Milk Man and lead researcher Martin unpack Galaxy’s stronger-than-expected quarter, including $323 million in net income and improving results across its data center, crypto portfolio, and institutional crypto operations. They also explain why much of the earnings surprise came from unrealized gains and why durable operating growth matters more than the headline figure.
The discussion examines Helios, Galaxy’s exposure to CoreWeave, and management’s decision to delay signing a tenant for Helios 2 as power capacity becomes more valuable. Martin argues that Galaxy’s infrastructure differs from debt-heavy neoclouds, while acknowledging that securing a creditworthy tenant remains central to the thesis.
Galaxy’s growing assets under stake, lending book, ETF assets, buybacks, and institutional infrastructure services strengthen Martin’s view that the market undervalues the business. His base case is roughly $48 per share, nearly three times the price discussed, though he treats that estimate as a changing measure of fair value rather than an automatic exit target.
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