Bell Curve Empire Cross-Post: The Bull Case For GLXY With Duncan & Rittenhouse Research
Aug 5, 2025
Duncan from Flood Capital, a leading figure in the crypto space, teams up with Rittenhouse Research to discuss Galaxy's promising business model. They highlight Galaxy’s unique position at the intersection of AI, crypto, and data centers, and how it's navigating challenges in the sector. The conversation dives into financial strategies, including Galaxy's impressive cash reserves and institutional focus. They also explore the complexities of AI infrastructure and outline significant lease agreements that could drive future growth while positioning Galaxy as a potential leader in the market.
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Galaxy's Three-Pronged Business Model
- Galaxy's business breaks down into three parts: their crypto balance sheet, crypto business lines, and a growing data center business.
- Their $10 billion market cap mainly comprises $3.3 billion in liquid crypto and stablecoins, with the rest split between crypto and data center operations.
Balance Sheet Powers Data Center Edge
- Galaxy's strong balance sheet sets it apart from other Bitcoin miners struggling financially.
- Their ample cash allows independent funding of data center buildouts, giving them a competitive edge.
Galaxy Profitable Amid Miner Losses
- Bitcoin mining businesses have historically burned cash and diluted shareholders extensively.
- Galaxy differs by maintaining a profitable crypto operating business, enhancing its stability.