Empire The Bull Case For GLXY With Duncan & Rittenhouse Research
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Aug 4, 2025 
Duncan from Flood Capital, a prominent voice in the crypto world, joins Rittenhouse Research to discuss the investment potential of Galaxy Digital. They delve into Galaxy's unique business model, poised to thrive at the intersection of AI and cryptocurrency. The conversation explores implications of transforming from Bitcoin mining to AI cloud services, the importance of financial stability for institutional partnerships, and the company's promising future in the tech landscape. Insights into Galaxy's strategic plays and evolving operations make for a fascinating listen!
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Galaxy's Robust Crypto Operations
- Galaxy's trading and lending businesses are sizable, with a nearly $900 million loan book and $10 billion in quarterly trading volume.
- They are trusted by major market players for high-profile trades and investment bank-level services.
Valuation of Crypto Business
- Goldman Sachs values Galaxy's digital assets business at $6.4 billion using a 35x P/E multiple, blending crypto and traditional finance comps.
- The valuation reflects growth potential even as execution uncertainties remain.
AI Drives Explosive Data Center Demand
- AI data center build-outs are driving massive capex increases by hyperscalers like Meta and Microsoft.
- Energy and power availability are now critical bottlenecks in AI infrastructure development.