popsoon

FTX had collapsed ,Trillions in value were gone ,Bitcoin and Ether were down more than 60% Mining firms were overleveraged, undercapitalized, and failing one by one

In that chaos, Michael Novogratz didn’t make a bold bet

He made a defensive one

Galaxy Digital had mining chips stranded in third-party data centers run by operators whose balance sheets were quietly cracking

The risk wasn’t price—it was control , If those facilities failed, Galaxy’s capital would be trapped

So Galaxy paid $65 million for something deeply unfashionable at the time: a distressed bitcoin mining site in rural Texas called Helios

On paper, it looked mistimed.
In reality, it was about one thing: power

Helios sat on cheap land, near abundant electricity, with permits already in place. At the bottom of a crypto winter, Galaxy wasn’t buying bitcoin exposure. It was buying optionality over energy and infrastructure

At first, Helios was just a hedge—insurance against counterparties blowing up. But by late 2023, the world changed

Not because of crypto

Because of AI

As generative AI scaled, a new constraint emerged: electricity. Data centers didn’t just need chips; they needed massive, reliable power—now, not five years from now. Building new sites from scratch meant permits, grid access, and time

Lots of time

Helios already had all three.
By 2024, Galaxy began repurposing the site. Bitcoin mining—once the best way to monetize cheap power—was no longer the highest use

AI inference and training paid better, lasted longer, and came with contractual stability

Galaxy leased Helios’ capacity to CoreWeave under long-term agreements

What started as an 800-megawatt site is now approved to scale to 1.6 gigawatts, making Helios one of the largest independent data-center assets in the United States

The economics flipped

That $65 million hedge is now projected to generate over $1 billion a year in revenue, with analysts valuing the asset north of $20 billion—potentially worth more than Galaxy’s entire crypto business

This wasn’t luck

It was a recognition that in the next phase of technology, infrastructure beats assets

Crypto taught firms how to monetize power quickly

AI taught them how to monetize it durably

Novogratz’s career arc explains why he could see this

He’s lived through cycles where timing mattered less than survival—Wall Street booms, busts, rehabs, comebacks ,The Helios deal wasn’t a moonshot. It was about staying alive long enough to benefit when the use-case changed

Today, Galaxy sits in two worlds

One volatile and reflexive—crypto

One capital-intensive and contractual—AI infrastructure
That creates tension , Markets like simple stories ,Analysts are already asking whether Helios should be spun off, sold, or separated from the crypto business entirely. ,And risks remain: grid volatility in Texas, AI demand cycles, regulatory shifts

But the lesson is already clear

The biggest wins of the next decade won’t come from guessing which token wins or which model dominates ,They’ll come from owning the quiet bottlenecks—power, land, permits, and scale—before the world realizes they matter

Helios wasn’t a bet on crypto
It was a bet on electricity
And electricity, it turns out, is where the future priced itself wrong 👀

🚸 Warning 🚸 I do not provide financial advice 🔞The intent of this content is for you to be aware of market conditions before starting to invest 👌Thank you for reading 👌

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We’re about to see a wave of new, innovative yield strategies roll out, built to deliver strong, uncorrelated returns at scale that are going to drive demand through the roof

This isn’t some distant future. It’s already happening. And the momentum is picking up fast

We’ve already identified yield-bearing stablecoins as the breakout category to watch in 2026 and beyond 🤔

Right now, total supply is “just” around $19B

We believe credit, in the form of yield, is increasingly moving onchain, and yield-bearing stablecoins are the best way to express that view

Because as new credit products aka yield strategies emerge, yield-bearing stablecoins will either directly represent access to that product or some other yield-bearing stablecoins will allocate portions of their balance sheets to them to diversify exposure while tapping into potentially more attractive yields.

WHY ARE WE BULLISH ON YIELD-BEARING STABLECOINS
There are really three clear reasons why we’re so bullish on this space

1 _ Accelerating demand

Our long-term view is simple ⬇️

more and more people and capital will move toward holding money that actually works for them

Money that earns yield instead of just sitting still

Why? 🤔 Because the financial upside is too good to ignore, and the effort it takes to access that yield is getting easier and easier

Think of it like this ↔️

Would you rather own a regular stock or the same stock that also pays you dividends? The answer is obvious 👀

We’re still used to thinking in terms of checking accounts versus savings accounts, but that difference is starting to disappear

Even today, you can hold dollars that earn you some real yield while still being able to spend them at any time

All of these points point to one thing 👌⬇️

More people and more capital will start using yield-bearing stablecoins by default, and their share of the market will keep growing 👀

This isn’t about wishful thinking or relying on naive arguments

What we’re seeing is a clear trend that comes from first-principles thinking and is backed by how real users behave when given better financial options

You might argue that the current version of the Clarity Act, which prohibits yields on stablecoins, is bearish for this market. And in some ways, that’s true, but in other ways, it’s not

The reality is that decentralized protocols don't fall under the Clarity Act rules

This is a bill made specifically for centralized companies with stablecoins in the U.S. 🇺🇲

Decentralized protocols like BTC, SOL , or ETH do not need to comply with these regulations and remain completely legal to use and invest in them across any jurisdiction (at least for now) 🇺🇲

This means they have a very clear advantage

They get more time to build stronger products and defensible moats without serious competition from traditional finance players

At the same time, we’re pretty confident that companies won’t just accept this law as the final word. They’ll keep pushing regulators to eventually allow yields on stablecoins

Will it happen this year or next? We don’t know. But we’re fairly sure it’s just a matter of time.

All right, let’s talk about another reason behind our conviction.

2 _ Yield moving onchain

If you don’t see this yet, let us help you

The tech is simply better ⬇️

No more waiting a few business days

No more crazy banking fees.
No more products that only work in one corner of the financial system

Onchain is faster, cheaper, and more efficient

Think about the size of what’s out there today ⬇️

Bonds alone make up a $130T market

Bank deposits? That’s another $100T

Then you’ve got money market funds holding over $10T, and the list goes on

That’s the scale we're talking about, and it's all starting to move onchain

Plus, get ready for a wave of new strategies

These weren’t possible before, but with blockchain’s programmability and built-in liquidity, they’re finally within reach

And the best part? The total addressable market isn’t limited to one region or group. It’s anyone with an internet connection. That’s the whole world

So no, it’s not naive to think this is happening. In fact, it’s already picking up speed and it’s only accelerating from here ⬇️

So even at this stage, the case is already strong

Accelerating demand is meeting accelerating supply. That’s a powerful combo.

But there’s one more thing that really matters, especially for investors looking at this space

3 _ This market is more stable and less driven by price swings

It doesn’t follow the same highs and lows as the rest of crypto. Sky shows exactly what that looks like, as its business fundamentals are uncorrelated to markets in 2025, Sky’s stablecoin supply nearly doubled, climbing to almost $10B with a 10% increase in revenue year over year

And that growth came during a year when the wider crypto market, including Bitcoin, was down

Almost nothing else in crypto had fundamental growth like that in a down year

This matters a lot for investors. When you back a business that relies heavily on crypto prices, you're signing up for much higher risk

That’s what makes this particular market so interesting

The fundamentals can keep growing, even when overall sentiment is down

Sure, yields can shift, but understand this ⬇️

In a bull market, demand for leverage and borrowing takes off, driving yields higher and making yield-bearing stablecoins especially attractive

In a bear market, people shift into yield-bearing stablecoins to protect their profits, which naturally boosts demand in that environment too

So no matter the market conditions, there’s demand. And for investors, that kind of resilience is a big deal

Great, let’s say we’re all on the same page with our bullish stance here

Now it’s time to look at how this trend is actually going to play out and where the opportunity might be

We’re breaking down the key components needed for any successful yield strategy:

Risk management: who’s in charge of managing the risk, and how are they doing it

Core strategy & execution: who is actually running the strategy behind the scenes

Infrastructure: which smart contracts or platforms the strategy is built on

Once you start seeing more and more yield strategies available at scale, some interesting second-order effects begin to kick in 👀

The goal here is simple: To really understand how this market works, not just on the surface but all the way through

🚸 Warning 🚸 I do not provide financial advice 🔞The intent of this content is for you to be aware of market conditions before starting to invest 👌Thank you for reading 👌

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#MarketCorrection