1) Coinbase $COIN, bitcoin miners ($RIOT, $MARA etc), $BTC, $ETH… or $GLXY?

For those of you who are looking for inspiration on how to ride this crypto wave, first read the thread on Coinbase... then read my thread below.
If you think Coinbase’s IPO is revolutionary, then I urge you to take a closer look at $GLXY, the Berkshire Hathaway of the crypto space. $GLXY’s net income reached USD336M in Q4 2020, dwarfing Coinbase’s USD322M net income in 2020.


To put that into perspective, Tesla $TLSA’s net income in Q4 2020 was USD270M….

$GLXY’s net income in Q1 2021 is also expected to surpass that of its entire 2020.

$GLXY is the bridge between institutions and crypto, with @novogratz forging the way towards institutional adoption of this new asset class. There literally isn’t a better play in the public markets on institutional crypto adoption than $GLXY.

Better yet, $GLXY is significantly undervalued and the only reason is that it is listed on TSX rather than NASDAQ. But that is about to change…

“Galaxy Digital is actively preparing for a U.S. listing in the second half of 2021”


Some quick high level facts about $GLXY

GLXY LP has a huge portfolio of crypto assets. As at 31 December 2020, GLXY LP holds 14,932 $BTC and 98,892 $ETH, which makes $GLXY one of largest $BTC and $ETH hodlers as a public company.

See page 35 below


GLXY LP has investments in leading crypto companies on its balance sheets (e.g. @blockfi, @bitgo, @bakkt, @hut8mining). Once some of those private company goes public (IPO or SPAC), watch those valuations go through the roof…

See page 28 below


GLXY LP also holds a huge bag of $LUNA. Since Bloomberg’s announcement on Terraform Lab’s funding round on 26 January 2021, $LUNA’s price jumped more than 15x. Take a few hours and study the @terra_money ecosystem… but that’s for another post.


GLXY LP’s AUM is expected to surpass USD1.24B in Q1 2021. Recent launches include CI Galaxy Bitcoin ETF ($BTCX). CI Global Asset Management also announced the launch of North America’s first mutual fund to provide exposure to $BTC through BTCX.


GLXY also acts as an institutional-grade market maker for over 60 different cryptos. In Q4 2020, GLXY’s trading arm generated record counterparty trading volumes, being up over 80% Q/Q, and is expected to increase by over 40% in Q1 2021.

GLXY also established its own proprietary bitcoin mining operation, headed by Amanda Fabiano who joined from Fidelity Investments. GLXY’s mining operations are now achieving an average marginal cost to create new $BTC at significantly less than USD10,000 per coin.

Side note: When you go through GLXY LP’s financial statements and MD&A, please note that $GLXY (the company listed on TSX) owns approximately 29.4% of GLXY LP (the holding entity of Galaxy’s operations) through Class A Units.


Major alpha leaks if you made it through this thread. Not financial advice but unless you are a professional investor/trader in the crypto space, I would let the man who bought ethereum at under USD1 take the reins. @novogratz

Any thoughts on $GLXY? Please share below!

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