Genuinely trying to understand this stock.
Crypto has had a strong quarter, GLXY has huge exposure to BTC/ETH/SOL and the treasury gains should be significant. At the same time, Helios/AI infrastructure keeps getting built out and the CoreWeave side of the story is supposed to be the other major catalyst.
At the end of Q2 Galaxy had:
$2.75B equity
$2.5B cash + stablecoins
$1.2B net digital assets + investments
And Q3 is the first full quarter where all 133 MW of Helios Phase I is operational.
Management itself guided to approximately:
$80M Q3 leasing revenue
\>90% project-level adjusted EBITDA margin
That's >$70M of quarterly project-level EBITDA from Phase I alone.
Galaxy also now has a 5.7+ GW potential data-center pipeline, including 1.63 GW already approved at Helios.
Yet the stock trades like absolute shit. Every rally gets sold and it feels like someone is smashing the bid every day.
I understand the bear arguments - huge capex requirements, CoreWeave concentration, crypto volatility, and the market not knowing whether to value this thing as a crypto financial-services company or an AI infrastructure company.
What exactly am I missing here?