Matthew Sigel, Head of Digital Assets Research at VanEck, provided an in-depth breakdown of Galaxy Digital's third-quarter earnings on X today, Tuesday, October 27, 2026, at 12:06 UTC. Sigel highlighted that the headline profit beat for $GLXY, which was up 5% pre-market, was largely driven by "unrealized gains on Bitcoin and other marks." He noted that the Treasury & Corporate segment reported $419 million in gains, a significant turnaround from a $42 million loss in the second quarter. Sigel also pointed out that the Helios Phase 1 data center achieved its first full leasing quarter, generating $79 million in revenue and $69 million in adjusted EBITDA, which was "In line-ish with what we were looking for (87% margin)."
The digital asset market has seen notable activity recently, with Bitcoin Spot ETFs drawing $110 million in inflows while Ethereum, Solana, and XRP experienced outflows, according to recent Gokhshtein Media coverage. BlackRock's IBIT led weekly surges as Bitcoin ETFs collectively raked in $305 million. Despite some profit-taking outflows, the underlying demand for Bitcoin ETFs has not collapsed, as previously reported. The Crypto Fear & Greed Index currently sits at 48, indicating a Neutral sentiment.
Sigel's analysis suggests that Galaxy Digital's performance continues to be influenced by its digital asset holdings, particularly Bitcoin, and its infrastructure investments. He further noted that a new $200 million share buyback authorization, following the completion of a previous one on October 15, is helping to offset stock compensation dilution. Sigel indicated that key topics for the upcoming 8:30 AM call include Helios II leasing interest, Phase 3 funding, and McGregor.
