the launch of its direct-to-consumer platform, Galaxy One.