Shares of Galaxy Digital climbed after the company swung to a profit and revenue surged in the third quarter, boosted by a sharp uptick in demand as companies aim to break into the cryptocurrency industry.

The stock jumped 10% to $43.85 in morning trading Tuesday. Through Monday's close, shares have more than doubled since the beginning of the year.

Galaxy--which bridges traditional finance and the digital economy, in part offering trading and investment-banking services to businesses looking to branch into the industry--reported a profit of $505.1 million, or $1.01 a share. That is compared with a loss of $33.3 million, or 10 cents a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $1.12 a share. Analysts polled by FactSet expected adjusted earnings of 38 cents a year.

Revenue more than tripled to $28.4 billion and topped the $17.1 billion that Wall Street modeled.

Quarterly digital asset trading volumes surged 140% sequentially, which the company attributed to increased spot and derivatives activity, as well as the sale of more than 80,000 bitcoin on behalf of a client.

New legislation passed under the Trump administration has helped establish long-awaited guardrails for the crypto industry, which has in turn prompted demand to surge, executives previously said.

"It's like you took a bunch of third graders and locked them in a gymnasium and fed them candy," Jason Urban, Galaxy's global head of trading, said in July. "We just blew open the doors to the playground, and now everybody's out running around."