Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

Equity Bottom-Up

<ul>
<li>Galaxy reported 2Q earnings this week and revealed a net loss of over $550 million, driven by realized and unrealized losses in both digital assets and investments.</li>
<li>With $1 billion cash, Galaxy is now in “clean up” mode but could deploy cash for potential M&amp;A. Management sounds cautious and favors asset management business over other proprietary segments.</li>
<li>However, the current cost base run-rate looks high and despite undemanding stock valuation, we believe upside is capped.</li>
</ul>


Galaxy reported 2Q earnings this week and revealed a net loss of over $550 million, driven by realized and unrealized losses in both digital assets and investments.
With $1 billion cash, Galaxy is now in “clean up” mode but could deploy cash for potential M&amp;A. Management sounds cautious and favors asset management business over other proprietary segments.
However, the current cost base run-rate looks high and despite undemanding stock valuation, we believe upside is capped.


Revisiting Galaxy Digital Post 2Q Earnings

<ul>
<li>Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.</li>
<li>Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.</li>
<li>However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.</li>
</ul>


Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.
Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.
However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.


Galaxy Digital:  Beyond the Ink – a Sum of the Parts of Valuation

United States

Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector. The firm operates across four business lines: asset management, trading, principle investments, and advisory services.

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Galaxy (GLXY CN)

Revisiting Galaxy Digital Post 2Q Earnings

Galaxy reported 2Q earnings with a $550 million net loss. With management sounding cautious, a still too high cost-base, despite undemanding stock...

Rose Choy

Galaxy Digital: Beyond the Ink – a Sum of the Parts of Valuation

Galaxy Digital, one the few listed crypto companies, traded sharply lower amidst the crypto market crash and LUNA death spiral. Is the selling too...

Rose Choy

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