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Back of Napkin

Galaxy Digital GLXY

Three-pass checkedFresh as companies report

Ignore both numbers. The company that matters now is a West Texas data center landlord that borrowed $3.5B at 9.875% in July, and the crypto desk is what it used to be.

The "impairment" line is not an event. It is a fixed cost of being in this business.

GLXY · price with moving averages

Daily · 6MWeekly · 3Y
$1$11$22$32$43 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Two companies in one filing. The dealing arm runs over-the-counter crypto dealing, lending and investment banking for about 1,700 institutional counterparties, with roughly $7.6B of client assets on the platform. Its reported revenue is gross notional, meaning every crypto purchase and sale is counted at full face value on both sides, which is why $8.6B of revenue produces a loss. That is brokerage accounting, not a business collapsing.

The second company is Helios, a data center campus in West Texas leased to CoreWeave for artificial-intelligence compute. It delivered its first revenue this quarter, $18.9M, against nothing a year ago. It is the entire reason the equity is priced where it is.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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