← Galaxy Digital overview

Galaxy Digital vs SBI: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Galaxy Digital Holdings Ltd (GLXY)

Q3 2026
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Galaxy Digital's AI Data Center and Crypto Push Faces Revenue and Regulatory Hurdles

  • AI Data Center Financing and Lease Galaxy raised $3.5 billion in junk bonds to fund its Helios AI data center, backed by a 15-year lease with CoreWeave worth over $1 billion annually. This large-scale financing supports a major new revenue stream.

    This is a major new development that directly supports future revenue growth and was not mentioned in earlier reports.

  • Institutional Crypto Partnerships and Product Launch Galaxy launched a $125 million onchain yield fund with Sharplink and formed partnerships with BNY and Bank Leumi to expand institutional and retail crypto services. These moves strengthen its crypto franchise.

    These new partnerships and product launches expand Galaxy's service offerings and were not covered in earlier reports.

  • Q2 Revenue Decline Galaxy's Q2 revenue fell 15% quarter-over-quarter, missing forecasts and causing a 5% stock drop. This highlights ongoing earnings pressure despite strategic progress.

    This is a new negative financial result that directly impacted the stock price during the period.

  • Regulatory Uncertainty Galaxy cut its odds of the CLARITY Act passing from 50% to 10%, signaling potential delays in institutional crypto adoption that could weigh on trading and asset management. This regulatory risk remains a key overhang.

    This is a new regulatory development that could hinder future growth and was not mentioned in earlier reports.

August 2026
▲3▼1

Galaxy's AI data center progress and crypto partnerships drive gains, but regulatory uncertainty persists

  • Helios data center progress and analyst confidence Rosenblatt reiterated a Buy rating and $35 target, citing reduced execution risk after Helios Phase I completion and a 5.7 GW pipeline. This supports the stock by boosting investor confidence in Galaxy's AI data center growth strategy.

    Analyst upgrade highlights reduced risk and growth potential, directly impacting investor sentiment.

  • Institutional crypto partnerships expand Galaxy partnered with Bank Leumi to offer retail crypto trading and deepened its BNY custody collaboration. These deals broaden Galaxy's customer base and revenue streams, positively impacting the stock by increasing future earnings potential.

    New partnerships signal business expansion and institutional adoption, key growth drivers.

  • Regulatory uncertainty as CLARITY Act odds slashed Galaxy cut the probability of the CLARITY Act passing in 2026 from 50% to 10%, citing political hurdles. This creates a negative overhang, as unclear US crypto rules could delay institutional adoption and weigh on Galaxy's crypto trading and asset management businesses.

    Regulatory setback directly affects Galaxy's operating environment and investor confidence.

  • Crypto market rally lifts Galaxy shares Bitcoin surged above $78,000 on Trump's regulatory push and Treasury bond buybacks, driving crypto stocks higher. Galaxy rose 12.3% for the week, as its crypto holdings and trading revenue benefit from rising digital asset prices.

    Macro and regulatory catalysts boost crypto prices, directly lifting Galaxy's stock.

Latest
▲3▼1

Galaxy's AI data center progress and crypto partnerships drive gains, but regulatory uncertainty persists

  • Helios data center progress and analyst confidence Rosenblatt reiterated a Buy rating and $35 target, citing reduced execution risk after Helios Phase I completion and a 5.7 GW pipeline. This supports the stock by boosting investor confidence in Galaxy's AI data center growth strategy.

    Analyst upgrade highlights reduced risk and growth potential, directly impacting investor sentiment.

  • Institutional crypto partnerships expand Galaxy partnered with Bank Leumi to offer retail crypto trading and deepened its BNY custody collaboration. These deals broaden Galaxy's customer base and revenue streams, positively impacting the stock by increasing future earnings potential.

    New partnerships signal business expansion and institutional adoption, key growth drivers.

  • Regulatory uncertainty as CLARITY Act odds slashed Galaxy cut the probability of the CLARITY Act passing in 2026 from 50% to 10%, citing political hurdles. This creates a negative overhang, as unclear US crypto rules could delay institutional adoption and weigh on Galaxy's crypto trading and asset management businesses.

    Regulatory setback directly affects Galaxy's operating environment and investor confidence.

  • Crypto market rally lifts Galaxy shares Bitcoin surged above $78,000 on Trump's regulatory push and Treasury bond buybacks, driving crypto stocks higher. Galaxy rose 12.3% for the week, as its crypto holdings and trading revenue benefit from rising digital asset prices.

    Macro and regulatory catalysts boost crypto prices, directly lifting Galaxy's stock.

July 2026
▲3▼1

Galaxy's AI Data Center Debt and Institutional Crypto Push Drive the Story

  • Galaxy raises $3.5B in junk bonds to fund AI data center expansion Galaxy is selling $3.5 billion in high-yield bonds to expand its Helios AI data center in Texas. CoreWeave has signed a 15-year lease for the full capacity, expected to generate over $1 billion in annual revenue. This long-term contracted income supports future profits and makes the debt manageable, which is positive for the stock.

    This is the biggest capital move this period and directly funds a major revenue-generating project.

  • Galaxy partners with BNY to offer crypto staking for institutions Galaxy will provide staking infrastructure for BNY Mellon's custody platform, letting institutional clients earn rewards without moving assets. BNY holds $62.6 trillion in assets under custody. This partnership positions Galaxy in the fast-growing institutional crypto services market, though it still needs regulatory approval.

    It shows Galaxy expanding its institutional footprint through a major bank partnership, a new growth avenue.

  • Galaxy stock falls 5% after Q2 revenue miss Galaxy reported second-quarter revenue of $8.56 billion, down 15% from the prior quarter and below forecasts. The loss was narrower than expected, but the data center segment did not include a new customer or lease that analysts had hoped for. The stock dropped 5% on the disappointment.

    This is the most direct negative price driver this period, showing near-term financial results missed expectations.

  • Galaxy and Sharplink launch $125 million onchain yield fund Galaxy manages a new $125 million fund with Sharplink, investing in onchain yield strategies. It includes $100 million from Sharplink's staked ETH and $25 million from Galaxy. This adds a first-of-its-kind institutional product to Galaxy's asset management platform, deepening its presence in crypto yield.

    It highlights Galaxy's continued product innovation and asset gathering, a positive for long-term growth.

▲3▼1

Galaxy's AI Data Center Debt and Institutional Crypto Push Drive the Story

  • Galaxy raises $3.5B in junk bonds to fund AI data center expansion Galaxy is selling $3.5 billion in high-yield bonds to expand its Helios AI data center in Texas. CoreWeave has signed a 15-year lease for the full capacity, expected to generate over $1 billion in annual revenue. This long-term contracted income supports future profits and makes the debt manageable, which is positive for the stock.

    This is the biggest capital move this period and directly funds a major revenue-generating project.

  • Galaxy partners with BNY to offer crypto staking for institutions Galaxy will provide staking infrastructure for BNY Mellon's custody platform, letting institutional clients earn rewards without moving assets. BNY holds $62.6 trillion in assets under custody. This partnership positions Galaxy in the fast-growing institutional crypto services market, though it still needs regulatory approval.

    It shows Galaxy expanding its institutional footprint through a major bank partnership, a new growth avenue.

  • Galaxy stock falls 5% after Q2 revenue miss Galaxy reported second-quarter revenue of $8.56 billion, down 15% from the prior quarter and below forecasts. The loss was narrower than expected, but the data center segment did not include a new customer or lease that analysts had hoped for. The stock dropped 5% on the disappointment.

    This is the most direct negative price driver this period, showing near-term financial results missed expectations.

  • Galaxy and Sharplink launch $125 million onchain yield fund Galaxy manages a new $125 million fund with Sharplink, investing in onchain yield strategies. It includes $100 million from Sharplink's staked ETH and $25 million from Galaxy. This adds a first-of-its-kind institutional product to Galaxy's asset management platform, deepening its presence in crypto yield.

    It highlights Galaxy's continued product innovation and asset gathering, a positive for long-term growth.

SBI Holdings Incorporated (8473.JP)

Q3 2026
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SBI Holdings expands crypto, stablecoins, and tokenization in Q3 2026

  • Crypto and stablecoin expansion SBI Holdings made a ¥12bn stake in EDX Markets, acquired Coinhako and Bitbank, and launched Japan's first approved foreign dollar stablecoin (RLUSD). It also became a founding validator on Circle's Arc and now earns JGB income from its yen stablecoin JPYSC.

    These concrete moves show SBI's aggressive push into crypto and stablecoins, a key growth driver for the quarter.

  • New partnerships and payment trials SBI formed new partnerships with Minkabu, Livedoor, and JR Kyushu, and began Japan-Korea payment trials. These alliances aim to broaden SBI's ecosystem and customer reach in digital finance.

    Partnerships and trials are new growth initiatives that could drive future revenue and market position.

  • Indonesia Ajaib stake SBI acquired a $270M stake in Indonesia's Ajaib, expanding its footprint in Southeast Asia's growing digital investment market. This move aligns with SBI's strategy to capture overseas retail investing demand.

    The Ajaib investment is a significant new international expansion, showing SBI's ambition beyond Japan.

  • Execution and market risks Tokenization, on-chain trading, and AI remain experimental. The FOLIO IPO and EDX investment depend on market conditions and may not deliver near-term earnings. Crypto prices stay volatile, and many initiatives are early-stage or awaiting commercialization.

    These risks could temper the positive impact of SBI's expansion and affect its stock price.

September 2026
▲4

SBI expands crypto and stablecoin reach with Bitbank buy and Korea payments push

  • Stablecoin reserves now earn bond income SBI started investing part of the yen stablecoin JPYSC's reserves in short-term Japanese government bonds, allowed under new rules. This lets the stablecoin business earn a return on reserves, making it more profitable and useful, which supports the share price.

    New regulation-driven revenue source for SBI's stablecoin business.

  • Japan-Korea stablecoin payments move toward real use SBI tested direct yen-won stablecoin exchange with Kyobo Life, then signed with two Korean firms to trial cross-border payments at 1.2 million Korean merchants. If commercialized, this opens a new payments business for SBI, lifting growth prospects.

    Shows SBI building a real cross-border stablecoin payments business.

  • Bitbank acquisition completed, crypto arm grows SBI finished buying crypto exchange Bitbank for 46.7 billion yen, making it a wholly owned subsidiary while keeping its CEO. This adds a large exchange to SBI's crypto business, increasing scale and earnings, though crypto prices remain volatile.

    Major completed acquisition that expands SBI's crypto exchange footprint.

  • New partners bring customers to SBI finance SBI will become Minkabu's second-largest shareholder and buy Livedoor, and JR Kyushu will launch a banking app using SBI Shinsei Bank and SBI Securities. These deals feed new customers into SBI's financial services, supporting future revenue.

    New distribution partnerships that widen SBI's customer reach.

Latest
▲4

SBI expands crypto and stablecoin reach with Bitbank buy and Korea payments push

  • Stablecoin reserves now earn bond income SBI started investing part of the yen stablecoin JPYSC's reserves in short-term Japanese government bonds, allowed under new rules. This lets the stablecoin business earn a return on reserves, making it more profitable and useful, which supports the share price.

    New regulation-driven revenue source for SBI's stablecoin business.

  • Japan-Korea stablecoin payments move toward real use SBI tested direct yen-won stablecoin exchange with Kyobo Life, then signed with two Korean firms to trial cross-border payments at 1.2 million Korean merchants. If commercialized, this opens a new payments business for SBI, lifting growth prospects.

    Shows SBI building a real cross-border stablecoin payments business.

  • Bitbank acquisition completed, crypto arm grows SBI finished buying crypto exchange Bitbank for 46.7 billion yen, making it a wholly owned subsidiary while keeping its CEO. This adds a large exchange to SBI's crypto business, increasing scale and earnings, though crypto prices remain volatile.

    Major completed acquisition that expands SBI's crypto exchange footprint.

  • New partners bring customers to SBI finance SBI will become Minkabu's second-largest shareholder and buy Livedoor, and JR Kyushu will launch a banking app using SBI Shinsei Bank and SBI Securities. These deals feed new customers into SBI's financial services, supporting future revenue.

    New distribution partnerships that widen SBI's customer reach.

August 2026
▲4

SBI deepens stablecoin and tokenization push with new partners and a $270M Indonesia bet

  • Japan approves first foreign dollar stablecoin, offered via SBI Japan's regulator cleared Ripple's RLUSD, the first foreign-issued dollar stablecoin allowed in Japan, and SBI will offer it to institutions and individuals. This widens SBI's stablecoin product line and fee income, reinforcing its lead in regulated digital money.

    A new regulatory approval directly expands SBI's stablecoin business, a core growth driver.

  • SBI named founding validator on Circle's Arc blockchain SBI Group is among the founding validators securing Circle's Arc network, launching publicly in September alongside Visa, Mastercard and BlackRock. Being an early gatekeeper of a major payments chain gives SBI influence and new business in tokenized finance.

    It shows SBI gaining a strategic role in a major new financial blockchain, supporting its digital asset growth story.

  • SBI invests 43 billion yen for 20% of Indonesia's Ajaib SBI is paying about $270 million for a fifth of Ajaib, one of Indonesia's largest online investment platforms, making it an equity-method affiliate. The deal extends SBI's Southeast Asia digital-asset network and gives it a channel to push its yen stablecoin JPYSC.

    This is the period's largest capital commitment and a concrete step in SBI's stated Asia digital-economy strategy.

  • SBI's joint finance blockchain Strium sets launch timeline StarTail's CEO said the Strium testnet, built jointly with SBI, aims to launch this year with mainnet in fiscal 2026, supporting tokenized stocks, bonds and yen stablecoin payments. A concrete schedule turns a February announcement into a nearer-term product.

    It gives investors a timeline for a key SBI blockchain project, moving it from plan toward delivery.

▲4

SBI deepens stablecoin and tokenization push with new partners and a $270M Indonesia bet

  • Japan approves first foreign dollar stablecoin, offered via SBI Japan's regulator cleared Ripple's RLUSD, the first foreign-issued dollar stablecoin allowed in Japan, and SBI will offer it to institutions and individuals. This widens SBI's stablecoin product line and fee income, reinforcing its lead in regulated digital money.

    A new regulatory approval directly expands SBI's stablecoin business, a core growth driver.

  • SBI named founding validator on Circle's Arc blockchain SBI Group is among the founding validators securing Circle's Arc network, launching publicly in September alongside Visa, Mastercard and BlackRock. Being an early gatekeeper of a major payments chain gives SBI influence and new business in tokenized finance.

    It shows SBI gaining a strategic role in a major new financial blockchain, supporting its digital asset growth story.

  • SBI invests 43 billion yen for 20% of Indonesia's Ajaib SBI is paying about $270 million for a fifth of Ajaib, one of Indonesia's largest online investment platforms, making it an equity-method affiliate. The deal extends SBI's Southeast Asia digital-asset network and gives it a channel to push its yen stablecoin JPYSC.

    This is the period's largest capital commitment and a concrete step in SBI's stated Asia digital-economy strategy.

  • SBI's joint finance blockchain Strium sets launch timeline StarTail's CEO said the Strium testnet, built jointly with SBI, aims to launch this year with mainnet in fiscal 2026, supporting tokenized stocks, bonds and yen stablecoin payments. A concrete schedule turns a February announcement into a nearer-term product.

    It gives investors a timeline for a key SBI blockchain project, moving it from plan toward delivery.

July 2026
▲3

SBI expands crypto and digital assets, but payoffs remain distant

  • Crypto and digital-asset expansion SBI invested ¥12bn in US exchange EDX Markets, passed 2 million SBI VC Trade accounts, and acquired Singapore's Coinhako, widening its crypto footprint.

    This is the main new growth push behind the stock.

  • Tokenization and on-chain trading initiatives SBI co-led an Ethereum security-token test, partnered with Solana Foundation and Ondo Finance to tokenize Japanese stocks, and announced a 24/7 on-chain exchange with stablecoin support.

    These new projects show SBI's push into blockchain-based markets.

  • AI-driven trade execution pilot SBI piloted AI-driven trade execution, a new technology effort that could improve trading efficiency if it works.

    This is a new operational initiative that may support future growth.

  • Early-stage risks and FOLIO IPO plan SBI applied to list 69%-owned FOLIO Holdings, but tokenization, on-chain trading, and AI execution are experimental; the IPO and EDX investment depend on market conditions and may not add near-term earnings.

    This is the real counterweight: new plans are unproven and not yet profitable.

▲5

SBI accelerates on-chain finance push and plans to list FOLIO

  • SBI to build 24/7 on-chain exchange SBI plans a next-generation exchange with 24/7 trading, instant settlement, and stablecoin support. This positions SBI at the forefront of digital finance, potentially opening new revenue streams and supporting the share price.

    This is a new strategic initiative that could drive future growth.

  • Partnership with Solana Foundation SBI partnered with the Solana Foundation and renamed its unit SBI Solana Global to push Japan's capital markets onto public blockchains. This expands SBI's blockchain capabilities and could attract new business.

    New partnership signals deeper blockchain commitment.

  • Ondo partnership to tokenize Japanese stocks SBI teamed with Ondo Finance to tokenize Japanese stocks for overseas investors and distribute Ondo's products in Japan. This broadens SBI's customer base and revenue opportunities in the growing tokenization market.

    New collaboration expands addressable market.

  • Coinhako acquisition completed SBI acquired a majority stake in Singapore's Coinhako, making it a consolidated subsidiary. This expands SBI's digital asset business in Asia and adds over 480,000 users, strengthening its regional footprint.

    New acquisition expands crypto business and user base.

  • FOLIO Holdings IPO application SBI applied to list its 69%-owned subsidiary FOLIO Holdings on the Tokyo Stock Exchange. The IPO could unlock value and strengthen group synergies, potentially boosting SBI's share price.

    New IPO plan may unlock value for SBI shareholders.

▲4

SBI expands crypto and digital asset push with new investments and tests

  • SBI invests ¥12bn in US crypto exchange EDX Markets SBI put about 12 billion yen into EDX Markets, a US crypto exchange for big institutions. This expands SBI's digital asset business and could boost future profits, supporting the share price.

    This is a major new investment that directly expands SBI's crypto ecosystem.

  • SBI VC Trade hits 2 million crypto accounts SBI's crypto exchange now has over 2 million registered accounts, about 14% of Japan's total. With the Bitbank deal, the group could reach nearly 3 million accounts, making it a top player and strengthening its competitive position.

    This shows SBI's growing scale and market share in crypto, a key growth area.

  • SBI co-leads cross-border security token trading test on Ethereum SBI Securities and partners tested cross-border trading of security tokens using the USDC stablecoin on Ethereum. This shows SBI is at the forefront of using blockchain for traditional finance, which could open new business opportunities.

    This innovation positions SBI as a leader in digital asset infrastructure, a potential long-term growth driver.

  • SBI's DeFimans to test next-gen trade execution with AI SBI Group's DeFimans and partners will test a new trade execution system that combines traditional and on-chain markets, using AI. This could make SBI a key player in the growing market for tokenized assets, supporting future revenue.

    This is a new initiative that could position SBI for growth in digital asset trading infrastructure.

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