Galaxy Digital reported net income of $323 million for the third quarter on 27 October, compared with a loss of $85 million in the second. Adjusted earnings before interest, taxes, depreciation and amortisation reached $455 million and adjusted gross profit $569 million. Digital asset trading volume rose 12% from the previous quarter, while the average loan book grew 27% to $1.8 billion. The company approved a new $200 million share buyback, and leasing at its Helios data centre also contributed to revenue.

What it means: Galaxy is one of the few companies combining crypto trading and lending for institutional clients with asset management and now data centre infrastructure. Its results are a useful gauge of how the institutional side of the market is doing, beyond prices. The growth of the loan book shows that professional demand for financing secured by crypto remains strong. The Helios data centre is especially interesting: Galaxy, like many bitcoin miners, is turning sites with large access to electricity into space for AI computers, which bring steadier revenue than mining. It should be noted that such a company's profits are strongly affected by valuations of the digital assets it holds, so a good quarter does not necessarily mean a stable trend. For Europe, the convergence of crypto and data centres is tied to energy availability and grid connection permits, which are limited. For Greece, where data centre investments are being discussed and electrical capacity is a critical resource, the example shows the value lies in sites with secured power, whether or not they were first built for crypto.

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