GM. This is Milk Road, the daily newsletter that makes crypto Twitter look like a kid's coloring book.
Here’s what we’ve got for you today:
- ✍️ Galaxy keeps climbing while crypto bleeds.
- 🎙️ The Milk Road Show: Hyperliquid Could Become The Most Important Asset In Crypto w/ 21Shares.
- 🍪 Introducing the Milk Road Macro Index.
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GALAXY KEEPS CLIMBING WHILE CRYPTO BLEEDS 📈
Crypto is having a rough few weeks.
Bitcoin broke below $64k and ventured as far down as ~$59.1k (a whisker below its February bottom) - with $1.8B in leveraged bets liquidated in a single session.
Meanwhile, Galaxy Digital (GLXY), the crypto-native financial services firm, jumped as much as 30% on Monday.
Two sparks lit that fuse, and our PRO analysts covered both just hours before the move.
Spark one: Morgan Stanley.
On June 5, Morgan Stanley started routing its wealth clients to Galaxy. 👇
Clients who already hold BTC, ETH, or SOL can now hand those coins to Galaxy, which mints fresh spot ETP (exchange-traded product) shares and delivers them straight back into the client's brokerage account.
All with no sale in between - which is the whole point:
Selling triggers a taxable event. This in-kind swap skips that entirely.
Now… with all of that said - the fees won't move Galaxy's revenue line on their own. Galaxy charges 15-25 basis points per conversion.
But every wirehouse or asset manager that routes crypto work to Galaxy is another step toward Galaxy becoming part of the default plumbing for traditional finance, whenever it touches crypto.
Spark two (the big one) is Helios…
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GALAXY KEEPS CLIMBING WHILE CRYPTO BLEEDS (P2) 📈
Galaxy’s CEO, Mike Novogratz, went on Anthony Scaramucci's podcast this past Saturday and talked up Helios.
Helios is Galaxy's AI data-center campus in West Texas, which he expects to become the largest single-campus data center in America.
Check out these numbers:
- AI cloud provider CoreWeave has locked in all 800 MW of approved first-phase power on a 15-year lease.
- That lease should average over $1B a year in revenue for Galaxy.
- The campus has 1.6 GW of approved capacity (double what CoreWeave has already locked in) - with a path to 3.5 GW in future phases.
Novogratz also teased that the next tenant announcement is likely to hit by July 4, or the end of summer at the latest.
And since the first power is already flowing, Helios revenue should start hitting the Q2 income statement.
I.e. The market is about to get its first proper look at Galaxy as an AI infrastructure business.
That's likely a big part of why GLXY traded like an AI stock on Monday while everything else traded like, well, crypto. 👇
Which brings us to the fun part…
Our PRO analysts have been covering GLXY for over a year, and the position in the PRO portfolio is up 54% over the past three months, a stretch where most of crypto went backwards.
Their latest update (a full breakdown of the Morgan Stanley deal, plus the exact hold-and-add plan into the Q2 print) dropped Monday morning, hours before the 30% move, while the price was still flat.
If you want those alerts landing in your inbox before the market reacts, you can try Milk Road PRO for a buck for 7 days, here.
As for Galaxy, the calendar is set:
The Q2 print is the initial trigger, while a new Helios tenant announcement is the second potential shoe to drop.
We'll be watching both.
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Introducing the Milk Road Macro Index: It combines 20+ macro indicators into one of three simple daily signals: deploy capital, stay selective, or protect capital.
SpaceX IPO: The map Wall Street got wrong (Starlink, xAI, and orbital compute are three bets in one).
Uh-Oh: Inflation is back over 4%. CPI YoY: 4.2% (4.2% expected). CPI Core YoY: 2.9% (2.9% expected).
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