GLXY bets big on AI infrastructure

Iran is reportedly seeking transit tolls for ships moving through the Strait of Hormuz, and at least some reporting says those payments would be made in crypto — with the Financial Times specifically pointing to bitcoin. The significance is fairly straightforward – crypto offers Iran a way to reduce reliance on the dollar system and make payments harder to freeze under sanctions. But the exact mechanics still look unsettled, and some of the more granular claims around how the toll is being collected remain difficult to independently verify. Read more →

Galaxy filed its first annual report as a Nasdaq-listed company, pivoting from purely crypto narratives to also regulated infrastructure. The company's Helios AI data center campus in West Texas has 1.6 gigawatts of approved capacity, with 800 megawatts leased to CoreWeave representing over $7.5 billion in capital investment. CEO, Mike Novogratz thinks it’s easily worth $15 billion alone. The company also manages $12.3 billion in digital assets and recently launched GalaxyOne, a retail platform offering crypto trading and high-yield accounts. The stock is up more than 5% this morning. Read more →

Morgan Stanley’s new MSBT spot bitcoin ETF traded about $34 million worth of stock on its first day, with roughly 1.66 million shares changing hands, according to The Block. That topped Bloomberg analyst Eric Balchunas’ $30 million day-one estimate and gave the late entrant a solid start in an already crowded market. The fund notably launched with a 0.14% fee, making it the cheapest U.S. spot bitcoin ETF undercutting Grayscale’s GBTC at 0.15% as well as BlackRock’s IBIT at 0.25%. Read more →

📥️ Want to advertise in CoinSnacks? Learn More