Novogratz just clarified whats happening with the second tenant for Helios 2! It turns out Galaxy walked AWAY from a Helios 2 lease this summer, passing because the power constraint got bigger Mike Novogratz on the call today: "we ultimately decided not to move forward on the terms being considered" He said the market for large-scale power data centers "has become increasingly constrained, while demand for capacity beginning in 2028 and beyond has strengthened" Galaxy's president added that new power approvals are harder to get and competing projects are getting delayed, which limits how much compute can actually be delivered from 2028 to 2030 That makes Helios 2's 800+ MW of secured power worth more, not less "we believe Helios 2 is an even more valuable asset today than it was just a few months ago" And they're in no rush: "we're not going to compromise on terms just to meet an announcement date" On top of a new tenant at a higher price incoming, they expect to exit 2027 at an $800-850M annualized leasing run rate This is huge for Galaxy!

$GLXY just reported its Q3 earnings and The Streets consensus was completely WRONG They expected a big loss and instead: - They made $0.83/share - Net income came in at $323M, up from an $85M loss in Q2 (most of that came from investment gains). - $455M of adjusted EBITDA with $395M coming from Treasury & Corporate Data Centers adjusted EBITDA hit $69M, up from $11M, in the first full quarter of Helios I Phase I (133 MW). That's right in line with $80M of lease revenue at a 90%+ margin They also: - Added a new $200M buyback - Closed a $3.5B note offering to fund Helios I Phase II - Grew AUM plus assets under stake 46% from Q2 to $10.4B - Have a power pipeline of 5.7 GW+ It’s time the market starts giving Galaxy credit where credit is due. They are growing 2 separate businesses across 2 different sectors and they are great at both!

The best risk/reward in the market right now is $GLXY and it's not even close In 2021 Galaxy was a pure crypto company managing $2.9B and the market valued it at $13B Today it sits at the center of AI and crypto, the two massive trends... and it's worth $9B Let me explain why that's insane First, the crypto business now alone is bigger than the entire 2021 company $7.1B in AUM + staked assets (2.4x the 2021 number) $505M of gross profit last year, up 67% And it kept growing right through this quarter's crypto drawdown (+34% QoQ) But the the part that makes no sense for Galaxy's currently valuation is that Galaxy built one of the largest AI data center campuses in the US (Helios, Texas) and signed CoreWeave to a 15 year lease on 526MW of critical IT capacity That one lease = $1B+ per year at 90%+ margins, worth up to $30B over 25 years with extensions And the rent has already started. CoreWeave paid Galaxy $20M in Q2. Starting in Q3 it becomes $80M per quarter. Here's the part nobody is pricing: the CoreWeave deal uses 800MW of the 5.7 GIGAWATTS of power Galaxy now controls across Texas That's 7x the contracted capacity still waiting for tenants, in a market where power is THE bottleneck The market doesn't love the single tenant risk, but if you're willing to take that risk, then today you pay $4B LESS than the 2021 peak and get 2.4x the crypto assets, plus a contracted AI infrastructure business that didn't exist back then at the start of a new crypto bull market. This is a $40-$50 stock right now before crypto prices go higher. If we do enter a new bull market, then Galaxy is going to $100 faster than most people realize. Of course, $GLXY is an asset I hold in my Milk Road PRO portfolio, where you can track my real-time portfolio and research with live trade notifications, plus 4 other analysts doing the same. It's just $1 to try it out (insane price just to check it out), learn more here: link.milkroad.com/t5837z Don't forget to give me a follow @kylereidhead for more insights on AI and markets