Galaxy Digital just posted a brutal Q2 loss — ¥13.4B (~$92M) in the red.
The culprit? Their power infrastructure bet isn't taking off as planned. While everyone's chasing AI and compute, Galaxy's energy play is bleeding cash.
This is a reminder that infrastructure plays in crypto are capital-intensive and slow to scale. You can have the thesis right but the timing wrong — and timing is everything in this game.
Keep an eye on how they pivot. If they double down or cut losses will tell you a lot about their conviction in the energy-crypto convergence thesis.
The culprit? Their power infrastructure bet isn't taking off as planned. While everyone's chasing AI and compute, Galaxy's energy play is bleeding cash.
This is a reminder that infrastructure plays in crypto are capital-intensive and slow to scale. You can have the thesis right but the timing wrong — and timing is everything in this game.
Keep an eye on how they pivot. If they double down or cut losses will tell you a lot about their conviction in the energy-crypto convergence thesis.