The news that the parent company of NYSE New York Stock Exchange plans to launch a "24-hour on chain stock trading platform" is a significant positive for GLXY, and can even be said to be the strongest endorsement of its core business logic. 1. Core Logic: From "Edge Exploration" to "Mainstream Verification" The New York Stock Exchange (NYSE/ICE), as the top hall of traditional finance (TradFi), personally engages in "24/7 on chain trading" and "T+0 settlement", which means that RWA (Real Asset tokenization) is no longer the hype of the cryptocurrency circle, but has become the top-level design of Wall Street. *The significance of GLXY: Galaxy Digital has always referred to itself as the "Bridge between TradFi and Crypto" in the field of digital assets. Previously, the market was worried that this "middle tier" business would shrink due to regulatory pressure, but now the entry of the New York Stock Exchange has proven that this path is feasible. The market cake (TAM) was instantly enlarged. 2. GLXY's first mover advantage - Galaxy Digital is actually a pioneer in this field: *Self equity tokenization: In September 2025, Galaxy Digital has partnered with Superstate to tokenize its Nasdaq listed stock GLXY on the Solana chain. This is the first company in the history of the US stock market to directly put SEC registered stocks on the public chain. *Practical experience: While other institutions are still reading the PPT of the New York Stock Exchange, Galaxy has already completed the on chain equity issuance, compliance (KYC/AML), and circulation process. If the New York Stock Exchange wants to handle this matter, it cannot do without partners like Galaxy who understand both compliance and on chain technology. 3. Breakdown of specific business benefits If the US stock market fully opens 24-hour on chain trading, GLXY will directly benefit at least three business lines: *Market making and liquidity: After the US stock market becomes 24/7 trading, traditional market makers such as Citadel and Virtu may not be as experienced as Galaxy in dealing with on chain settlements and night time fluctuations. Galaxy is currently the top institutional market maker in the cryptocurrency market, well adapted to the high volatility environment of 24/7, which will directly increase the revenue of its trading department. *Tokenization infrastructure: Galaxy not only issues coins, but also provides infrastructure. They recently (January 2026) completed the issuance of their first tokenized CLO (Loan Backed Bond). Once the platform of the New York Stock Exchange is launched, there will be a large number of assets that need to be "encapsulated" and put on the chain, and Galaxy has the ability to undertake the issuance and management of these assets. *Asset Management: On chain trading means an improvement in capital efficiency (T+0 settlement releases margin). Galaxy's asset management department can design more strategy products based on a mix of on chain stocks and cryptocurrencies to attract institutional funds eager for round the clock trading. 4. Potential risk points - Although overall it is a big positive, as a mature investor, we also need to see the other side of the coin: *Risk of "dimensionality reduction strike": The high probability of the New York Stock Exchange doing it is a private chain or consortium chain, and it may not be limited to USDC, and may push its own settlement currency. If the New York Stock Exchange establishes a closed walled garden, it may squeeze the space for intermediaries like Galaxy that rely on public chains such as Solana and Ethereum. *Compliance threshold: The entry of the New York Stock Exchange means that regulatory standards will be extremely strict. The DeFi protocols that mainly focus on "Synthetic Stocks" may die out, but Galaxy, as a legitimate player (registered with the SEC), is more likely to eat up the overflowing market share. summary GLXY can be seen as a beta enhanced version of the trend of "US stock on chain". If the New York Stock Exchange is laying the 'railway' (infrastructure), then Galaxy Digital is the most experienced 'logistics company' (liquidity and asset issuance) on this railway. The more the market embraces 24/7 trading, the deeper the moat of Galaxy becomes. (Non investment advice)