Galaxy Brains

Alex Thorn talks with Galaxy Research’s Zack Pokorny about evolutions in token design, the primacy and resiliency of DeFi in crypto credit markets, and the future blockchain infrastructure adoption. Alex also talks to Beimnet Abebe (Galaxy Trading) about cracks in the macro landscape and their impact on bitcoin, gold, and the dollar. This episode was recorded on Wednesday, December 9, 2025. Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC). If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠⁠⁠⁠

Alex Thorn talks with Pubkey founder Thomas Pacchia about the opening of Pubkey DC, bitcoin culture, and the future of bitcoin. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets and bitcoin price targets. This episode was recorded on Wednesday, December 5, 2025. Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC). If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠⁠⁠⁠

Alex Thorn talks with Preston Byrne (Arkham Intel, Byrne Storm) about the United Kingdom’s attempts to enforce the “Online Safety Act” on American companies, the need for the 1st Amendment to defend against censorship, and the future of the internet in an increasingly fractured world. Alex and Preston also discuss on-chain analytics and the growth of blockchain information providers. This episode was recorded on Wednesday, November 25, 2025. Participants, along with Galaxy Digital, hold a financial interest in Bitcoin. Galaxy Digital regularly engages in buying and selling Bitcoin, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in Bitcoin. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠⁠⁠

Alex Thorn talks to Beimnet Abebe (Galaxy Trading) about whether or not Bitcoin is in a bear market. Beimnet shares his downside price targets, provides insight into economic data and trends, and explains how the Fed’s action or inaction will affect markets. This episode was recorded on Wednesday, November 19, 2025. Participants, along with Galaxy Digital, hold a financial interest in Bitcoin, Ethereum, Microstrategy, Ripple, and Solana. Galaxy Digital regularly engages in buying and selling Bitcoin, Ethereum, Microstrategy, Ripple, and Solana, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in Bitcoin, Ethereum, Microstrategy, Ripple, and Solana. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠⁠

Alex Thorn talks with Anthony Pompliano — entrepreneur, investor, and founder of ProCap Financial and Silvia — about Bitcoin’s evolution since the FTX collapse and the transition from “crypto” to mainstream finance. They discuss the convergence of traditional and digital markets through tokenization, the rise of AI-driven financial tools, and how Bitcoin fits into a tokenized future. Plus, Beimnet Abebe (Galaxy Trading) joins to analyze Bitcoin’s struggle to hold 100K, key technical supports, and why near-term risk may still lean to the downside. This episode was recorded on Wednesday, November 12, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠⁠

Alex talks with Yat Siu, chairman and co-founder of Animoca Brands, about Animoca’s plans to list in the U.S. market, its prolific venture investing, and Yat’s vision for AI and crypto. Alex also talks with Beimnet Abebe (Galaxy Trading) about bitcoin’s prospects and macro backdrop for risk assets for the rest of the year. This episode was recorded on Wednesday, November 5, 2025. Galaxy Digital holds a financial interest in companies included in this report, including Animoca Brands. Galaxy Digital also provides services to vehicles that invest in these companies. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠⁠

Alex Thorn talks with Anthony Scaramucci, Founder of SkyBridge Capital and the SALT Conference, about the structural challenges facing the U.S. economy and how Bitcoin and digital assets could help address them. They discuss Scaramucci’s perspective on fiscal policy, inequality, and American competitiveness, as well as his experience in the Trump White House, his relationship with Sam Bankman-Fried (SBF), and his time on the television show Special Forces. Plus, Beimnet Abebe (Galaxy Trading) joins to analyze the Federal Reserve’s current stance, inflation trends, and whether markets are entering a fragile moment. This episode was recorded on Wednesday, October 29, 2025. Participants, along with Galaxy Digital, hold a financial interest in Bitcoin. Galaxy Digital regularly engages in buying and selling Bitcoin, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in Bitcoin. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠⁠

Alex Thorn talks with James Check (checkonchain.com) about the state of the bitcoin bull market, whether OG whales are net selling, and which way positive or negative could the bitcoin price go. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets. This episode was recorded on Wednesday, October 15, 2025. Galaxy Digital holds a financial interest in companies included in this content, including M0. Galaxy Digital also provides services to vehicles that invest in these companies. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. Participants, along with Galaxy Digital, hold a financial interest in Bitcoin. Galaxy Digital regularly engages in buying and selling Bitcoin, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy Digital also provides services to vehicles that invest in Bitcoin. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠⁠

Alex Thorn talks with m0 CEO and Co-Founder Luca Prosperi about lessons from last week’s flash crash, the GENIUS Act, corporate stablecoin chains, and winners and losers in the forthcoming stablecoin explosion. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets, rare earth metals, and the Fed’s admission that quantitative tightening is coming to an end. This episode was recorded on Wednesday, October 15, 2025. Galaxy Digital holds a financial interest in companies included in this content, including M0. Galaxy Digital also provides services to vehicles that invest in these companies. If the value of such assets increases, those vehicles may benefit, and Galaxy Digital’s service fees may increase accordingly. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠

Alex Thorn talks with Zac Prince (Head of GalaxyOne) about Galaxy’s new offering GalaxyOne, a one-stop shop for high-yield cash and trading stocks and crypto. This episode was recorded on Thursday, September 18, 2025. Disclaimer: https://www.galaxy.app/legal/social-legal-disclaimer ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠

In this episode of Galaxy Brains, Alex Thorn welcomes Evan Solomon, Chief of Staff at Portal Ventures and Co-Founder of College.xyz and MBC Conference, to discuss how university blockchain clubs are building the next generation of crypto talent. They cover the growth of the Midwest Blockchain Conference, the push to standardize a crypto curriculum, and how initiatives like bounties, hackathons, and Farcaster onboarding are helping students break into the industry. Plus, Beimnet Abebe (Galaxy Trading) joins to discuss markets, macro headwinds, and the latest government shutdown drama. This episode was recorded on Wednesday, October 1, 2025. Disclaimer: ⁠https://www.galaxy.com/galaxy-brains-episode-181-disclaimer⁠ ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠

In this episode of Galaxy Brains, Alex Thorn welcomes Vivek Raman, Co-Founder & CEO of Etherealize, to discuss whether Ethereum can become the world’s settlement layer. They cover Ethereum’s roadmap, tokenization on L1 vs L2s, ZK-powered privacy for institutions, and why ETH is emerging as a yielding store-of-value alongside Bitcoin. Plus, Beimnet Abebe (Galaxy Trading) joins to discuss crypto liquidations, Bitcoin’s rebound, equity market momentum, gold’s new highs, and how Fed policy and fiscal dynamics are shaping risk appetite. This episode was recorded on Wednesday, September 3, 2025. Disclaimer: https://www.galaxy.com/galaxy-brains-episode-181-disclaimer ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/⁠

In this episode of Galaxy Brains, Alex Thorn welcomes Kyle Samani, co-founder and managing partner of Multicoin Capital and newly appointed chairman of Forward Industries. They discuss Forward’s $1.65 billion PIPE transaction co-sponsored by Multicoin, Galaxy, and Jump, which positions the company as the world’s largest Solana-based digital asset treasury. Kyle shares why Solana’s design enables productive treasury strategies, how Forward plans to scale responsibly within the network, and why he believes Solana’s long-term vision positions it to rival legacy exchanges. They also explore the future of digital asset treasuries, the role of M&A, and the ongoing debate between high-performance L1s and Ethereum’s modular L2 approach. Plus, Beimnet Abebe (Galaxy Trading) joins to break down BTC, ETH, and SOL market dynamics, including credibility, macro forces, and policy risks. This episode was recorded on Wednesday, September 17, 2025. Disclaimer: https://www.galaxy.com/galaxy-brains-episode-180-disclaimer ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/ Disclaimer: https://www.galaxy.com/galaxy-brains-episode-180-disclaimer

In this episode of Galaxy Brains, Alex Thorn welcomes Tim Kotzman and Ed Juline of Bitcoin Treasuries Advisory to discuss the surge of Bitcoin treasury companies. They explore why adoption has accelerated in 2025, how strategies differ from MicroStrategy’s playbook, and what qualifies as a “Bitcoin treasury.” The conversation covers MNAV premiums and discounts, transparency in disclosures, systemic risks, and whether these firms could evolve into a new class of financial institution. They also touch on corporate career risk, declining Bitcoin volatility, and why investor relations are critical for success. Plus, Beimnet Abebe (Galaxy Trading) joins to break down how credibility, politics, and inflation dynamics are shaping markets. This episode was recorded on Wednesday, September 10, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks with Superstate founder and CEO Robert Leshner about tokenizing Galaxy’s Class A Common Stock on Solana. Alex and Robert also discuss the archaic tech stack of traditional capital markets, how blockchains can simplify and improve capital flows, and what the future of tokenization will look like. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets, positioning, and catalysts. This episode was recorded on Wednesday, September 3, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks with James Check (CheckOnChain) about the state of the bitcoin market, what onchain data tells us about the latest market dip, and where we are in terms of the ongoing bull market. Alex also talks with Beimnet Abebe (Galaxy Trading) about bitcoin and ether markets, broad market moves, and the Fed’s adjusted approach to monetary policy following the central bank’s annual meeting last week in Jackson Hole, Wyoming. This episode was recorded on Wednesday, August 27, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

In this episode of Galaxy Brains, Alex Thorn welcomes Lyn Alden, Founder of Lyn Alden Investment Strategy, to discuss fiscal dominance, the Fed’s policy constraints, and Bitcoin’s role in a world of structural deficits and rising inflation. They cover macroeconomic risks, central bank independence, and why Lyn believes Bitcoin’s long-term upside remains strong. Plus, Beimnet Abebe (Galaxy Trading) joins to break down BTC and ETH performance, U.S. jobs data, interest rates, and the latest from the Federal Reserve. This episode was recorded on Wednesday, August 14, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks with Aubrey Strobel from Halcyon, a Communications and PR agency that focus on companies working in bitcoin, AI, and stablecoins, about all the Coinbase faux pas and other screw ups in crypto. Alex also talks with Beimnet Abebe (Galaxy Trading, about markets, employment, the Fed, and the national debt. This episode was recorded on Wednesday, August 6, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks to Udi Wertheimer (Taproot Wizards) about the state of the bitcoin bull market, predictions of bitcoin price, treasury companies, bitcoin development, and much more. Alex also talks to Beimnet Abebe (Galaxy Trading) about the FOMC meeting, Fed independence, and predictions on crypto markets. This episode was recorded on Wednesday, July 30, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

In this episode of Galaxy Brains, Alex Thorn sits down with Nic Carter, General Partner at Castle Island Ventures, for a wide-ranging conversation on the rise of crypto data companies, the future of stablecoins and their implications for the U.S. banking system, and whether artificial intelligence will erode critical thinking skills. They also explore the mounting energy demands of AI, potential disruptions to labor and industry, and what lies ahead in a rapidly evolving tech landscape. This episode was recorded on Wednesday, July 23, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks with Alex Leishman (River) about building a bitcoin-only brokerage, how stablecoins interact with bitcoin, why small businesses are beginning to own BTC, the importance of Proof of Reserves, building with Bitcoin Core, and much more. Alex also talks with Beimnet Abebe (Galaxy Trading) about Jay Powell and the Federal Reserve’s independence. This episode was recorded on Wednesday, July 16, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn is joined by Jason Urban, Global Head of Trading at Galaxy, to break down the rise of crypto treasury companies and the evolving institutional crypto landscape. They discuss the explosion of publicly traded firms holding crypto assets, questions around systemic risk, and what sets these new vehicles apart from legacy players like MicroStrategy. Jason also shares insights on the growth of Galaxy’s trading and lending businesses, the role of tokenized securities in future capital markets, and how institutional demand is accelerating the integration of DeFi and onchain finance. Plus, Michael Harvey, Head of Franchise Trading at Galaxy, joins to unpack a market that feels “priced to perfection,” with equities near highs, easing macro data, and retail activity driving risk-on sentiment. This episode was recorded on Wednesday, July 9, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn is joined by Zane Glauber and Harry Austin from Galaxy’s Strategic Opportunities team to explore the future of blockchain infrastructure. They discuss recent regulatory shifts around staking, the evolution of institutional staking, and the growing role of blockchain infrastructure in capital markets. The conversation covers validator operations on Solana, on-chain governance, ETF integration, L2 decentralization, and how Galaxy supports protocols and institutions across the full stack of crypto services. Plus, Beimnet Abebe (Galaxy Trading) returns to unpack bitcoin’s approach toward all-time highs, market response to the Big Beautiful Bill, and signs of rising risk appetite. This episode was recorded on Wednesday, July 3, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

In this episode of Galaxy Brains, Alex Thorn records live from Washington, D.C., where he’s attending the third annual Bitcoin Policy Summit, hosted by the Bitcoin Policy Institute (BPI). He welcomes BPI Executive Director Matthew Pines to discuss the growth of the summit, Bitcoin’s evolving role in U.S. policy conversations, and key legislative efforts like the Blockchain Regulatory Certainty Act. They explore how Bitcoin intersects with national strategy, energy policy, and emerging technologies like AI, and why BPI is opening a “Bitcoin embassy” in the heart of D.C. Plus, Beimnet Abebe (Galaxy Trading) joins to break down a volatile week in markets. This episode was recorded on Wednesday, June 25, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/

Alex Thorn talks to Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, about the passage of the GENIUS Act, prospects for market structure in the House, and what a tie-up between crypto and traditional finance means for both. Alex also talks to Beimnet Abebe (Galaxy Trading) about the Federal Reserve’s latest FOMC meeting, geopolitical risks affecting the market, and what the risk of stagflation means for markets. This episode was recorded on Wednesday, June 18, 2025. ++ Follow us on Twitter, @glxyresearch, and read our research at ⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/research/⁠⁠⁠⁠⁠⁠⁠ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at ⁠⁠⁠⁠⁠⁠⁠www.galaxy.com/disclaimer-galaxy-brains-podcast/