Galaxy has been added to the Russell 1000 Index, a benchmark tracking roughly 1,000 of the largest U.S. companies by market cap.
The milestone marks Galaxy's leadership across digital assets and AI infrastructure. Galaxy operates at institutional scale in crypto markets while rapidly building and operating one of the largest data center campuses in the country.
This week we brought another group of investors to Helios to walk the campus and meet the team. What they'd seen in pictures and slides is now operational, running in West Texas. Diligence usually happens in a data room. This part happens in a hardhat.
Thank you to the Data Center team on-site who make every one of these visits worth the trip.
I have been a shareholder since 2021 and have been working on updating my thesis. The old shorthand that Galaxy is just a crypto brokerage/ a leveraged bet on Bitcoin made sense for a while and that's why I originally invested. It doesn't anymore, and I think the gap between perception and reality is where the opportunity is.
The earnings mix is shifting
Contracted data center revenue and institutional digital infrastructure recurring fees are changing what this business actually looks like. The comps aren't the same as they were two years ago and the market hasn't caught up.
One ticker, six themes
Owning GLXY gives you exposure to:
Pure plays get standalone valuations in other parts of the market on these themes. Inside GLXY they're mostly invisible.
Helios is being underwritten wrong
CoreWeave signed a 15-year triple-net master lease on 526 MW of critical IT load with excellent unit economics. Galaxy also has 1.63 GW of total approved ERCOT capacity, and after the July 10 Batch Zero deadline, that approved power becomes genuinely scarce — hyperscalers wanting multi-gigawatt Texas footprints get stuck in a coordinated queue. Galaxy has mentioned they are looking at other campuses, and a deal for the remaining capacity will be announced before the end of the summer per Novogratz. Apply a reasonable infrastructure multiple to Helios alone and the rest of the platform--Global Markets, GK8, the validator network--is essentially free in the current share price.
The digital infrastructure nobody talks about
Galaxy has built a three-layer institutional stack: $3.2B in assets under stake across proof-of-stake networks, GK8 custody with hardware-isolated cold storage and onchain policy enforcement, and a tokenization layer sitting on top. That stack is also what autonomous AI agents need to operate as economic actors and where they'll execute transactions, manage collateral, and settle compute contracts without a human cosigner. Galaxy already has this. Most AI companies don't and none offer the capital, lending, and underwriting that their ecosystem provides.
The longer game
I'm not necessarily bullish on crypto prices near term. But I'm very bullish on what gets built during the trough. TradFi has the capital and regulatory standing. DeFi has the programmability and settlement speed. Galaxy is connecting them at an institutional scale. The gap is a custody problem, a compliance problem, and a trust problem. GK8 is purpose-built for exactly that. As regulatory clarity comes that product stops being a custody tool and starts being a gateway asset to $500T+ in traditional assets moving onchain.
The market is pricing the trading desk and the mark to market, but the recurring, durable, high margin value is in the rails. How are others thinking about the sum of the parts here. what's the market missing most?