Galaxy just flipped from red to green — $323M profit after eating losses last quarter.
The real alpha? Check their balance sheet. One line item is carrying the entire gain.
This isn't operational growth — it's mark-to-market magic or asset revaluation doing heavy lifting.
Watch what they're holding. If it's $BTC or $ETH exposure, this profit could evaporate just as fast in a drawdown.
Profit ≠ cash flow. Read the footnotes.
The real alpha? Check their balance sheet. One line item is carrying the entire gain.
This isn't operational growth — it's mark-to-market magic or asset revaluation doing heavy lifting.
Watch what they're holding. If it's $BTC or $ETH exposure, this profit could evaporate just as fast in a drawdown.
Profit ≠ cash flow. Read the footnotes.