Galaxy Digital Conference Call Summary Company Overview - **Company**: Galaxy Digital (NasdaqGS:GLXY) - **Date**: February 12, 2026 - **Speakers**: CEO Michael Novogratz, CFO Tony Paquette Key Points Industry Context - The current state of the cryptocurrency market is described as a bear market, with Bitcoin trading below all moving averages and facing more sellers than buyers [3][4] - Bitcoin is expected to stabilize in the range of $60,000 to $80,000 until a new narrative emerges to excite investors [4][5] - The market structure bill is anticipated to pass, which could positively impact Bitcoin [5] Company Performance and Strategy - Galaxy Digital ended the quarter with $3 billion in equity capital, including $2.6 billion in cash and stablecoins, having raised over $2 billion in 2025 [11][12] - The company is committed to a $200 million stock buyback program, indicating confidence in its stock valuation [8][14] - Galaxy is actively engaged in building infrastructure in Texas, with a focus on a significant data center business [12][13] Data Center Business - Galaxy has been awarded an additional 830 MW of power in Texas, which is expected to enhance its data center capacity [13][14] - The company is exploring partnerships for long-term leases on the new power capacity, with expectations of announcements in the near future [17][18] - The data center business is projected to ramp up significantly, with expectations of cash flow from the new capacity by 2029 [25][39] Competitive Landscape - Galaxy acknowledges competition from other companies in the data center space but emphasizes its strong balance sheet and capital markets team [36][39] - The company is focused on finding strategic opportunities and partnerships to grow its data center business [36][39] Future Outlook - Galaxy's leadership expresses optimism about the future, despite current market challenges, and believes in the long-term potential of both the cryptocurrency and data center businesses [8][9][39] - The company is considering the implications of its dual listing on the TSX and potential delisting, with over 90% of trading volume now occurring on NASDAQ [10][65][66] Tax Considerations - Galaxy's investment in Helios is in a Qualified Opportunity Zone, which provides distinct tax benefits [64] - The company is focused on maximizing shareholder value while considering tax implications in its strategic decisions [64] Miscellaneous - Galaxy is not currently considering off-grid solutions for its data centers, preferring to remain connected to the grid for operational efficiency [41] - The leadership is monitoring developments in the cryptocurrency market and macroeconomic conditions, including the impact of the new Fed chair on liquidity and interest rates [84][85] Conclusion Galaxy Digital is navigating a challenging cryptocurrency market while positioning itself for future growth through strategic investments in data centers and infrastructure. The company remains optimistic about its long-term prospects and is actively managing its capital structure to enhance shareholder value.

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Core Insights - Bitcoin (BTC) is currently trading near $65,000, showing a significant divergence from gold, which has increased by 16% year-to-date following a 65% rally in 2025 [1][8] - Bitcoin has experienced its fourth consecutive month of losses, down 22% since the beginning of the year, while gold's performance is linked to global trade and central bank activities [1][3] Group 1: Market Performance - Bitcoin's price is down approximately 45% from its all-time high of over $126,000 in October 2025, indicating a significant downturn attributed to forced liquidations and heavy selling [4] - Ether (ETH) is also underperforming, hovering below $2,000 and showing year-to-date losses of about 30% [5] Group 2: Analyst Perspectives - Fundstrat's Sean Farrell emphasizes that while Bitcoin has a strong store of value thesis, it behaves more like a high-beta growth asset rather than a stable store of value like gold [2] - Deutsche Bank's Marion Laboure notes that the divergence in performance suggests Bitcoin is no longer acting as "digital gold," reflecting a growing pessimism among traditional investors [3][4] - Standard Chartered's Geoff Kendrick has revised year-end price targets for Bitcoin and Ether, lowering Bitcoin's target from $150,000 to $100,000 and suggesting potential further declines to just below $50,000 [5][6]

Upgrades - Fastly (FSLY) upgraded to Outperform from Market Perform due to a "stellar" quarter driven by rising contribution from agentic AI traffic [2] - MercadoLibre (MELI) upgraded to Overweight from Neutral with a price target increase to $2,800 from $2,650, citing valuation after recent underperformance [2] - Analog Devices (ADI) upgraded to Overweight from Equal Weight with a price target increase to $375 from $315, highlighting strong correlation between sales growth and the Purchasing Managers' Index [3] - BorgWarner (BWA) upgraded to Buy from Hold with a price target increase to $82 from $46, noting a pivotal shift with the company's entrance into the AI data center market [3] - Shopify (SHOP) upgraded to Buy from Hold with an unchanged price target of $159, citing valuation and strong quarter performance [3] - Shopify also upgraded to Outperform from Neutral with an unchanged price target of $150 [3] Downgrades - Coinbase (COIN) downgraded to Sell from Buy with a price target of $120, as estimates are cut ahead of the Q4 report, modeling softness through the first half of 2026 [4] - Kraft Heinz (KHC) downgraded to Underweight from Neutral with a price target decrease to $22 from $24, despite a Q4 beat, due to below consensus growth and earnings outlooks for 2026 [4] - Icon (ICLR) downgraded to Underperform from Neutral with a price target decrease to $75 from $195, following an internal board investigation into accounting practices [4] - Inspire Medical (INSP) downgraded to Equal Weight from Overweight with a price target decrease to $70 from $145, citing uncertainty about physician reimbursement [4] - Humana (HUM) downgraded to Sector Perform from Outperform with a price target decrease to $189 from $322, indicating a balanced risk/reward setup in an uncertain reimbursement backdrop [4]

Core Viewpoint - Intchains Group Limited will release its financial results for Q4 and the full year ended December 31, 2025, on February 26, 2026, after market close [1]. Group 1: Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 8:00 PM U.S. Eastern Time on February 26, 2026 [2]. - A simultaneous audio webcast will be available for the conference call, accessible via a specific link or through the investor relations section of the company's website [3]. - A replay of the conference call will be available on the company's website shortly after the live event [4]. Group 2: Company Overview - Intchains Group Limited is involved in providing altcoin mining products, acquiring and holding Ethereum-based cryptocurrencies, and operating a Proof-of-Stake cryptocurrency staking platform [5].

Core Viewpoint - Coinbase Global Inc is experiencing a decline in stock price ahead of its fourth-quarter earnings report, with investors showing pessimism regarding its Bitcoin-related business [1] Group 1: Stock Performance - Coinbase stock is currently down 6% at $152.73, reflecting investor concerns [1] - The stock has a history of post-earnings declines, finishing lower the day after earnings six times in the last two years [2] - Over the past 12 months, shares have declined by 42.9%, reaching a nearly 10-month low of $145.16 on February 5 [3] Group 2: Earnings Expectations - The average post-earnings move for Coinbase stock has been 7.9% higher during the last eight sessions, while options traders are pricing in a 13.2% swing for the upcoming report [2] - The stock is attempting to find support near $145, which is critical for its recovery [3] Group 3: Analyst Ratings - The stock received a downgrade to "sell" from "buy" by Monness Crespi Hardt, indicating a bearish outlook [3] - Despite the downgrade, 21 out of 32 brokerages covering Coinbase maintain "buy" or better ratings, suggesting mixed sentiment among analysts [3] Group 4: Volatility Metrics - Coinbase's Schaeffer's Volatility Scorecard (SVS) is at a high of 96, indicating that the stock has often exceeded option traders' volatility expectations over the past year [5]

Core Insights - Coinbase has launched Agentic Wallets, the first wallet infrastructure designed specifically for autonomous AI agents, enabling them to hold funds, send payments, trade tokens, earn yield, and transact on-chain without human intervention [2][3] Group 1: Product Features - The Agentic Wallets operate on Coinbase's Base L2, allowing gasless transactions to prevent stalls due to network fees [3] - They include programmable spending limits and secure private key management, ensuring keys remain locked in Coinbase's secure enclaves [3] - Built-in Know Your Transaction (KYT) screening automatically blocks high-risk interactions, enhancing security for transactions [3] Group 2: Integration and Protocols - Agentic Wallets support the x402 payment protocol, which embeds stablecoin payments directly into HTTP requests, allowing agents to autonomously browse and pay for services [4] - The x402 protocol has processed over 50 million transactions since its launch, with significant industry support from companies like Google, Visa, PayPal, and American Express [5] Group 3: Strategic Implications - Coinbase's CEO Brian Armstrong emphasized the strategic importance of this launch, indicating it represents a significant advancement in the capabilities of AI agents [5] - The shift from AI agents that merely advise to those that can execute actions marks a pivotal development in the industry [5]

Core Insights - Tether has emerged as the 17th-largest holder of U.S. sovereign debt, with holdings totaling approximately $135 billion, surpassing major economies like South Korea, Saudi Arabia, and Germany [2][5] - The stablecoin market is considered ripe for disruption, with Tether reporting over $10 billion in net profit in the first three quarters of 2025, outperforming many S&P 500 banks [4][6] - Tether's business model involves users depositing dollars to purchase USDT, which are then invested in U.S. Treasury bills, generating significant interest income [3][4] Tether's Financial Performance - Tether reported a net profit of more than $10 billion in the first three quarters of 2025, alongside $6.8 billion in excess reserves [4] - The company holds $137 billion in U.S. Treasury securities, reinforcing its position as a major player in the U.S. debt market [5] Market Context - The passage of the GENIUS Act has established a regulatory framework for the stablecoin sector, which is valued at approximately $315 billion, potentially unlocking $2 trillion in demand for U.S. treasuries [6] - Tether's CEO has indicated that the company has no plans to go public, attributing this decision to its profitability and conservative management approach [7]

Group 1: Company Developments - Agant has received registration as a cryptoasset business from the U.K.'s Financial Conduct Authority (FCA), allowing it to introduce a pound-denominated stablecoin, GBPA [1] - GBPA will be fully backed by pounds sterling and is designed for institutional use, aiming to integrate with traditional financial infrastructure while utilizing blockchain technology [5] Group 2: Industry Context - Stablecoins serve as the primary payment and cross-border settlement mechanisms in the crypto market, with Tether's USDT leading the sector at a market capitalization of nearly $184 billion [2] - The U.K. is advancing its regulatory framework for crypto assets and stablecoins, which could enhance the adoption of pound-pegged stablecoins despite current limited usage compared to dollar-based alternatives [3] - The GBP stablecoin market is still in its early stages, with existing tokens like Tokenised GBP (TGBP) having a market cap of $4.9 million, while smaller tokens have market caps in the low hundreds of thousands [4] Group 3: Market Trends - The total supply of stablecoins has significantly increased, projected to exceed $280 billion to $300 billion by 2025, driven by their use in cross-border payments and institutional liquidity management [7] - Institutional adoption and regulatory clarity are key growth drivers for the stablecoin market, suggesting ongoing expansion into the global payments and settlement ecosystem [7]

Group 1 - Ark Invest purchased $11.6 million worth of shares in cryptocurrency exchange Bullish (BLSH), marking the ninth consecutive day of increasing its BLSH holdings [1] - The company acquired 364,134 shares of Bullish across three of its exchange-traded funds (ETFs) [1] - BLSH shares closed at $31.88, down 0.53% on the day, and are 15.82% lower year-to-date [2] Group 2 - Ark Invest has bought approximately 2.1 million BLSH shares over the last nine trading days, totaling about $58.75 million based on daily closing prices [2] - In addition to Bullish, Ark also invested $33.8 million in Robinhood (HOOD) and $4.37 million in Circle Internet (CRCL) shares [3] - The shares of these crypto-related companies have declined, with Robinhood down 8.8% and Circle down 3.16%, which Ark views as a buying opportunity amid the cryptocurrency downturn [3]