Coin in a market full of streams ($Coin)

I talked about $GLXY a few times this week on the show. This is a must hold in your stock equities accounts. If people ask my about buying crypto and they have no shot at understanding onchain, I just point them to @galaxyhq; who over time will likely outperform.

We are not done yet, Upbit is not yet in, and it is coming.

Meanwhile $COIN sits at 83b mc and $HYPE at 18…

Short coin. Long hype.

If you have any interest in $GLXY you absolutely need to read @jonathan_mg27's tweet and read this thread.

I think $53.5/share is a fair price for what $GLXY has delivered on so far between their crypto business's & data center business (not even pricing in future 2.7GW approvals).

IMO this isn't pricing in the future growth where we could see >$100 a share in the next 1-2 years with:

Some highlights from their crypto business:

- The 15+ DAT deals Galaxy has done which will generate tons of IB fees, fees from execution, staking and custody fees, in total this could be hundreds of millions of dollars over the next couple years. Most recently they've done $FORD and others like $BMNR, $SBET, Reserve One, $KWM, $MCVT, $DDC, $LGHL, $FGNX, + more.

- Their GalaxyOne initiative which I am super excited about and they've been working on for a long time. This is Galaxy's push into a retail facing "everything app" which with the right distribution could compete with $HOOD and $COIN. This can not be understated and could completely transform the stock, allowing them to break into to a high margin retail facing business providing an array of financial services.

- A huge push for tokenization, they took the first step tokenizing $GLXY on $SOL and also have a fully owned tokenization/custody subsidiary @GK8_Security. If Galaxy can be at the forefront of equity tokenization this could be absolutely huge for them.

- Their @AllUnityStable JV in which Galxay owns 33% alongside Flow Traders and Deutsche Bank, the first fully regulated MiCA compliant EURO stablecoin. Could be the $CRCL of Europe!

On the data center side:

- Galaxy already has 800MW of power approved and a 15yr lease signed with CoreWeave $CRWV which should net them $1.2B/year in average annual revenues at 90% EBITDA margins.

- Galaxy also has an additional 2.7GW of power under study at their Helios campus. If they are able to get the full 3.5GW approved and contracted out on similar terms to the CoreWeave lease then they'd be generating ~$5.25B/year in average annual revenues at 90% EBITDA margins!!! (Market cap right now is only $11B-$3B in net balance sheet = $8B in implied equity value for both the crypto + data center business lines).
^Jonathan notes "On data centers, the conversations were all about execution: hitting construction milestones and delivering critical IT to $CRVW on time and on budget. And everyone wants the inside scoop on when ERCOT’s review of 2.7GW of additional power at Helios will be completed. We’re working on it!"

- Management has also guided towards the first 800MW tranche of the remaining 2.7GW should be approved by ERCOT by EOY/"single digit months" if they can lease this out to a large hyperscaler like $ORCL, $GOOG, $MSFT, $AMZN, $META, etc it could be a huge accelerant/catalysts for the market appreciating the data center business more!

- Zooming out, Galaxy is building Helios which has 3.5GW of potential power, currently on-par with plans from the largest big tech/AI firms in the world.

Keep in mind these AI Data Center buildouts are completely different then data center 1.0 from companies like $DLR at a $60B market cap which has ~2.7GW of operating capacity from ~300 data centers.

These 1.0 data centers are ~10MW a site vs 3.5GW in one campus with Helios.

So it's a totally new build and Galaxy is making partnerships with leading players like Clayco & $CRWV to build to custom AI workload specs.

Galaxy expanded their power pipeline by 1GW last earnings and were evaluating "~40 BTC Mining sites" that could be converted into AI data centers.

We could literally see $GLXY become a leader in North America for AI data centers which is likely a 1T+ market over the long term given compute demand is infinite.

In conclusion:

There is a clear path to $GLXY becoming worth $100's of dollars per share in the future.

I am extremely thankful to the management team and @novogratz for working so hard on so many things to make this become a reality and now they are out telling the story to +50 institutional investors alone last week...

$GLXY is a hidden gem but with this sort of effort from the IR and management team I don't think it will stay that way forever.

Disclosure: I am very long $GLXY, just sharing my thinking, always do your own research and build your own conviction, none of this is financial advice.

Proud to support @0xSehaj and @AvantisFdn.

Their TGE and Coinbase listing show strong execution. The bigger vision is @avantisfi’s role as the leverage layer for onchain equities, a 100x market in the making.

Coinbase $COIN analysts say rate cuts are "baked in,"

截至 2025 年 9 月 12 日，木头姐，凯瑟琳·伍德 (Catherine Wood) 的ARKK 持有的加密货币相关股票包括 Coinbase $COIN 6.32%、Bullish $BLSH 0.4% 和 Bitmine $BMNR 2%。

오 Avantis 거래소도 Pyth 서비스를 통해 가격을 제공하는군요. 이제 Price master는 Pyth 로 대동 단결입니다.
이런 시대가 올지 누가 알았냐 정말 크흑흑
감동이다 😋
@PythNetwork

美国第三家上市的交易所Gemini $GEMI IPO上市首日表现不佳？

IPO价格28 美元，收盘价报 32 美元，IPO首日仅涨 14%，总市值 38 亿美元。

开盘一度突破40美元，最大涨幅45%，随后持续单边下行

IPO首日交易量11.82亿美元，换手也仅有27.77%？

目前已经上市的交易所有纳斯达克上市的Coinbase  $COIN ，市值830亿美元；纽交所上市的Bullish $BLSH ，市值75亿美元，还有比较大的玩家 #Kraken ，尚未IPO。

40% of daily code written at Coinbase, $COIN, is AI-generated, per Brian Armstrong, CEO.