The institutions still very much want your bags, and you seem to be ok with selling to them?

Digital Asset Treasury (DAT) education series - ATMs Let's talk about "at the market" (ATM) offerings that are commonly employed by DATs An ATM facility is a flexible way for a public company to raise money by selling new shares of its stock directly into the market, over time, at the current market price The crypto analog is the foundation treasury dripping tokens into the market The difference here is that the company is dripping its stock into the market to raise $ to buy more of the crypto treasury asset The way it works is the company partners with a sales agent to sell the shares and can choose when and how much to sell, based on any parameters disclosed in the filing This can be a good thing if the company is selling when the stock price is at a high mNAV as the resulting purchase of the crypto asset would be accretive on a "tokens per share" basis Let's look at an example: Sharplink $SBET established an ATM on May 30 for $1 billion, meaning it can sell up to $1B worth of SBET into the open market, over a period of 3 years That's a LOT of shares! There are some restrictions w.r.t. how the sales can be performed but generally they can sell as little or as much as they want under this type of facility From Jul 14 to 20 they sold almost $100m through this ATM, so they're working through it pretty fast What this does is puts somewhat of a cap on the mNAV because the company would obviously want to sell when it gets high to add more crypto to the treasury and keep the fly wheel going So net-net, it's a good thing, it means they can sell at the market (less sales agent fees which are typically 2-3%) and raise efficient capital to grow the treasury It also makes things a bit tricky as an analyst trying to monitor mNAV as the company doesn't need to disclose every ATM transaction Typically they provide updates on quarterly earnings or any material events, but otherwise unless the company makes an announcement (or better yet provides real-time data on their website), it's hard to track the number of shares added through an ATM Which means it is also a bit hard to track mNAV, so the best thing you can do is understand which DATs have ATMs in place and the magnitude of them relative to their shares outstanding In the case of $SBET, it's pretty sizable so definitely one to keep on watch There are other fundraising nuances to these DATs that you need to understand if you're playing in this arena, I'll try to share more in follow up posts

Been having a fun chat today with @Shaughnessy119 on the energy requirements and constraints of AI and potential impacts on the timeline for AGI/ASI My eyes were opened earlier in the week when I met with a friend who builds large scale data centers and said the power delivery for new builds is 2028-2030 - that's a crazy long time in the world of AI So it makes you really wonder, how tf do we continue the pace of AI innovation or even just keep up with China given the energy constraints? Tommy did some good research and the numbers are mind-boggling: GPT-3 used an estimated 1.3 GWh of energy to train GPT-4 used an estimated 50-60 GWh to train To train an AGI model, it may take 600,000+ GWh! To put that in perspective, that's about 22% of the entire annual electricity generation of the U.S. Of course, these are just estimates and doesn't factor in any major innovations in energy production but it does offer us a huge reality check on 1) what it could take, and 2) the implications on the timelines to reach AGI given you can't just provision 600,000 GWh of new energy anytime soon This seems to be a very under-appreciated and under-talked about dimension to the AI race Going to continue to deep dive on this more, probably worthy of a more in-depth report

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$GLXY looks so primed here, breaking out to 4 year highs on the monthly chart + we are setting up for some potentially huge updates and catalyst during the August 5th earnings! A few highlights we could potentially get from Galaxy are: Balance Sheet Updates: Revaluation of crypto assets and crypto infrastructure investments on the balance sheet + clarity into the size of investments like $SBET, $BMNR and other treasury companies. This could take $GLXY's balance sheet well beyond the ~$3B number I had in my mind based on the spaces AMA @novogratz @intangiblecoins and others from Galaxy did ~1.5 months ago. I would love if Galaxy disclosed exactly what they hold on their balance sheet so the army of $GLXY researchers on twitter could do a more accurate SOTP model on Galaxy! Crypto Business Line Updates: Given the significant ramp up in crypto prices + all the treasury deals Galaxy has been involved with recently we are likely to see a big jump in assets under management, increased trading volumes, and assets staked with $GLXY. We will potentially see some movement on the tokenization front with @GK8_Security, movement on Galaxy's JV EURO stablecoin with @AllUnityStable and maybe even and increase in M&A activity for Galaxy's investment banking arm. Also I would expect Galaxy's loan book to have grown too. Data Center Business Line Updates: Okay here is where things could get juicy! Historically Galaxy seems to have done big announcements surrounding their data centers business on earnings day. We have a wide range of potential updates we could get here: - News if CoreWeave will exercise their remaining 200MW option at Helios (expanding the lease from 600MW to 800MW) this will add an incremental 300M/year in average annual rent, bringing the total to 1.2B/year on average - this will start cash flowing in H12026 and ramp into 2027. (note $CRWV has till September to exercise this option). - Updates about the additional 1.7GW of power that Galaxy has under study with ERCOT (comes in the form of an 800MW tranche and 900MW tranche) if they get approved for another 800MW this soon that would be a huge bullish surprise (management has guided to this being "single digit months away / EOY") ^ following this we may start to see news flow about a potential new tenant for the additional capacity, again if they are able to lease out the next tranche + the remaining 200MW option $CRWV has to exercise that will bring the average annual revenue Helios generates from $900M --> $2.4B! - Updates on the pipeline of ~40 Bitcoin mining sites Galaxy is evaluating for potential acquisition or partnership. Galaxy has developed relationships with tier 1 data center contractors, CoreWeave, other hyperscalers, and it seems like TSMC/AMD to build out bespoke AI Data Centers for hyperscalers like $CRWV. This $CRWV lease that Galaxy has already secured really sets them ahead of the pack in the Bitcoin miner space proving to other hyperscalers that they have the ability to execute. $AMZN $META $MSFT or others will not want to partner with a small bitcoin mining company that doesn't have the relationships, capital or expertise to execute on bespoke AI data center buildouts. BONUS - Research Coverage: Now that Galaxy is listed on the NASDAQ they are starting to pick up coverage from more US firms. Goldman Sachs, Morgan Stanley and Jefferies lead the $500M raise Galaxy just did and Jefferies just initiated coverage with a $35 PT, I would expect Goldman / Morgan Stanley to follow suit and it would be absolutely epic if they did a deep dive report into $GLXY - this could spark a ton of institutional demand and really help tell the story of Galaxy's 3 pronged business (awesome balance sheet, crypto business lines and data center business). Excited for August 5th!

We’re still early in the CDS stage, we haven’t even gotten to CDS squared yet

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This is great, but it needs to be backed with a credible plan for how to power them Large data centers are looking at 2028-2030 for power delivery, this will be too late

There are a handful of VCs that are absolutely crushing it right now with digital asset treasury plays I keep seeing many of the same names committing to all the good deals They will make 8-9 figs in 6 months on these

All these different perspectives and focus areas are what makes The Delphi Hivemind so special Highly recommend giving everyone on this list a follow