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Big red day on $GLXY -11%, added calls here for August 8th (post earnings - screenshot below). I am not worried about this move and think all focus should be on August 5th earnings, a few things we could get updates on that could have a big impact on the stock helping towards my previous $100/share target. The Balance Sheet: We know $GLXY's balance sheet given the recent crypto run is likely sitting well above $3B, hopefully we get additional clarity into the size of investments in treasury companies like $SBET and $BMNR (which are both up massively) + some potential for revaluations amongst their crypto investments. Overall the crypto market is heating up and most things they hold should have experienced positive developments. Crypto Business Lines: $GLXY has been all over the treasury companies recently providing "infrastructure, expertise, and execution... $4B+ and counting" according to @novogratz - I expect a big ramp up in their trading, staking and custody business's given this + they executed the largest notional bitcoin transaction ever (selling ~80K $BTC for a client for more than $9B). It feels like there crypto business lines are absolutely booming and the Genuis act getting signed into law + the Clarity act passing the house are huge positive steps for regulatory clarity and I think it substantially increases the value of Galaxy's one of one crypto business. Data Center Business: Here is where things could seriously heat up and move the stock. Historically Galaxy seems to have done big announcements surrounding their data center business on earnings day. There are a bunch of bullish developments we could see: 1) Financing announcement for Helios Phase 1 & 2. Galaxy will need ~$5-6B to complete this buildout which they plan to finance via 20% equity and 80% debt, they have the equity component secured, and are in the final stages of securing financing. A loan for $4-5B is a huge vote of confidence in Galaxy that they will be able to execute on the data center buildout from whichever financial institution is willing to lend to them. I think this will force the market to care about Galaxy's data center business much more. An important note here is once Phase 1 & 2 at Helios start cash flowing they can do a "cashout refinancing" essentially borrowing against future rent checks, to build the rest of the data center so they shouldn't need to raise any more $ / dilute share holders. 2) CoreWeave $CRWV exercising their remaining 200MW option. Helios has 800MW of power approved, 600MW of which has been leased out to CoreWeave on a 15 year lease which will bring in an average annual revenue of $900M/year for Galaxy over the lifetime of the contract. This will start cash flowing in H1 2026 and ramp up into 2027. CoreWeave has the option until September to exercise the remaining 200MW of approved power. This could upsize the deal to $1.2B/year in rental income for Helios at ~90% EBITDA margins according to management. (The margins are so high & attractive because they will flow through essentially all costs to CoreWeave). 3) Updates about Helios's additional 1.7GW of power under study with ERCOT. This 1.7GW under study can be thought of in 2 tranches, an 800MW tranche and 900MW tranche. Management has guided and been positive about expecting an approval for the first 800MW tranche in "single digit months / before EOY". In my opinion this would be a huge positive surprise for August 5th earnings. With this additional 800MW tranche being approved that would bring Helios up to 1.6GW in total approved power. It would also open the conversation for Galaxy with other hyperscaler tenants like $ORCL, $META, $AMZN, $GOOG to sign the next 800MW. Galaxy having the $CRWV contract gives them a lot of credibility when talking to these other massive companies that other bitcoin miners simply do not have. If Galaxy is able to contract out the full 1.6GW at the same terms as their $CRWV lease, it would bring them $2.4B/year in average annual rental income. Take a look at the table below to see the equity value contribution of that.... If you apply a 22.5x EV/EBITDA multiple (@RHouseResearch justifies this multiple by using traditional data center comps that have traded in the 24-30x range) on 1.6GW you get an equity value of ~$27.4B ( $GLXY's current market cap is ~$10B w/~$3B of crypto, crypto investments + cash) so your talking about a potential nearly 3X on the stock price for Helios alone. (The risk reward here is amazing given the market cap is ~$10B w/$3B of crypto - so you are only paying $7B for their crypto business + data center business, I am very confident it is worth more than that over the long term). 4) Updates on the pipeline of ~40 Bitcoin mining sites Galaxy is evaluating for potential acquisition or partnership. Galaxy has developed relationships with tier 1 data center contractors, CoreWeave, other hyperscalers, and it seems like TSMC/AMD to build out bespoke AI Data Centers for hyperscalers like $CRWV. They are also on the verge of securing financing for Phase 1 and 2 of Helios. I think this makes it significantly more likely that Galaxy will be able to sign another hyperscaler tenant. As the market starts to understand these things at a deeper level and Galaxy expands its power pipeline then I would expect the market to start to pull forward and give $GLXY's data center business more credit. (re-rate towards @RHouseResearch's table below). Research Coverage Initiation: Now that Galaxy is listed on the NASDAQ they are starting to pick up coverage from more US firms. Goldman Sachs, Morgan Stanley and Jefferies lead the $500M offering Galaxy did back in May and Jefferies just initiated coverage with a $35 PT. I would expect Goldman / Morgan Stanley to follow suit and it would be absolutely epic if they did a deep dive report into $GLXY - this could spark a ton of institutional demand and really help tell the story of Galaxy's 3 pronged business (awesome balance sheet, crypto business lines and data center business). Goldman just wrote a report titled "Powering the AI Era" - in this report they say "“A lack of capital is not the most pressing bottleneck for AI progress—it’s the power needed to fuel it." $GLXY is perfectly positioned for this, they have 800MW of approved power + the 1.7GW understudy, which as I said earlier they expecting approvals on by ERCOT very soon. I am super excited for August 5th and will be paying close attention to the analysts that ask questions, I am expecting a lot of new names on their first US listed earnings call.

Big red day on $GLXY -11%, added calls here for August 8th (post earnings - screenshot below). I am not worried about this move and think all focus should be on August 5th earnings, a few things we could get updates on that could have a big impact on the stock helping towards my previous $100/share target. The Balance Sheet: We know $GLXY's balance sheet given the recent crypto run is likely sitting well above $3B, hopefully we get additional clarity into the size of investments in treasury companies like $SBET and $BMNR (which are both up massively) + some potential for revaluations amongst their crypto investments. Overall the crypto market is heating up and most things they hold should have experienced positive developments. Crypto Business Lines: $GLXY has been all over the treasury companies recently providing "infrastructure, expertise, and execution... $4B+ and counting" according to @novogratz - I expect a big ramp up in their trading, staking and custody business's given this + they executed the largest notional bitcoin transaction ever (selling ~80K $BTC for a client for more than $9B). It feels like there crypto business lines are absolutely booming and the Genuis act getting signed into law + the Clarity act passing the house are huge positive steps for regulatory clarity and I think it substantially increases the value of Galaxy's one of one crypto business. Data Center Business: Here is where things could seriously heat up and move the stock. Historically Galaxy seems to have done big announcements surrounding their data center business on earnings day. There are a bunch of bullish developments we could see: 1) Financing announcement for Helios Phase 1 & 2. Galaxy will need ~$5-6B to complete this buildout which they plan to finance via 20% equity and 80% debt, they have the equity component secured, and are in the final stages of securing financing. A loan for $4-5B is a huge vote of confidence in Galaxy that they will be able to execute on the data center buildout from whichever financial institution is willing to lend to them. I think this will force the market to care about Galaxy's data center business much more. An important note here is once Phase 1 & 2 at Helios start cash flowing they can do a "cashout refinancing" essentially borrowing against future rent checks, to build the rest of the data center so they shouldn't need to raise any more $ / dilute share holders. 2) CoreWeave $CRWV exercising their remaining 200MW option. Helios has 800MW of power approved, 600MW of which has been leased out to CoreWeave on a 15 year lease which will bring in an average annual revenue of $900M/year for Galaxy over the lifetime of the contract. This will start cash flowing in H1 2026 and ramp up into 2027. CoreWeave has the option until September to exercise the remaining 200MW of approved power. This could upsize the deal to $1.2B/year in rental income for Helios at ~90% EBITDA margins according to management. (The margins are so high & attractive because they will flow through essentially all costs to CoreWeave). 3) Updates about Helios's additional 1.7GW of power under study with ERCOT. This 1.7GW under study can be thought of in 2 tranches, an 800MW tranche and 900MW tranche. Management has guided and been positive about expecting an approval for the first 800MW tranche in "single digit months / before EOY". In my opinion this would be a huge positive surprise for August 5th earnings. With this additional 800MW tranche being approved that would bring Helios up to 1.6GW in total approved power. It would also open the conversation for Galaxy with other hyperscaler tenants like $ORCL, $META, $AMZN, $GOOG to sign the next 800MW. Galaxy having the $CRWV contract gives them a lot of credibility when talking to these other massive companies that other bitcoin miners simply do not have. If Galaxy is able to contract out the full 1.6GW at the same terms as their $CRWV lease, it would bring them $2.4B/year in average annual rental income. Take a look at the table below to see the equity value contribution of that.... If you apply a 22.5x EV/EBITDA multiple (@RHouseResearch justifies this multiple by using traditional data center comps that have traded in the 24-30x range) on 1.6GW you get an equity value of ~$27.4B ( $GLXY's current market cap is ~$10B w/~$3B of crypto, crypto investments + cash) so your talking about a potential nearly 3X on the stock price for Helios alone. (The risk reward here is amazing given the market cap is ~$10B w/$3B of crypto - so you are only paying $7B for their crypto business + data center business, I am very confident it is worth more than that over the long term). 4) Updates on the pipeline of ~40 Bitcoin mining sites Galaxy is evaluating for potential acquisition or partnership. Galaxy has developed relationships with tier 1 data center contractors, CoreWeave, other hyperscalers, and it seems like TSMC/AMD to build out bespoke AI Data Centers for hyperscalers like $CRWV. They are also on the verge of securing financing for Phase 1 and 2 of Helios. I think this makes it significantly more likely that Galaxy will be able to sign another hyperscaler tenant. As the market starts to understand these things at a deeper level and Galaxy expands its power pipeline then I would expect the market to start to pull forward and give $GLXY's data center business more credit. (re-rate towards @RHouseResearch's table below). Research Coverage Initiation: Now that Galaxy is listed on the NASDAQ they are starting to pick up coverage from more US firms. Goldman Sachs, Morgan Stanley and Jefferies lead the $500M offering Galaxy did back in May and Jefferies just initiated coverage with a $35 PT. I would expect Goldman / Morgan Stanley to follow suit and it would be absolutely epic if they did a deep dive report into $GLXY - this could spark a ton of institutional demand and really help tell the story of Galaxy's 3 pronged business (awesome balance sheet, crypto business lines and data center business). Goldman just wrote a report titled "Powering the AI Era" - in this report they say "“A lack of capital is not the most pressing bottleneck for AI progress—it’s the power needed to fuel it." $GLXY is perfectly positioned for this, they have 800MW of approved power + the 1.7GW understudy, which as I said earlier they expecting approvals on by ERCOT very soon. I am super excited for August 5th and will be paying close attention to the analysts that ask questions, I am expecting a lot of new names on their first US listed earnings call.