Galaxy Digital
Financials · Capital Markets
Structural: Galaxy is the only US-listed pure-play that bundles crypto prime brokerage + asset management + structured credit + HPC infrastructure under one ticker - operating leverage is high to both BTC price and AI compute demand simultaneously.
Helios (800MW eventually, ~133MW Phase I to $CRWV) is the optionality leg most under-appreciated by sell-side, since legacy comp screens still treat GLXY as a mining/trading stock not an AI landlord.
- Helios CoreWeave lease ramp converts depreciating ASIC fleet into long-duration AI infra rent
- Crypto-cycle leverage: counterparty book + trading desk + ETP AUM all rerate with BTC
- BTC/ETH ETP partnership with Invesco scales asset-mgmt AUM without prop-book risk
- US listing (TSX→NASDAQ uplisting 2026) opens index inclusion + passive flows
- Novogratz/insider ownership keeps macro-aware capital allocation discipline
- Trading and principal-investment income is reflexive - drawdowns compress book value fast
- Helios capex is large and execution-heavy; lease economics vs $CRWV credit are concentrated risk
- Crypto regulation (SEC stance on ETPs, stablecoin rules) is binary overhang
- Mining segment economics decay post-halving without rapid HPC conversion
- GAAP earnings volatility from mark-to-market crypto holdings spooks generalist holders
No major news in the last 7 days for GLXY - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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