Galaxy Digital, led by CEO Michael Novogratz, reported a second-quarter profit of $30.7 million, marking a significant turnaround from a $177 million loss the previous year. Despite the profit, earnings per share fell short of expectations due to lower trading volumes. Novogratz noted that the trend of companies adding cryptocurrencies to their balance sheets may be plateauing, with a shift in focus towards existing players scaling in the market. Managing over $2 billion in assets for more than 20 crypto treasury firms, Galaxy Digital sees crypto treasury vehicles and ETFs as low-risk entry points for hedge funds. Novogratz anticipates that legacy financial institutions will eventually adopt blockchain infrastructure, although challenges such as asset tokenization persist.