VALUE-HUNTER🇨🇦

⛳🏌️‍♂️🥅🏒🥃 You sure about that!?

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@NickAllen

[VALUE-HUNTER🇨🇦 @CapitulationINC]

Already been done, thanks!

[Polymarket @Polymarket]

JUST IN: Scientists say AI has decoded communication patterns in mice, dolphins, apes, birds, whales, & cuttlefish — could eventually lead to humans communicating directly with animals.

[Ben Rabidoux @BenRabidoux]

If you want to get hate, just point out that the resale market in Ontario metros is tightening. Same vibes as pre-2022 but just in the other direction

Data from Toronto this morning: Sales up 6.3% y/y, inventory down 13.3% y/y

Prices still soft but they lag market balance

[VALUE-HUNTER🇨🇦 @CapitulationINC]

Unacceptable $Glxy

[Mike Novogratz @novogratz]

This one means a lot. We set out to give small businesses access to the same financial tools that institutions have had for years. Today, that's real.

[Mike Novogratz @novogratz]

This is what building looks like. Over 1,000 workers. Every day. West Texas. We said we were going to build the infrastructure the AI economy runs on. We meant it.

[Jonathan Goldowsky @jonathan_mg27]

1,000+ workers. Beehive of activity. $GLXY

[BNN Bloomberg @BNNBloomberg]

Are buyers returning to the Toronto housing market? https://t.co/wk2VyRcn8P

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@WolfOfOakville I mean you're underperforming most of fintwit but it's not terrible

[Warren Pies @WarrenPies]

Nasdaq 100 Stocks with 400% returns over past year:
-2000 peak = 22
-Today = 6

The number of extreme Nasdaq winners today is the highest it has been since 2000, but there is a long way to go to match the mania of the previous Tech Bubble.

[unusual_whales @unusual_whales]

Jeff Bezos: "If people want me to pay more billions, then let's have that debate, but don't pretend that that's gonna solve the problem. You could double the taxes I pay, and it's not gonna help that teacher in Queens.... Airbnb isn't causing high rents. What's really causing high rent is government intervention."

[First Squawk @FirstSquawk]

TRUMP: WORKING ON A DEAL WITH IRAN

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@Name54377535

[Rittenhouse Research @RHouseResearch]

I don’t get the constant HUT hysteria. HUT has signed two hyperscaler deals in the last 6 months totaling ~600MW and $1.1B of annual avg. EBITDA. Both of their sites supporting these contracts are expected to come online in 2027. If you factor in HUT’s debt, cash and investments, and required future financings, it’s valued somewhere around ~18x - 20x annual contracted EBITDA.

Galaxy has a comparable amount of contracted EBITDA with CoreWeave, some portion of which isn’t coming online until 2028. If you factor in debt, crypto investments (assuming 1x book for DA business), phase II and III financings, and cash and stablecoins, it’s trading in the 12x - 13x ballpark as a multiple of their contracted EBITDA. (Of course we can debate what the value of the DA biz is but for simplicity sake 1x book for a financial services company seems a reasonable proxy).

I don’t think there is anyone on Twitter who has talked more positively about CoreWeave than myself, but I would obviously value a $ coming from Google more than a $ coming from CRWV. I would also value a $ coming in 2027 more than a $ coming in 2028. Taken altogether, based on their existing contracts, I think Galaxy trading at a discount to HUT (on the basis of a multiple of contracted EBITDA) is actually pretty reasonable .

The likelihood of GLXY signing another lease which doubles contracted EBITDA to $2B+ seems pretty high. If / when this happens, I would expect a re-rating, just like how HUT re-rated after contracting $1B+ of annual EBITDA with hyperscalers. At the same time, as incremental progress is made towards the remainder of the CRWV build-out, the value of that contract should also increase. Could be looking at a scenario where the majority of the 526MW for CRWV is online in mid to late 2027, and GLXY immediately then gets to work on building out another 500MW+ for AWS/MSFT/GOOG/META.. Not to mention the additional development sites mgmt. has alluded towards. Seems extremely promising. Multiple tenants across multiple sites should translate into a higher multiple.. 20x $2B+ of EBITDA is close to $100/shr (after backing out debt).

It would be much more concerning as someone holding GLXY if HUT didn’t re-rate following the exceptional progress they’ve made. And I’ll be the first to admit that a year ago, I would have put the odds of HUT having 2 hyperscaler leases for $1B+ of EBITDA at zero. Ironically, they probably benefitted from the fact that they were unable to sign a lease in 2024, before the data center market really heat up in the second half of 2025, and HUT CIFR etc. all got their first deals. In any case, HUT’s outperformance seems fair, and hopefully a sign of what’s to come for those that also sign great deals with hyperscalers.

Given the characteristics of the Helios site + Galaxy’s experience and know-how from building Phase I + the breadcrumbs around Galaxy’s procurement of labor (e.g the 1k bed “man-camp” being built by Target) + plus the insane market demand for DC capacity + Galaxy’s mgmt. signaling (“another lease for the 830MW will be biggest de-risking event in company history”, “multiple sites at LOI stage”) + other hints (if you’ve been following Galaxy’s job board or Afton, TX posting in general).. I am very confident they are doing everything in their power to replicate HUT’s execution (and share price performance).

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@Name54377535 goodluck with the surgery today Brosky!!! 👊🏼

[VALUE-HUNTER🇨🇦 @CapitulationINC]

Because you'll be able to buy shares for much cheaper $GLXY

[VALUE-HUNTER🇨🇦 @CapitulationINC]

I have it on good authority that June will make $glxy bulls happy

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@BNNBloomberg @bankofcanada

[VALUE-HUNTER🇨🇦 @CapitulationINC]

$BRK is betting that $goog is the winner of the big AI race

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@business

[VALUE-HUNTER🇨🇦 @CapitulationINC]

@RHouseResearch Funny how that works

[*Walter Bloomberg @DeItaone]

ALPHABET ANNOUNCES PROPOSED $80 BILLION EQUITY CAPITAL RAISE TO EXPAND AI INFRASTRUCTURE AND COMPUTE