GM. This is Milk Road, the daily crypto newsletter / ultimate hype man for your portfolio.
Here’s what we’ve got for you today:
- ✍️ Two crypto assets we’re buying rn.
- 🎙️ The Milk Road Show: Crypto’s Biggest Bull Run Is Still Ahead w/ Roger Bayston.
- 🍪 Tom Lee: AI is stealing crypto's spotlight.
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THE TWO CRYPTO ASSETS WE'RE BUYING RIGHT NOW 🛒
Three of our PRO analysts moved money this week. They landed on two names.
Kyle and M0xt both added to Galaxy (GLXY). John added Sky (SKY).
Different assets, same idea: they actually earn money.
Let’s start with Galaxy, which has been decoupling from crypto over the past 3 months:
- BTC: down 13%.
- GLXY: up roughly 50%.
As we’ve mentioned in the past - the bit the market keeps sleeping on is Galaxy’s data centers.
Galaxy turned an old Texas Bitcoin mining site into ‘Helios’ - a 1.6 GW campus leased to CoreWeave (the AI cloud provider) for 15 years.
Its first data hall went live in April, with rent already hitting the books. At full tilt that lease throws off $1B+ a year at ~90% margins, and CoreWeave covers the power bill (a triple-net lease).
So why does that matter now more than ever? Power.
Grid capacity in Texas takes most developers years to get approved. Galaxy already has it, tenants want it badly, and that lead is slow and pricey to copy.
M0xt added on this week's dip, after the stock fell ~20% in a few days, then bounced off its 200-day moving average (a long-term trend line, marked in orange below, that acts as support).
Kyle went even further, selling some ETH and BTC to load up on GLXY.
The catalysts we’re watching for from here on out:
- A second tenant on 1B+ terms, expected before summer's out.
- Q2 earnings in early August, carrying that first chunk of CoreWeave rent.
- A second Texas campus breaking ground, this one next to SpaceX's facility.
- More power approvals from Texas's grid operator, widening what Galaxy can build.
And that's only Galaxy.
John, our third analyst, didn't touch it - he bought a DeFi token instead, one that M0xt dumped just two weeks ago…
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THE TWO CRYPTO ASSETS WE'RE BUYING RIGHT NOW (P2) 🛒
What pulled John away from Galaxy and into Sky?
Sky runs USDS, a dollar-pegged stablecoin, and pays holders yield from the protocol's real revenue.
It's one of the oldest setups in DeFi, and its savings version (sUSDS) is the biggest yield-bearing stablecoin out there.
John's pitch is short n’ sweet: it’s the oldest, most secure, most underpriced project in DeFi.
And the numbers back the "real business" part. Sky just had its best quarter ever with ~124M in revenue and a ~46M surplus - the most it's earned since 2017.
The strange part: The token (SKY) fell on that news instead, dropping ~25% over three months.
And it all traces back to one move…
A few months back, Sky slashed the daily buybacks propping up its token (i.e. buying SKY off the market using its revenues) and parked that cash in a $150M reserve.
Less buying pressure = softer price.
Retail hated it. But John sees it from a different angle. With the bid paused, he buys the same business cheaper - and if it drops more, he'll buy more.
So why did M0xt sell his SKY two weeks ago?
His view is that, with the heavy revenue-fueled bid gone and sUSDS paying ~3.6% (just below the ~3.7% offered on risk-free U.S. T-bills), there's no near-term spark, so he'd rather wait.
John's buying the business and going for the early entry. M0xt wants to see a catalyst first.
Both buys (Galaxy and Sky) rhyme: with momentum bleeding out of the crypto market, our analysts are paying up for fundamentals (in this case: strong, reliable revenues).
One from a data center landlord, the other from a stablecoin engine.
But that’s not to say there aren’t risks…
Galaxy leans hard on one tenant and a flawless buildout. Sky needs its yield to keep pulling investors away from T-bills, or supply growth stalls (the exact thing that spooked M0xt).
The next eight weeks are the fun part. Galaxy reports Q2 in early August with that first CoreWeave rent inside. Sky's case rests on USDS hitting its projected 20B+ by year-end (currently at ~$10B).
Want to see the team’s exact entries, sizing, and get alerted the moment any of them sells?
Try Milk Road PRO for a buck for 7 days and watch the trades land live.
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Tom Lee: AI is stealing crypto's spotlight, but that's not the full story - "Crypto is still a really important downstream story to AI."
John Gillen: Fear around Saylor potentially selling Bitcoin is exactly why I'm buying - "Saylor himself says volatility is a gift to the faithful."
Novogratz: Disneyland being packed isn't a sign the economy is fine. It's a sign you're talking to the wrong people.
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