Summary of Galaxy Digital FY Conference Call - September 09, 2025 Industry Overview - The conference primarily focused on the **Bitcoin mining** and **high-performance computing (HPC)** sectors, discussing the evolution of business models and the integration of AI technologies into data center operations [2][4][70]. Key Companies Discussed 1. **CleanSpark** - Operates 50 exahash across 33 data centers in four states [6]. - Transitioned into Bitcoin mining through energy management expertise, focusing on utility market opportunities [7][8]. 2. **Mara Holdings** - Owns approximately 60 exahash and controls about 1.7 gigawatts of power worldwide [9]. - Shifted from an asset-light model to owning 70% of its operations, significantly reducing electricity costs [10][11]. 3. **Cypher Mining** - Developed five data centers with a capacity of 477 megawatts, producing about 23 exahash [14]. - Positioned to capitalize on the demand for large power interconnects due to the rise of AI and HPC [15]. 4. **Galaxy Digital** - Operates a digital asset business and a data center business, with $6 billion in assets under management [17]. - Transitioned its Helios site from Bitcoin mining to a traditional data center model, securing significant lease agreements [18]. 5. **Hut 8** - Merged with US Bitcoin Corp, focusing on energy infrastructure for technology [19][21]. - Holds about 1 gigawatt of capacity under management, with 90% contracted [23]. 6. **Bit Digital** - Shifted focus from Bitcoin mining to HPC, landing significant contracts and recently IPO'd its HPC business, White Fiber [28][30]. Core Insights and Arguments - **Energy Management**: Companies are leveraging their expertise in energy management to optimize Bitcoin mining operations, with a focus on low-cost power sources [7][10][11]. - **HPC Demand**: The rise of AI and HPC is creating new opportunities for data centers, with companies adapting their strategies to meet this demand [15][70]. - **Operational Efficiency**: Many companies emphasized the importance of operational efficiency and the ability to quickly deploy data centers to capitalize on market opportunities [38][66]. - **Market Positioning**: Companies are positioning themselves to take advantage of the evolving landscape, with a focus on securing large power contracts and developing innovative data center solutions [49][80]. Important but Overlooked Content - **National Security Concerns**: The discussion highlighted the potential national security implications of Bitcoin mining and data center operations, particularly regarding the consolidation of foreign ownership in critical infrastructure [77][78]. - **Long-term Strategy**: Companies are focusing on long-term strategies that involve not just Bitcoin mining but also the integration of AI and HPC capabilities, indicating a shift in business models to adapt to changing market conditions [70][81]. - **Client Relationships**: The importance of building strong relationships with clients and utility companies was emphasized, as these relationships are crucial for securing power contracts and ensuring operational success [34][41]. Conclusion The conference underscored the dynamic nature of the Bitcoin mining and HPC industries, with companies adapting their strategies to leverage energy management, meet the rising demand for AI, and navigate the complexities of market positioning and national security. The emphasis on operational efficiency, client relationships, and long-term strategic planning will be critical for success in this evolving landscape.

Core Insights - SOL reached $219, with Forward Industries raising $1.65 billion, indicating a significant liquidity influx for Solana and its ecosystem [1][4] - Bitcoin increased by 3% to $113K, influenced by weak U.S. jobs data, which also positively impacted Solana's performance [2] - Solana's ecosystem market cap grew by 4% to $283 billion, with trading volume at $26 billion [3] Market Developments - Forward Industries completed a record treasury deal, raising $1.65 billion in cash and stablecoins, supported by major firms like Galaxy Digital and Jump Crypto, leading to a 128% surge in its share price [4] - Solana's performance improved with SOL rising 8% to $219, aided by Gemini's launch of Solana staking and USDC perpetuals in Europe [6] - SOL Strategies became the first Solana treasury approved for Nasdaq listing, trading under the ticker STKE, while Galaxy Digital tokenized its SEC-registered shares on Solana [7] DeFi Insights - Solana's total value locked (TVL) in DeFi increased by 6% to $12.2 billion, previously reaching an all-time high of $14.4 billion [10] - Weekly DEX volume for Solana decreased by 14%, while the 30-day cumulative volume reached $124 billion [11]

RT BSCN (@BSCNews)GALAXY DIGITAL BECOMES FIRST NASDAQ-LISTED FIRM TO TOKENIZE SEC-REGISTERED SHARES ON SOLANA- Galaxy Digital has announced that it has tokenized its U.S.-registered common stock, marking the first time a Nasdaq-listed company has brought equities directly onto the blockchain.- The company partnered with Superstate, a registered equities transfer agent and financial technology startup within its venture portfolio, to make the move possible.- The initiative allows shareholders to digitize the ...

Tokenization & Blockchain Integration - Galaxy Digital (GLXY), a company with over $10 billion market capitalization, has tokenized its stock on the Solana blockchain [1] - Superstate's Opening Bell enables on-chain holding and peer-to-peer transfer of $GLXY shares between verified wallets [1]

GALAXY DIGITAL BECOMES FIRST NASDAQ-LISTED FIRM TO TOKENIZE SEC-REGISTERED SHARES ON SOLANA- Galaxy Digital has announced that it has tokenized its U.S.-registered common stock, marking the first time a Nasdaq-listed company has brought equities directly onto the blockchain.- The company partnered with Superstate, a registered equities transfer agent and financial technology startup within its venture portfolio, to make the move possible.- The initiative allows shareholders to digitize their stock, giving t ...

Industry Innovation - Galaxy Digital成为首家在纳斯达克上市，并在Solana上代币化SEC注册股票的公司 [1]

Core Insights - Galaxy Digital Inc. has partnered with Superstate to enable the tokenization of its SEC-registered public equity, marking a significant milestone as the first public company to do so on a major blockchain [1][5][4] - The tokenization process allows stockholders to hold Galaxy shares onchain, providing benefits such as real-time ownership updates and compliance with traditional equity regulations [3][7] Company Overview - Galaxy Digital is a global leader in digital assets and data center infrastructure, focusing on solutions that enhance finance and artificial intelligence [10][11] - The company aims to bridge traditional equities with blockchain technology, enhancing transparency, programmability, and efficiency in capital markets [4][6] Tokenization Process - Stockholders can tokenize their GLXY shares through Superstate's Opening Bell platform, which directly involves the issuer in the tokenization process [2][3] - The tokenized shares are legally equivalent to traditional equity and are recorded onchain by Superstate, acting as the SEC-registered transfer agent [3][5] Market Impact - This initiative represents a transformative step in public equity infrastructure, allowing for 24/7 market potential and near-instant settlement of transactions [4][5] - Galaxy and Superstate are exploring the potential for tokenized public equities to trade via Automated Market Makers (AMM), which could enhance liquidity and utility for investors [6][7] Regulatory Compliance - The tokenization process is designed to comply with regulatory standards, ensuring that the shares remain fully compliant with existing securities laws [4][6] - Approved KYC'd investors will be able to hold and transfer the tokenized shares within their crypto wallets, with ownership records updated in real-time [7]

Group 1 - Galaxy Digital has achieved significant milestones since its reverse takeover in 2018 by founder/CEO Michael Novogratz [1] - The latest milestone includes an uplisting to NASDAQ earlier this year [1]

Core Insights - Commonwealth Fusion Systems (CFS) has raised $863 million in a Series B2 fundraising round, moving closer to commercializing fusion power [1][2] - This fundraising round is the largest among deep tech and energy companies since CFS' $1.8 billion Series B round in 2021, bringing total capital raised by CFS to nearly $3 billion, which is about one-third of the total capital invested in private fusion companies globally [2][8] - CFS aims to complete its fusion demonstration machine, SPARC, and advance the development of its first ARC power plant in Virginia with the new funds [2][8] Investment and Investor Landscape - The oversubscribed funding round attracted a diverse range of international investors, including venture capitalists, private equity firms, sovereign wealth funds, and industrial companies [3][8] - New investors include notable names such as Brevan Howard Macro Venture Fund, Counterpoint Global (Morgan Stanley), and NVIDIA's venture capital arm, NVentures [4][6] - A consortium of 12 Japanese companies, led by Mitsui & Co. and Mitsubishi Corporation, also participated in the funding round [5] Strategic Partnerships and Future Plans - CFS is advancing plans to build the world's first grid-scale fusion power plant, ARC, in Chesterfield County, Virginia, with the goal of putting power on the grid in the early 2030s [7][8] - The company has established strategic partnerships with Dominion Energy and Google, which has agreed to purchase half the power produced at the plant [9] Industry Impact and Vision - CFS is positioned as a leader in the fusion industry, with its advancements in high-temperature superconducting magnets and rapid execution in constructing SPARC [7][8] - The company is seen as offering a clear path to commercial fusion, which could provide a reliable source of clean energy and improve global energy access [7][10] - Investors express confidence in CFS's potential to reshape the global energy landscape and contribute to energy independence and security [10][11]

Group 1 - Galaxy Digital, Multicoin Capital, and Jump Crypto are in discussions to raise approximately $1 billion to acquire Solana tokens, aiming to create the largest dedicated reserve in the cryptocurrency sector [1] - The consortium plans to establish a digital asset treasury company by acquiring a publicly unnamed entity, with Cantor Fitzgerald LP serving as the lead underwriter for the transaction [1] - If successful, the new asset pool will be twice the size of the current largest Solana reserve, despite Solana's market value being significantly lower than its historical peak [1] Group 2 - Upexi Inc. has accumulated over 2 million Solana tokens valued at approximately $400 million since its pivot to focus on Solana [2] - Solana gained initial attention due to endorsements from former FTX CEO Sam Bankman-Fried, but faced a survival crisis during the FTX collapse in 2022 [3] - The trend of companies accumulating cryptocurrencies as part of their balance sheets has emerged, inspired by Michael Saylor's investment strategy, although there are warnings about potential forced sell-offs in a declining market [3] Group 3 - The strategy of creating cryptocurrency reserves has been shown to drive price increases, as evidenced by Ethereum's recent price surge attributed to institutional buying [4]