GLXY rose over 55% in January, and Galaxy is quietly trading a new narrative of "encrypted treasury" and reshaping its territory with the US stock market as a pivot. While retail investors are speculating on ETFs and GameFi, asset management giant Galaxy Digital has quietly become a "crypto treasury service provider" for several US listed companies. Its behind the scenes roles include one-stop support for trading, staking, infrastructure, custody, etc. It has served over 15 listed companies (such as GameStop, AMC, SharpLink, etc.), and some collaborations have promised to allocate $4 billion in cryptocurrency assets. Galaxy offers two types of customized solutions: one is self managed, where enterprises implement encrypted trading and staking through its platform; The second type is custodial, with Galaxy's asset management department fully managing the vault. Taking SharpLink as an example, Galaxy directly participates in investment and signs asset management agreements, with a minimum annual fee of $1.25 million, to build sustained cash flow. In addition to its treasury layout, Galaxy has also frequently entered the staking market, partnering with institutions such as Fireblocks, Zodia, BitGo, etc., with pledged assets reaching $3.15 billion. In order to break away from a single transaction revenue structure (with transaction revenue accounting for up to 99% in 2024), its asset management and infrastructure sector is accelerating its expansion. In the first quarter of this year, Galaxy recorded a loss of nearly $300 million, with net profit almost zero. To hedge against volatility, it actively expands its ETF business by partnering with State Street, Invesco, and others to launch BTC, ETH, and SOL spot ETFs, and actively manages products in multiple regions of the United States and Europe. Its new fund has raised $175 million, providing a new entry for retail investors to participate in VC. More ambitiously, Galaxy is transforming into an AI data center operator. Its Helios campus has shifted from Bitcoin mining to AI computing clusters, predicted by investment banks to bring in $1.7 billion in EBITDA. After completing the migration and listing on NASDAQ, GLXY rose more than 55% within a month. While operating the encrypted vaults of listed companies and exploring the AI+compliant growth curve, Galaxy's diversified transformation path is gradually moving towards the center of the capital market stage.