那个纹着LUNΑ的男人，单季5亿「雪耻」

比推Published on 2025-10-22Last updated on 2025-10-22

那枚LUNA刺青还在，但Galaxy Digital已经变了

2022年，Michael Novogratz把LUNA图案纹在了手臂上。那时，他是加密行业最活跃的布道者之一，手握资产管理平台Galaxy Digital，正处于上一轮加密牛市的高潮。

然而，2022年5月，LUNA在一周内暴跌归零，市值蒸发600亿美元。这个被称为“死亡螺旋”的事件，几乎摧毁了整个Terra生态，也把Galaxy推上了风口浪尖。

对大多数公司来说，这样的事件足以毁掉职业生涯。但Galaxy没有倒下。三年后，它以一份令人意外的成绩单完成回归——净利润5.05亿美元、股价单日上涨近9%、市值重回165亿美元。

这次不只是翻身，更是用结果说话。

反思，从一封信开始

当LUNA崩盘后，大多数公司选择保持沉默。但Novogratz选择了坐下来写一封信。

他在信中承认了对项目风险的误判，也反思了作为投资机构应有的审慎。他写道，那枚刺青不会被遮住，而会成为一个永远的提醒：“创投需要谦逊。”

这是Galaxy转型的开始。从那之后，公司陆续减少了对“短期行情”的依赖，重新梳理了自己的核心能力——并试图用更加可持续的方式赢得市场信任。

盈利“雪耻”：结构重构

2025年第三季度，Galaxy Digital交出了成立七年来最亮眼的财报：

净利润：5.05亿美元（同比增长16倍）
调整后毛利润：7.28亿美元（环比增长143%）
交易营收：2.95亿美元（年化可达12亿）
资产管理规模：突破90亿美元
核心机构客户金库资产注入：45亿美元
股价单日上涨8.7%，总市值达165亿美元

这不是靠“某个币暴涨”带来的暴利，而是Galaxy三大业务板块同时发力、共同推动的结果。

在过去三年里，Galaxy完成了内部业务的全面重构，搭建起更清晰、稳健的三大核心业务体系：

1. 交易与市场基础设施

服务对象是机构客户，包括做市商、家族办公室、数字资产金库等。
公司提供交易执行、借贷、衍生品与现货清算服务。2025年Q3交易业务收入达2.95亿美元，同比增幅超140%。

2. 资产管理

为机构客户提供数字资产配置、ETF、质押与托管服务。
截至Q3，资产管理规模已超90亿美元，核心增长来自一批将比特币、以太坊纳入资产负债表的“金库客户”。

这些客户带来的资产注入超45亿美元，为公司带来每年超4000万美元的稳定管理费用。

3. 科技与基础设施服务

这是Galaxy最重要的战略转向之一：不再只做“金融产品提供者”，而是成为“基础设施持有者”。

2025年，Galaxy启动了名为“Helios”的大型数据中心项目，服务对象是AI公司与Web3底层服务项目。首期项目获得14亿美元融资，为AI公司CoreWeave提供800兆瓦电力，相当于一个小城市用电量。

一旦建成，Helios年营收可达10亿美元，收入体量可与交易业务比肩，成为公司“第三支柱”。

关键财报数据一览（2025年Q3）

指标	数据	增长情况	说明
净利润	5.05亿美元	同比增长16倍	业绩创下新高
调整后毛利润	7.28亿美元	环比增长143%	收入质量改善显著
交易收入	2.95亿美元	同比增超140%	来自机构订单与借贷服务
资产管理规模	90亿美元+	稳定上升	金库客户推动AUM增长
金库客户资产注入	45亿美元	6月–9月新增	提供长期管理费收入
Helios数据中心融资	14亿美元	第一期已完成	AI时代基建押注
预计Helios营收	年化10亿美元+	2026年起释放	与交易业务体量相当

背后高管团队，皆有华尔街背景

Galaxy能实现绝地翻身，离不开其明星级的领导团队——这支被业内称为“银河舰队”的核心班子，完美融合了华尔街老将的稳健与加密界先锋的锐气：

姓名	职务	背景与角色
Michael Novogratz	创始人兼CEO	前高盛合伙人，LUNA事件后亲自推动公司风控重建与战略转向
Christopher Ferraro	总裁兼CIO	资产配置专家，重构了Galaxy的盈利模型与投研体系
Erin Brown	COO	金融科技出身，主导平台系统效率与客户体验优化
Alex Ioffe	CFO	负责资本结构、财务重组与融资安排
Michael Daffey	董事会主席	前高盛高管，推动公司治理与合规制度落地

2025年中，Galaxy已正式在纳斯达克挂牌。这家曾因加密泡沫爆破而跌至谷底的公司，如今正重新赢得传统资本市场的关注。

"如果我们在2030年前还没有彻底改变自己，那我们就输了。"Novogratz在内部会议上的这句话，不仅是对员工的鞭策，更是对整个加密行业的前瞻判断。

如今的Galaxy已成功摆脱对单一加密资产价格波动的依赖，通过构建交易、资产管理、科技服务三大业务支柱，形成了可持续的增长飞轮。而AI时代的到来，更让其前瞻性的基础设施布局展现出巨大潜力。

Galaxy的战略转型不仅体现在内部业务重构，更反映在其精心构建的合作伙伴生态中：

合作伙伴	类型/角色	合作亮点	对 Galaxy 的战略影响
CoreWeave	AI 云计算巨头	租赁 Helios 全部第二阶段容量；改造矿场为$70亿AI 数据中心	贡献预计 $100 亿收入；定位 Galaxy 为 "加密-AI 枢纽"
DWS	传统资产管理巨头	$46 亿战略投资 Helios；联合发行欧元稳定币	注入机构资金，提升监管合规；稳定币年处理 $1940 亿
Flow Traders	市场做市商	联合发行首个全监管欧元稳定币	扩大 DeFi-TradFi 桥梁；Q3 交易量 +140%
Robinhood	零售加密平台	顾问支持 Bitstamp 收购交易；潜在 ETF 合作	开拓散户市场；与 GalaxyOne 平台形成互补
SEC & 贝莱德	监管/ETF 巨头	与 SEC 合作以太坊代币化；BlackRock ETF 流入受益	确保合规性；平台资产规模 +62%

这一价值超过60亿美元的合作伙伴网络，不仅提供了资金支持，更重要的是为Galaxy建立了跨领域的信任背书。正如Novogratz在2025年10月的推文中所言："我们的盟友让Galaxy完成了从比特币矿场到AI帝国的蜕变。"

结语

Terra Luna的崩盘，曾几乎让Galaxy成为加密行业最失败的代名词。而今天，它成为极少数能在崩盘之后恢复盈利并迈入主流市场的企业。Galaxy成功搭建起一座连接各个领域的桥梁，这正是其能够在后LUNA时代实现华丽转身的关键支撑。

Novogratz的那枚刺青没有被遮住，它依旧在。但它不再只是失败的象征，更像是一个提醒：
只有穿越低谷并留下记录的人，才配拥有高光时刻。

作者：Seedly.eth

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说明: 比推所有文章只代表作者观点，不构成投资建议

AIGalaxy DigitalLUNAMichael Novogratz稳定币

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Key Components of the Terra Ecosystem A variety of features contribute to the unique functionality of the Terra Ecosystem: Core Functionality The Terra Ecosystem includes essential functionalities such as managing transaction fees, monitoring price fluctuations, and maintaining historical balances of transactions, all of which are crucial for ensuring user experience and operational integrity. Applications One of the flagship features of the Terra Ecosystem is its diverse array of applications. This includes: Anchor Protocol: A money market protocol that provides high stablecoin yields and tokenized stakes for users seeking to maximize returns on their investments. Mirroring Technology: Enabling users to create assets that mirror real-world assets and trades, allowing for broader use cases and applications. Chai: A payment platform designed to facilitate everyday transactions using Terra's stablecoin technology. Swaps and Exchanges The ecosystem provides functionality for seamless asset exchanges. Notable features include native swapping capabilities and platforms such as Terraswap, allowing users to exchange Terra assets efficiently while benefiting from competitive rates. Governance Governance plays a critical role in the decentralized nature of the Terra Ecosystem. Token holders use their LUNA tokens to propose changes or vote on proposals that affect the network, ensuring collective decision-making and community involvement in the ecosystem's evolution. Notable Projects in the Terra Ecosystem Beyond the core functionalities, the Terra Ecosystem is also home to notable projects that further augment its capabilities: Terraswap: This decentralized exchange (DEX) emerged to facilitate easy swapping of Terra assets, thus promoting a vibrant trading environment within the ecosystem. Astroport: Another DEX known for its high total value locked, Astroport enhances trading opportunities and liquidity provision for users. Loop Markets: This integrated exchange hub offers users a range of trading tools and services, significantly contributing to the user experience across the Terra platform. Conclusion The Terra Ecosystem stands as a significant player within the blockchain and cryptocurrency domains, aiming to create a stable and scalable financial platform designed for widespread cryptocurrency adoption. Although the ecosystem faced dramatic challenges, notably the collapse of its stablecoin UST and the LUNA token, it continues to adapt and evolve in the face of adversity. As the project navigates its future, it remains committed to its foundational vision of building practical products accessible to a broader audience, thereby reinforcing the potential of decentralized finance. The Terra Ecosystem, with its robust features and innovative approach, holds promise as it seeks to redefine the landscape of digital currency use, remaining a focal point for enthusiasts and investors alike in the ongoing evolution of blockchain technology.

1.7k Total ViewsPublished 2024.12.17Updated 2024.12.17

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