Galaxy Digital Inc.

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cities, not two cities. And so I'm going to start with the shiny one. Listen, our

There is not a lot of 830-megawatt new sites of power being granted in the United States. We are engaging with potential tenants and, you know, hopefully in the next, you know, period of time have news on who's going to occupy that site. At the same time, we've got over 1,000 employees or 1,000 workers, I should say, they're not the site for CoreWeave. We hope to have, or we will have, our first data halls delivered by the end of Q1. And so the data center business will start cash flowing, you know, quite quickly. On top of that, you know, we're engaged in conversations with other sites, both in Texas and in other states. And so the data center business is growing. It is A macro environment still where the demand for power is strong. You see that in everywhere you're reading and looking. It's usually the same five or six major players. But underneath that, there are a whole lot of other players that are, you know, building out data centers themselves. And so could it be more bullish on the data center business? You know, the crypto business or the digital assets business, that itself is a tale of two cities. both internally at Galaxy and broadly macro. So macro-wise, you have the crypto coins, Bitcoin, Ethereum, Solana, you name them, have been in a bear market. When we cracked 100 in Bitcoin, there was a lot of price action above that. Ever since then, I thought it's been in a 75 to 100 range. We're at the lower end of that range right now. If you had told me a year ago with gold at the highs and NASDAQ at the highs and a very friendly administration that we would be lower, I'd have said no way. And so when that happens, you've got to think through what's gone on. And I think there's a lot that's gone on. I think people got excited over 100,000 and felt like the race was won. You know, all the hard work over 15 years to get there. felt like some relief that the community had done something so amazing. And that somehow allowed people to take profit. And then that profit taking became a bit of a virus. And so we are distributing a lot of those huddled coins into new buyers. And I learned early on as a trader, prices are set at the margin. Obviously, there have been more sellers than buyers. And the question just is when to stop. Do we find sellers' exhaustion at one point? And what are the catalysts to turn it around? I do think we're at the lower end of the range. And what I would say is we've been here before. Anyone who's been in crypto for more than five years realized that part of the ethos of this whole industry is pain and that Often when things feel worst, it's time to be very focused and potentially accumulating or at least getting prepared to because when the tide turns, it turns quick. Potential catalysts are if we finally pass this crypto legislation here in the US. We just got a new Fed governor. We can talk about that later. he is not as dovish as people had hoped, right? You were hoping that you were going to get someone who would do the president's bidding. And I think the market reaction, both in precious metals and crypto, was telling and was a nod of recognition to Kevin Warsh as a man of integrity. That said, the budget deficit is still 6.5%. Our debt is $40 trillion. And the broad story that brought people into Bitcoin as a store of value as a digital gold is intact. And so we certainly haven't given up on our bullishness around the long-term prospects of crypto. So our balance sheet took a hit in the fourth quarter. In some ways, it was unfortunately the mirror of the third quarter where we had a great balance sheet and gave a lot of that back. Our underlying business, however, again, back to my tale of two cities within crypto, has had a great year, right? We did over $500 million in operating revenue. And so I can strip out the balance sheet, galaxies, Digital assets business is a big business. It's got a great brand. We've got great relationships with a lot of institutional customers. We had record trading volumes. Our loan book has grown immensely, $12 billion of assets on our platform. And so I feel really good about our overall business. And, you know, I would say neutral to getting ready to hopefully feel bullish about the overall crypto market. The last thing I'd say is there's a very big and exciting bull market in what I call blockchain plumbing or digital asset plumbing, right? Even before the passage of this market structure bill, every trade by institution that we're in touch with is figuring out in a much, much quicker pace how they're going to participate in this transition to a digital world where wallets replace accounts. And so you read about the kind of the stablecoin debates that are going on in D.C. Hopefully in the next period of time, we're going to have some big announcements about different endeavors we're taking with trade by companies. But Galaxy sees ourselves as a partner for lots of these people. We're going to partner with some We sit in our office, we're like, are they a collaborator or a competitor or a client, right? They're a little bit of all of them. And so that's a bull market for us. And it feels that way. And so, you know, we could go into a period where the old business doesn't do as well, but you're building into the new business. And what is that new business? That new business is going to be more on chain stuff, but it's going to be traditional assets that use crypto rails, right? You already see it. There's a protocol called XYZ, which trades on the hyperliquid platform. In full disclosure, we are long hyperliquid. That is doing $4 billion of revenue already. It did 4% of the CME volume in silver. And so as we see assets that are traditionally not trading on blockchain rails shift to the blockchain, we think that's ripe opportunity for Galaxy and for the whole space. So with that, I will say I'm hoping that Chris or Tony has a literary metaphor for their piece, and I'm going to pass the ball.