Camouflarsch

Gold, Silver, BTC, $GLXY | "If there were no night, we would not appreciate the day, nor could we see the stars & the vastness of the heavens." James E. Faust

[Camouflarsch @Camouflarsch]

@CryptJynx Maybe we will be lucky in the end

[Tanner Invests @Tanner_Invests]

$GLXY / On $NBIS earnings call: "We could sell our entire 2027 capacity on these terms today. We are deliberately not doing so because we see higher value in retaining some capacity to immediate customer needs".

Now are you going to keep yelling at @novogratz to make a deal?

[QUIQUEZ @HenriqueZinggL]

Completely agree.

$RIOT announced a partnership with Anthropic and ripped 25% on the day. Similar market cap, with 191 MW leased out.

Now imagine $GLXY announcing 830 MW.

I don't think the market fully understands how undervalued $GLXY is right now.

Look at $CRWV up 80% since July 28. They're a tenant of $GLXY. Yes, they operate in different markets, but financially, $GLXY is arguably better positioned, has significantly more right-tail optionality, and trades at a much smaller market cap.

The setup seems almost too obvious.

[Camouflarsch @Camouflarsch]

This!

[Nicolas Flamel @NicolasFlamelX]

First everyone complained about the Texas Tech deal

Then the political situation in Texas changed and suddenly the logic became obvious

Now everyone is complaining $GLXY is waiting to sign Helios 2

I have a feeling we’re about to learn the exact same lesson again

[Camouflarsch @Camouflarsch]

How did Tolstoy already know about $GLXY ? 🤔

[Cantonese Cat 🐱🐈 @cantonmeow]

Forget Sydney Sweeney when $GLXY is showing these curves on the monthly chart and putting her hands on top of your monthly Ichimoku cloud.

[Camouflarsch @Camouflarsch]

$GLXY massive beneficiary

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 $15 trillion BlackRock says tokenization is the "next generation for markets."

[m0xt @m0xt_]

Galaxy has bought back its own stock four times before. Three of the four came near a major bottom, and the stock ran 20x, then 10x, then 72% after.

Last week it started buying again at $20.

The market spent all of last week reading Galaxy's Q2 call as bad news because they didn't announce a new tenant for Helios II.

I think it was an irrational reaction to the otherwise very good quarter, and the management seems to agree.

Galaxy repurchased 1,260,888 shares for $25.4 million between August 6 and 10, at an average near $20.

Look at what actually happened the last four times management stepped in.

September 2019, they bought near the lows, and GLXY ran more than 20x over the next year and a half. May 2023, same move, roughly 10x into the 2025 highs. February this year, after the stock got cut in half, they bought again, and it ran 72% in four months.

This is the second time this year it has bought its own stock around $20, after spending $65 million on 2.97 million shares in Q1. It still has about $109 million left on the $200 million program.

Then the insiders showed up with their own money too. Director Steven Bandrowczak bought 5,100 shares on the open market for about $100,000 in cash. President and CIO Chris Ferraro exercised 50,000 options at $4.83 and kept every share. CFO Anthony Paquette exercised 75,000 and did the same. Exercising and holding means paying the cash and the tax to own more (the usual move is to exercise and immediately sell for the payday).

Insider buying is not a guarantee, and the record is not perfect. In May 2022, Galaxy bought back stock, and it still fell 57% from there, straight into the FTX collapse that November. So the signal can be early.

But even that buyback worked in the end, and the other three all landed within reach of a major low. When the company, its directors, and its C-suite are all buying the same stock in the same week, I would rather be early alongside them than wait for a perfect signal.

I’m highly confident the stock will eventually be repriced. The downside is largely protected by contracted cash flows, while the upside is wide open. Those are exactly the setups I look for.

You can see my other position on Milk Road PRO for just $1. (link in bio)

[Camouflarsch @Camouflarsch]

$GLXY

[zerohedge @zerohedge]

BLACKROCK'S FINK: "GOING TO NEED OVER 70 GIGAWATTS OF POWER TO FUEL AI IN THE UNITED STATES"

[StefanVanderLux @stefanvanderlux]

$GLXY @galaxyhq

"From August 6 through August 10, 2026, the Company repurchased 1,260,888 shares of its Class A common stock for an aggregate purchase price of approximately $25.4 million under the Share Repurchase Program. As of August 10, 2026, approximately $109 million remained available for future repurchases under the program."

I seems 20$ is the magic price. NFA.

[Camouflarsch @Camouflarsch]

@railsdomains PA is so weird though

[Camouflarsch @Camouflarsch]

$GLXY CODED. Not for beginners. 🥲

[Brian Feroldi @BrianFeroldi]

Real investors watch the business, not the stock

[Camouflarsch @Camouflarsch]

$GLXY massive local advantage for future AI data center growth

[Mike Novogratz @novogratz]

Texas has led the nation in tech and energy for a reason, and keeping the grid reliable as demand grows is exactly the right focus. I support @GregAbbott_TX directive on data center vetting. At Helios, we've built around reliability, ratepayer protection, and being a real neighbor from day one. Ready to work with the Governor and state regulators to get this right for Texas.

[maxxTFSA @maxxTFSA]

If “aggressive” institutional buying is bullish, look no further than $GLXY

[JR @seper8tor]

$GLXY Well, Galaxy recorded their first deed under their newly formed SPV Pitchfork Power LLC. 320 acres just southwest of the new Pitchfork switching station. Since we know Pitchfork will be powering everything post Helios build, this may be the first tract of land specifically tied to the unsigned 830MW site. It is depicted in red on the map. Everything in blue is already Galaxy owned. This special warranty deed was filed the day after the Aug 4 earnings call. Perhaps they were waiting for this to record as one of the final items before announcing a tenant? Attached is the original recorded option agreement from July 31, 2025 and then the newly recorded Pitchfork Power LLC deed on Aug 5, 2026.

[m0xt @m0xt_]

Every GLXY holder is furious that no new tenant was announced on the Q2 call.

The stock took a hit and is now priced as if there's no demand for Galaxy's other 830 MW of power.

But there is substantial evidence suggesting that this is not the case.

One of the sharpest analysts covering these names put it bluntly: "It's possible Galaxy had what was viewed as a very attractive offer, only for another party to come in with a superior bid."

It is just speculation, but here are some supporting pieces to this view.

Applied Digital, Core Scientific, Cipher, and TeraWulf all said the same thing on their latest calls: the strongest demand environment they've ever seen, rents moving up, leases getting longer, triple net terms.

And the pool of bidders just got bigger. NVIDIA leased 704 MW from Hut 8. AMD took 377 MW from Core Scientific and an option for an additional 1.9 GW. The chip makers are now bidding directly against the hyperscalers for capacity.

Those are exactly the kind of deep-pocketed new entrants who show up late and top an offer already on the table. More bidders for the same power means the landlord sets the terms, not the tenant.

The supply side also improves the bull case.

On August 3, Governor Abbott ordered ERCOT to audit and freeze new data center interconnections in Texas. Galaxy's approved 830 MW just got more valuable, not less, because the grid is closing to everyone else.

They're spending like people who have strong confidence in this market.
$180M put down on transformers and switchgear for the 830 MW. Three new Texas sites bought just this last quarter. $75M committed to name Texas Tech's stadium for 15 years.

There's also a strategic reason to wait, not just a financial one.

Galaxy was one of the first former miners to sign an AI lease at all, locking up CoreWeave before most of this group had a deal. That early move turned into a discount.

The market pays up for hyperscaler tenants and marks down CoreWeave leases, and that gap is a big reason GLXY has trailed peers who later signed investment-grade names.

Management has said it wants a higher-credit tenant this time, and the next deal may be more than plain rent. Guarantee and lease-wrap structures are emerging across the industry, and Galaxy wants to see them mature before committing to a near-gigawatt asset.

With prices rising and Texas supply frozen behind them, holding out for a bigger name on a better-structured contract is not the same as having no demand.

Now, where the bears have a point.

In June, Novogratz said the full campus would be leased "by the time summer ends." There are still about three weeks left, so the clock hasn't technically run out. But his own CIO's careful tone on the call didn't match that promise, and management didn't address the timeline either way. Even an admission that it's slipping would have been something. Silence is the worst answer they could give, because it leaves room for speculation.

They also said that there is no need to raise equity for Helios I, so they are not in a rush to drive short-term price action.

Overall, I’m confident this will be another smart move (in hindsight) where patience pays off.

Some people read it as a crack in the thesis. I think it is a mispriced opportunity. Go for it if you haven't yet.

GLXY remains my biggest position. My confidence after Q2 earnings is even stronger.

Follow me @m0xt_ for more updates and views. You can also join Milk Road PRO for just $1 (link in bio) to see my portfolio and moves in real-time.

[maxxTFSA @maxxTFSA]

Bank of New York (BNY) increases its ownership of $GLXY by ~350%

The firm now holds 489,675 shares valued at ~$10,000,000

[Camouflarsch @Camouflarsch]

@CapitulationINC 😂😂

[Camouflarsch @Camouflarsch]

Copied the $GLXY Q2 ec transcript into ChatGPT.

Its verdict: 9/10.

Biggest positives: $80M quarterly AI leasing revenue (Q3+), >90% project EBITDA margin, 5.7+ GW pipeline. Biggest missing piece: next 830 MW tenant, but MW demand very high still.

Bullish.