Bone ShibaSwapBONE

As the year comes to an end, it’s a good time to reflect on the progress made in 2025 and how we’re positioned heading into 2026. This report outlines our key theses across each analyst's focus area, spanning capital formation, onchain spot trading platforms, prediction markets, DePIN, credit markets, perpetuals, and more.

Galaxy sits at the intersection of two defining cycles in crypto and AI. Digital Assets is Galaxy’s institutional crypto franchise, spanning trading, lending, and asset management and infrastructure solutions. Helios is the company’s contracted AI HPC data center buildout, positioning Galaxy for a multi year ramp in longer duration infrastructure cash flows. Treasury and Corporate is a volatile sleeve of crypto and venture exposures that can amplify earnings swings and complicate valuation. We view this mix as both the opportunity and the challenge. It creates a rare one ticker barbell on crypto activity and contracted AI infrastructure cash flows, but it also adds complexity that can obscure earnings and delay a clean sum of the parts rerating.