Galaxy Brains

Mike Novogratz, Founder and CEO of Galaxy, shares his insights on the future of bitcoin and crypto markets. He predicts a significant year in 2026 for tokenized assets and real-world applications. The discussion includes how AI will reshape the labor market and influence monetary policy. Novogratz emphasizes the need for a robust infrastructure in crypto, the importance of decentralization versus traditional finance, and the impact of technology on wealth concentration. He also highlights opportunities in emerging markets and the potential for broad access to private equity through tokenization.

Michael Saylor, the Chairman and founder of MicroStrategy, dives deep into the world of Bitcoin and digital finance. He discusses the evolution of digital credit at Strategy, exploring its IPOs and market growth. Saylor highlights the increasing institutional adoption of Bitcoin and the significance of regulatory support. He also anticipates future catalysts that could drive Bitcoin's value, including the creation of bank credit against Bitcoin, and reflects on the interplay of AI and Bitcoin in shaping the financial landscape.

Alex Thorn talks with Galaxy Research’s Zack Pokorny about evolutions in token design, the primacy and resiliency of DeFi in crypto credit markets, and the future blockchain infrastructure adoption. Alex also talks to Beimnet Abebe (Galaxy Trading) about cracks in the macro landscape and their impact on bitcoin, gold, and the dollar. This episode was recorded on Wednesday, December 9, 2025.  Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC).  If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠⁠⁠⁠

Thomas Pacchia, founder of PubKey, dives into the exciting launch of PubKey DC, emphasizing its role in Bitcoin culture and community-building. He shares insights on memorable events and the goal of hosting important policy discussions. Meanwhile, trader Beimnet Abebe analyzes Bitcoin market trends, discussing bearish indicators and key buy zones based on moving averages. The conversation touches on merchant adoption, Bitcoin discounts at PubKey, and the balance between institutional interests and grassroots Bitcoin enthusiasm.

In this discussion, Preston Byrne, a lawyer focused on technology and free speech, dives into the UK’s Online Safety Act and its implications for American companies. He highlights the tension between government regulations and individual privacy, particularly contrasting US and European approaches. Preston shares insights on his pro bono defense strategies against the Act, the challenges of compliance versus counter-attacks, and his optimistic view on the future of free speech amidst rising censorship.

In this discussion, Beimnet Abebe, a trader and market analyst at Galaxy Trading, shares his insights on Bitcoin's current bear market. He reveals his downside price targets, suggesting Bitcoin may trend towards the 200-week moving average. Beimnet also talks about the implications of tax-loss harvesting, liquidity issues, and market sentiment, highlighting the sharp declines across altcoins. Despite current challenges, he maintains a long-term bullish outlook, predicting Bitcoin could reach $200k in the coming years.

In this discussion, Anthony Pompliano, an influential entrepreneur and crypto advocate, shares insights on the growing maturity of the crypto industry and the importance of mass adoption. He highlights the impact of the FTX collapse and the transition to digital assets through tokenization. Joined by trader Beimnet Abebe, who presents a bearish view on Bitcoin, they explore market trends, the role of regulation, and how crypto could reshape financial systems. Anthony also unveils his latest ventures like Sylvia, an AI CFO that helps people manage finances.

Yat Siu, Chairman and co-founder of Animoca Brands, is a visionary in the crypto space who discusses Animoca's plans for a U.S. listing and its bold bets on altcoins and AI. He reveals why the company is going public and how it’s hedging investments amidst market fluctuations. Trader Beimnet Abebe shares insights on Bitcoin's trends and macroeconomic risks. Together, they explore the exciting themes of tokenization, gaming, and the future interplay between AI and cryptocurrency.

Anthony Scaramucci, founder of SkyBridge Capital and former White House Communications Director, dives into America's structural issues and the potential of bitcoin as a solution. He shares insights on the stark contrast between past and present Wall Street cultures, the rising wealth disparity due to tech concentration, and the political polarization driven by gerrymandering and social media. Trader Beimnet Abebe discusses fragile market conditions and the implications of Fed policy, highlighting liquidity challenges and the evolving role of crypto in the economy.

James Check, a Bitcoin analyst and operator of Check on Chain, dives into the current state of the Bitcoin bull market, discussing whale selling trends and support levels. He highlights critical price points, such as the significance of $95K in potential market dynamics. Beimnet Abebe, a trader at Galaxy Trading, analyzes recent pullbacks in equities and crypto, attributing them to macro forces and structural concerns. Together, they explore institutional adoption and various price scenarios, making predictions for the remainder of the year.