flopipop

Flop Ipop

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@KristinSmith @threadreaderapp unroll

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@wolfejosh @LTwolfe @threadreaderapp unroll

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@ccatalini @satyanadella @threadreaderapp unroll

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@nickforster v3?

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@Grimhood @threadreaderapp unroll

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"Backpack is the only project in the Solana ecosystem with fair tokenomics and no insider allocation"

Backpack is great but they do have investors, so they naturally have an insider allocation. The different aspect here is that they can't dump their allocation unless they IPO first.

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@armaniferrante Good sir, how are you planning to monetize AUM on stocks?

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@gregmushen @threadreaderapp unroll

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@WhiteWhaleLabs @bulktrade This is completely gay.

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@armaniferrante @Axel_bitblaze69 @Backpack Chad

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@tengyanAI Yeah it seems to be such a shortsighted victory lap for what's likely a short term trend. I don't really see how AI doesn't lead to job losses in the mid/longterm.

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@QFEX 🤝

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@0xcarlosg @Backpack How? Are they gonna offer tradfi perps?

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@shadddowfax @solana GLXY!

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@BrettHarrison @ComputeDesk Where are you publishing this?

[Jonathan Goldowsky @jonathan_mg27]

I love the story of Helios and don't think it gets talked about enough.

Back in December 2022, when BTC was trading below $20K, $GLXY acquired Helios for $65M. At the time, much of the industry was focused on survival. Crypto was 70%+ off its highs, liquidity was scarce, several companies had already gone bankrupt and many others were under significant pressure. Having risk managed the downturn well, $GLXY was in a position to play offense when others couldn't, and Helios was one of the opportunities that emerged from that environment.

When we acquired Helios, the site spanned 160 acres, had 60 MW of energized mining capacity, 180 MW of total approved power capacity and was staffed by 40 employees. Over the next 24 months, we expanded the site significantly. We acquired an additional 160 acres of contiguous land, increased energized mining capacity to 200 MW, expanded approved power capacity to 800 MW, took delivery of six main power transformers, grew the team to over 50 employees and scaled the operation to nearly $100M in annual mining revenue.

But while we were building, the opportunity set was changing. Advancements in AI were driving a surge in demand for compute and power and there wasn't enough data center capacity or available power to keep up. Grid constraints, supply chain bottlenecks and permitting delays were making it increasingly difficult to bring new capacity online. As a result, large scale sites with approved power access became incredibly valuable. We recognized that Helios was positioned to be much more than a bitcoin mining facility, so we made the decision to strategically pivot toward AI infrastructure, leveraging the expertise we had already built developing and operating power intensive BTC mining infrastructure at scale.

Fast forward to today and the transformation has been remarkable. Our Helios data center campus has grown to over 1,500 acres, with more than 1,000 workers on site daily supporting ongoing development and operations. We now have 1.63 GW of approved power capacity, with the potential to scale to 3.6 GW, which would make Helios one of the largest data center campuses in the world. CoreWeave is our anchor tenant, with 800 MW of gross power leased over the next 15 years. Beyond that, we have another 830 MW of approved capacity and are actively engaged with prospective tenants to lease the remaining capacity.

What started as an opportunistic acquisition during one of the most challenging periods in crypto has evolved into a cornerstone asset positioned at the center of one of the most important secular trends of the next decade: AI infrastructure.

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@jbrukh Lol yes

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@armaniferrante @KRTrades_ @Backpack Broski, list GLXY already please!

[mert @mert]

think @Backpack is by far the most underrated exchange, it's not close

no fee on/off ramps for fiat, transparent reserves for borrow/lend, and even zec support (even shielded!)

and now finally stocks onchain done right

super receptive to feedback always

recommend highly