$GLXY Most important nugget IMO Whenever you see one of these dumb alt-coins 10X Galaxy most likely is profiting more than anyone else. Galaxy profits handsomely whenever speculative alt‑tokens “go to the moon” by leveraging virtually every part of its crypto infrastructure: Principal Trading & Market‑Making Galaxy’s Global Markets desk acts as both counterparty and liquidity provider, buying and selling large pools of tokens (including low‑liquidity “shitcoins”) and pocketing the bid–ask spread. In Q1 2025 alone, Global Markets generated $43.2 million of adjusted gross profit from these activities. Their quantitative trading strategies and derivatives desks are set up to harvest explosive volatility: when a meme‑coin rallies 50–100% in a day, Galaxy’s algos and veteran traders capture a significant slice of those moves. Lending & Structured Financing Galaxy’s average digital‑asset loan book was roughly $874 million in Q1, earning interest on margin loans collateralized by all manner of tokens from BTC to tiny governance coins (PR Newswire). As prices surge, liquidations are rare (and highly profitable), while ongoing interest accrues. That turbo‑charges revenue in bull phases. Staking & Yield Services Through Asset Management & Infrastructure Solutions, Galaxy earns commission on staking rewards and on‑chain yield. They had about $2.34 billion worth of assets under stake at quarter‑end, generating $21.6 million of adjusted gross profit in Q1 2025 When even small alt‑tokens spike, the underlying staking rewards and performance fees climb in dollar terms. Balance‑Sheet & Treasury Gains A portion of Galaxy’s own treasury is held in a basket of altcoins and early‑stage tokens. When a token moons, unrealized gains boost their non‑GAAP earnings and can be realized via partial sell‑downs. Early‑Stage Venture Investments Galaxy Ventures invests in nascent protocols and tokens at seed or private sale prices. As those tokens list and surge, Galaxy can exit at multiples—often many times their initial cost basis. Together, these interlocking businesses ensure that whenever a speculative token run occurs—be it a memecoin frenzy or a DeFi governance spike—Galaxy captures massive profits across trading, lending, staking, treasury management, and venture exits.