Galaxy Q2 2026 AMA: Mike Novogratz & Tony Paquette on Helios, GLXY Stock Valuation, Bitcoin & More

Welcome everyone to Galaxy's post-earnings Ask Me Anything. I'm here with Captain America, Tony Paquette, Galaxy CFO, who's been at the center of everything we're building. We've received a great set of questions this time around — thoughtful, detailed, and frankly the kind that just show how deeply engaged our shareholder base has become. We're going to get through as many as we can today. And a quick note: there are some questions we won't be able to answer due to regulatory or legal constraints, but we're going to be as open and direct as we can.

First of all, thanks everybody for listening in. We really appreciate all the support that our individual retail investors as well as our institutional investors have given Galaxy over the last couple of years, and figured let's dive right in. I'll try not to sound like a game show host. Tony, you know, you're our CFO. Valuation — you talk to more investors than I do. How are people thinking about valuing Galaxy? And how do you think they should think about it?

Yeah, let me jump in here. We've got a whole bunch of analysts that are data center focused, and then we have some analysts that are crypto focused, and each focuses more on their side. And there's very few holistic analysts from the shops that cover our stock. On the data center side, we have one big campus — two big chunks of power, one leased out, one to be leased out — and it's easy to do kind of a discounted cash flow model on what those things are going to be worth. And even if you do that, I don't think the valuation of the whole company gets there. But what I don't feel like we get any value for is growth. And hear me loud and clear: we are hunting for new sites. We are seeing this as a long-term play. The United States is short power. And you could call it Galaxy Data Center, but it really is a power business. And we've got an expertise at finding that power, working with the community, getting that leased up, and then building it on time and on budget. That's a repeatable process. As we execute — we got our first data halls delivered by the end of summer, phase one will be fully cash flowing — I think people are going to give us a lot more credit. When you see us buy the next, ink the next deal, people will start talking about us as a growth company in this. And listen, if we were just a data center company, would people be giving us that credit already? Probably, because I'm seeing them do it with other stocks in the space. But that's not where we are right now, and so we are certainly marching that way. On the crypto business, crypto's going through a big change. We went from a business where you brokered, you traded, you lent against a collection of tokens that mostly represented association with a project. And with the advent of blockchains being more trusted and faster and more durable, with clarity around regulatory frameworks not just here in the US but abroad, and just with the maturity of this industry, we're now moving into the space where our technology is going to be used for assets all over the world — for real-world assets, for tokenized equities, for money market funds, for stablecoins, for currencies. And that transition is a multi-year process of building out infrastructure. We are in the infrastructure game. You've heard on the last earnings call, I'll say it again: in the next period of time, we're going to come out with some announcements of TradFi partners that we're partnering with. I couldn't be more excited about that business. That business alone, if it was a standalone business, the moment we show the revenue it's going to bring, we get a big multiple. But I more focus on let's build a company so we have good stories to tell. And because we're in a nascent stage in some of this stuff, it'll be a much richer story the moment we can show examples and show revenue, and that's close. Tony, I just mentioned we were buying stock. Talk a little bit about our buyback and reasons for it, how we did, and what we're thinking.

All right, guys. So there was a question about the Clarity Act or the regulatory framework. I would tell you first of all, I have spent a ton of time in DC recently, or on the phone with senators. My wife actually asked me if I was running for office. I told her no, no, I'm just beating all these people. People have worked their tail off for 18 months on this. Galaxy has been part of those conversations. Our team — Natalia down in DC — is doing an amazing job. Our old guy Todd Williams is working for Scott Bessent as the coordinator for the Treasury Department. But there's a whole lot of the crypto community down there, and it's been a complicated story. Republicans ran on being pro-crypto. They really feel like they want to get this done. Democrats are split. The bulk of the party says, let's get crypto off the table so it's not an issue to talk about and let's do something good in technology for the American economy. I would say the centrist Democrats are all there. The left wing of the Democratic Party is seeing what is perceived to be a tremendous amount of corruption in the use of crypto from parts of the Trump family or Trump administration, and they're using that to say, wait a minute, this just doesn't feel good. And so the last sticking point in this bill is what would be called the ethics piece of it. Can we get to yes, and can we put at least some disclosures, restrictions on the president, the vice president, Congress people from issuing their own coin? Can we make sure if they have crypto it's held in blind trusts? And so that'll be the last bridge to cross. I personally think it'll get done. I don't think a group of senators has worked harder on a bill in the last five years. There's been so many hours burned between guys like Senator Gallego and Senator Warner and Kirsten Gillibrand from here in New York, Senator Cortez Masto on the Democratic side, and on the Republican side you've had Tim Scott leading the committee, but a ton of participation. I think we're going to get it done. And I think that's important because that's going to unleash the next wave of TradFi guys coming into crypto. It's going to be a stampede, and you've seen it already. There's been a couple M&A transactions done where TradFi guys are saying, hey, I've got to get set, and it's really set for the tokenization of stocks, the tokenization of mortgages, the tokenization of everything. It will be crypto rails, wallet infrastructure, staking infrastructure, token security that slowly replaces the existing infrastructure that we have. And so that's happening. And I think this Clarity Act is a big, big part of it. All right, Tony, the data center business is heating up all over the country. You see it's going to be a political issue in '26. It's going to be a big political issue in '28. There are bills that are being proposed in states and in Congress. Here in New York, they thought about a three-year moratorium on data centers, data center taxes. Helios is in Texas, and Texas has been a wonderful place to do business — they're kind of the kings of power in America. So why don't you talk to us, Tony, about Helios, its advantages. There's a bit of studies saying that half of the data centers that are planned are not being built on time or not going to be built at all. And I want our listeners to really understand the competitive edge we have with Helios, where we stand, and where we're going.