Encryption Concept Unit daily observation: Galaxy Digital Q1 financial paper cap AI revenue, Helios data centre delivering CoreWeave sign commercial model transition

1. Q1 REAL SOURCES OF LOSSES: NON-CASH PRESSURES FOR PRICE REVERSALS OF DIGITAL ASSETS

Galaxy Digital Q1 2026 net deficit Loss$216 million(EPS-$0.49 ADJUSTED) DRIVEN MAINLY BY FALLING PRICES OF DIGITAL ASSETS - Q1 TOTAL MARKET VALUE OF ENCRYPTED MARKETS APPROXIMATELY20%, trigger company Treasury & Corporate Approximately$140 millionUNREALIZED LOSSES; ADJUSTED EBITDA LOSSES$188 millionI DON'T KNOW. MEANWHILE, THE COMPANY AUM$5 billion(Q1 POSITIVE NET INFLOWS), CASH AND STABLE CURRENCY HOLDINGS$2.6 billionGeneral interest$2.8 billion;repurchases during the period3.2 million sharesIt's expensive$65 millionI DON'T KNOW. Q1 LOSSES ARE ESSENTIALLY THE NON-CASH ACCOUNTING EFFECTS OF FLUCTUATIONS IN THE VALUATION OF DIGITAL ASSETS AND NOT THE DETERIORATION OF OPERATING CASH FLOWS — FUNDAMENTALLY DIFFERENT FROM REAL OPERATING LOSSES ARISING FROM A BACK-TO-BACK OPERATION OF MINING COMPANIES。

2. CoreWeave Delivery: 15 years lease to open cash flow Points

Galaxy completes the delivery of the first data hall to CoreWeave in April, and the Helios data centre officially enters the revenue recognition phase; the PHase 1 total involves133 MWKey IT load, expected to be all delivered at the end of Q2. CoreWeave15 years, overwrite Phase 1 and Phase 2 Approximately526 MWKEY IT LOAD (COMPARABLE)800 MWTotal electricity capacity) Management forecasts average annual excess of income in subsequent periods of consolidation$1 billionEBITDA PROFIT MARGIN APPROXIMATELY90%I DON'T KNOW. PRELIMINARY Q2 DATA SHOWS ADJUSTED EBITDA APPROXIMATION$90 million, a significant improvement over Q1 - $188 million. The strategic significance of this point is that it transforms Galaxy from "a financial services company with a high value of proceeds associated with encrypted prices" to "AI infrastructure operator with a long-term locked-in cash flow." - The two attributes correspond to different valuation multipliers and discount logic in capital markets。

3.6 GIWA AMPLIFICATION: A LEAP IN SIZE IN THE AI CALCULUS MARKET

Galaxy was approved by ERCOT to add a new one to the Helios Park830 MWPower capacity, exceeding total authorized capacity1.6 GiwaIt's almost double the previous 800 MW. Management indicated that the additional capacity was actively seeking leases for large-scale clients, with the target of contracting in the second half of 2026; the delivery of Phase 2 Helios was expected to start in the first half of 2027 and the details of the financing were expected to be finalized in the near future. The same logic applies to mining transformation companies such as TerraWulf ($WULF), Keel Infrastructure ($KEEL), HIVE Digital ($HIV) and Galaxy's 1.6 Giwa approval is the most directly different asset in their competition with the company's AI Data Centre lease。

THE ENCRYPTION CONCEPT UNIT IS OFFICIALLY OPEN, AND AI INCOME IS A NEW CORE VALUATION VARIABLE

The Galaxy Digital Q1 financial report is the first signal of the current round's encryption concept unit and the first response to verify whether "AI transition narratives can be translated into real gains". As a result, Galaxy has given a qualified starting point: losses are better than expected, CoreWeave's revenues have been initiated in Q2 and approvals have been granted, implying a significant increase in marketable capacity in the future. Over the next few weeks, the encryption exchange, the stabilization currency issuer and the mining company will continue to disclose the Q1 financial statements, and the ability of the two narratives of "regulated environment improvement" and "AI computing layout" to be translated into revenue figures will be the key validation nodes for determining the two-quarter valuation path of the encryption concept unit. If the billboard financial statements as a whole exceed the consensus expectations, and the CLARITY Act Senate markup landed at the end of May, it would constitute the strongest double-catalytic combination of the encryption concept unit H1。

Data source:https://bbx.com/THE ENCRYPTION CONCEPTS INFORMATION BASE IS BASED ON YESTERDAY'S GLOBAL LISTED CORPORATE BULLETIN AND THE SEC/TSE DISCLOSURE DOCUMENT。