Andrew Lace

Disclaimer:

[Galaxy @galaxyhq]

🚨Latest Galaxy Research: The raise-and-hold era for Digital Asset Treasury companies is over. Our team lays out what comes next — and why the DATs that survive will be the ones that put their assets to work.

DATs now span 27 distinct tokens across 105+ companies. But mNAV has compressed to near 1, and some DATs are already liquidating holdings just to fund buybacks.

Narrative alone won't sustain valuations anymore.

Enter DATs 2.0.

PoS DATs have something BTC treasury companies don't: the ability to stake, validate, and deploy capital onchain, creating the opportunity for a robust business model

The playbook goes way beyond staking yield:

→ Basis trading (5–15% annualized in bull markets by going long the spot asset --which the DAT already holds--while shorting perpetual futures when funding rates are positive)

→ MEV capture via proprietary validators

→ Prop AMMs for onchain market-making

→ Concentrated liquidity provision

→ Liquidation arbitrage

→ Vault seeding across DeFi

We're also seeing a new symbiosis between DATs and protocol foundations. The Ethereum Foundation has sold ETH directly to DATs via OTC. SUIG launched a synthetic dollar with Ethena and the Sui Foundation — 90% of fees flow back to ecosystem growth.

And some DATs are going full operating company. Nakamoto acquired BTC Inc. — 1.13B social impressions in 2025, ~$78M in estimated revenue, 106% YoY growth. That's real cash flow.

The bottom line from our researchers: "Give investors a reason to pay a premium on your stock or hang it up."

Consolidation is coming. Scale and operational sophistication will determine who lasts.

Read the full report below:

https://t.co/8Dg5mcivue

[Superstate @SuperstateInc]

1/ Natively tokenized @galaxyhq shares are now available on @Kamino’s Superstate Market.

Eligible ex-US investors can bring shares onto @solana through Superstate and use them as collateral to borrow stables.

The real shares of a major public company have entered DeFi.

[Andrew Lace @AndrewLace]

@fensory_ Great to see this come to life, congrats!

[Max @Game_Set_Max]

Excited to be down in Brazil next week! Message me if you are in the area and want to talk crypto lending.

[Andrew Lace @AndrewLace]

@Uptodatenow Nailed it again, ty!

[Christine D. Kim @christine_dkim]

the biggest companies and conglomerates in the world are building on ethereum, the major use cases for gaining traction among non crypto companies on ethereum are rwas, scalable blockchain infra, and games.

[Alex Thorn @intangiblecoins]

bitcoin price predictions for 2025

$150k @realDonaldTrump transition source
$150k @MarkYusko
$150k @PeterLBrandt
$160k @Matrixport_EN
$180k @vaneck_us @matthew_sigel
$180k @CoinSharesCo
$185k @glxyresearch @intangiblecoins
$200k @bitwise @Matt_Hougan
$200k @AB_insights
$200k @BitcoinSuisseAG
$200k @bitfinex
$200k @maplefinance
$225k @HCWCO
$250k @fundstrat
$250k @StanChart
$250k @TimDraper
$350k @theRealKiyosaki
$400k @blockware
$1m+ @elcaptainyouth @americanhodl8 @Excellion

[Galaxy @galaxyhq]

The future of crypto is being built today—and Galaxy Ventures is here to help us build it together.

We invest in the technologies reshaping how value moves and scales globally:
▪️Crypto Infrastructure: L1s/L2s, scaling, ZK, security, data
▪️Payments: stablecoins, RWAs, onchain finance

Explore how we’re empowering the next generation.

[Andrew Lace @AndrewLace]

In May 2022 I was at TradeTech Equities conf as Luna crashed. Another TradFi conf today, 100k feels like it's only the start for those already in crypto. Interested to see what TradFi thinks today.

[Alex Thorn @intangiblecoins]

today, november 11, 2024, was the biggest daily gain in #bitcoin history 🚀

[Max @Game_Set_Max]

New blog post from two interesting guys from Galaxy Lending: https://t.co/31gn3Src8n

[stevekurz @SteveKurz]

Today’s launch of three active SPDR Galaxy ETFs reflects an important moment in the evolution of crypto asset management. We are in the early stages of a crypto asset management revolution – just not the one the crypto community expected. 👇 (1/6)

[Dankrad Feist @dankrad]

Let's say you build a lot of roads. But there is nobody lives there to use them. Is it valuable? Not yet.

Then you build a lot of houses. But nobody wants to live there, because there are no jobs and no other people. Is it valuable? Not yet.

Then you build a lot of factories. Now there are jobs, and goods to trade, and people can move there. All the infrastructure from the first two steps becomes valuable. Before it was just potential value.

Of course the value could also be created by having farms, or maybe you just have really good internet connections and all the digital nomads want to live there. Different ways to create value exist.

So which one is the "valuable" part? All of them together are valuable, but missing one ingredient makes everything useless.

Ethereum is an ecosystem, and you need a number of things together to make it valuable. DeFi is amazing financial infrastructure that is one of these elements. It's not that DeFi is bad, it's actually the opposite, other parts are not there yet.

And if you dislike current RWAs (a term that is very broadly defined), yes we can absolutely build more digital native tokens.

Just don't expect me to love them if they're just a digital casino. But you can totally still build it, there's nothing for me to stop you. I just work on the infrastructure, Ethereum is free for everyone to build on.

[Solana Events @SolanaEvents]

gm to @galaxyhq who will be keeping the ecosystem fueled this year at Breakpoint ☀️

[Andrew Lace @AndrewLace]

@0xNFTy @eigencloud @galaxyhq You will crush it over there. It was great working with you, hopefully more collab to come!

[Simrit Dhinsa @SimritDhinsa]

Hey all! Check out our latest bi-annual Mining report below. It’s been a fascinating first half of the year and in the report, we recap some key trends and provide our thoughts on the Mining space for H2 2024. DM me to continue the conversation further!

Some highlights from the report below ⬇️

https://t.co/YxN0YvDsuV

[Andrew Lace @AndrewLace]

Tomorrow is HUGE! If rumours are true and the US bring BTC in as a reserve assset could we see ATH? Anything less will be a huge disappintment given the hype. Dealers are short gamma around 70k, that's 15m USD for each 1% move in spot. Weekend liquidity is often thin....

[Hivemind @HivemindCap]

1/ $KARATE – beaten up enough…. ⤵️ 🧵

📄 Full Report by @SteveGoulden8:

https://t.co/SHFydVW5YH

[Brandon Cigri @0xNFTy]

Proud moment for the team and firm 🥹

[MartyParty @martypartymusic]

Global Liquidity Index

Here we go kids. Banana Zone.

Bottomed exactly in the Bitcoin bottom, peaked exactly at the Bitcoin top. Look out for 2025.