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@RHouseResearch Avatar @RHouseResearch Rittenhouse Research

Rittenhouse Research is long on Galaxy Digital ($GLXY), believing its flagship data center, Helios, will generate $XXX billion in EBITDA and $XX billion in equity value. This stance contrasts with bearish views on other data center and AI infrastructure companies, such as Cipher Mining ($CIFR) and CoreWeave ($CRWV). Rittenhouse Research's bullish thesis on $GLXY suggests significant upside potential.

Engagements: XXXXXXX #

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Social category influence stocks #937 finance XXXXX% technology brands XXX% cryptocurrencies XXX% vc firms XXXX% fashion brands XXXX% exchanges XXXX%

Social topic influence $glxy #4, $crwv #1, $iren #2, galaxy digital #7, $1b #10, $cifr #141, bitcoin #7388, meta 3.28%, $wulf #66, miner #63

Top accounts mentioned or mentioned by @floodcapital @8888tld @karlw0lf @fransbakker9812 @railsdomains @thekamahsutra @matthew_sigel @mikealfred @lazarus_capital @umbisam @jamarc0 @stefanvanderlux @chelapples @franchise9494 @tavabtc @novogratz @jarronjackson4 @galaxyhq @marcvanderchijs @geneajonesjr

Top assets mentioned Galaxy Digital Inc. (GLXY) CoreWeave, Inc. (CRWV) IREN Limited (IREN) Cipher Mining Inc. Common Stock (CIFR) Bitcoin (BTC) TeraWulf Inc. (WULF) Nebius Group N.V. Class A Ordinary Shares (NBIS) Applied Blockchain, Inc. Common Stock (APLD) Alphabet Inc Class A (GOOGL) Microsoft Corp. (MSFT) CLEANSPARK INC (CLSK) Oracle Corporation (ORCL) Oklo Inc. (OKLO) NVIDIA Corp. (NVDA) Metadium (META) Equinix Inc (EQIX) Digital Realty Trust Inc (DLR) Dayforce, Inc. (DAY) Core Scientific, Inc. Common Stock (CORZ) Coinbase Global, Inc. (COIN) Mario Coin (COIN) DigitalBridge Group, Inc. (DBRG) Open Custody Protocol (OPEN) Bitfarms Ltd. (BITF)

Top Social Posts #

Top posts by engagements in the last XX hours

"$CIFR and $IREN investors seem to believe the AI cloud provider business model is one of the best businesses to be in. This of course is absurd. Running an AI cloud is extremely capital intensive requiring huge outlays for GPUs (and data center CapEx if self-building). Its also a very labor intensive business necessitating deep pools of talent across hardware engineering network engineering networking enterprise sales etc. In addition a significant portion of the potential customer base is start ups who are likely to go bankrupt or get acquired. For these reasons and others running an AI"
X Link @RHouseResearch 2025-10-08T23:15Z 6371 followers, 91K engagements

"With all due respect and great episode as always but I think Gurley is off the mark with respect to the commentary around Nvidia's arrangement with CoreWeave. @dylan522p stated on the a16z podcast that CoreWeave is building a cluster for on-demand or spot (e.g. customer pays hourly) compute. If you recall XX% of CoreWeave's revenue is from long-term committed customer contracts. They don't currently play in the short-term side of the market. Dylan stated that "CoreWeave would have never built this cluster" without the Nvidia backstop which pertains specifically to this cluster. My read on"
X Link @RHouseResearch 2025-10-16T00:09Z 6377 followers, XXX engagements

"Galaxy Digital $GLXY Chief Investment Officer Chris Ferraro (@cferraro06) on CoreWeave on Galaxy's Q2-25 earnings call: "I think that we've definitely gotten pretty comfortable taking on pretty significant exposure to CoreWeave relative to the size of our business. I think that can't be debated based on the size of the mandate that we committed to them ($1B+ annual rev. over XX years for 533MW lease). On a go-forward basis I think it would be natural for anyone who had an opportunity in front of them to build a portfolio of data centers to think about diversification in terms of end client in"
X Link @RHouseResearch 2025-09-30T13:04Z 6374 followers, 36.7K engagements

"Its as if he has some odd vendetta against the Company. Completely turns a blind eye to much much worse dilution from his biggest stock holding in the ETF. Than comes out whinging about a smidgen of what will be very accretive dilutive capital raised by $GLXY. Its bizarre - something seems off. Surely he cant be that dumb"
X Link @RHouseResearch 2025-10-11T23:08Z 6036 followers, XXX engagements

"@P_Remarks Well off the top of my head $OKLO has zero revenue and $IREN did negative ($1.1B) of LTM FCF so this might not be saying much"
X Link @RHouseResearch 2025-10-14T00:17Z 6213 followers, XXX engagements

"$IREN - Doesnt disclose monthly numbers for September (note the August numbers at $2.4MM of cloud revenue implied they were only earning $1.50/GPU hour) - Only has contracts for 11000 out of the 23000 GPUs ordered; note these contracts are X years vs. CoreWeave and Nebiuss standard X year deals - Doesnt name a single customer for these contracts This was a bullish update"
X Link @RHouseResearch 2025-10-07T11:30Z 6309 followers, 22.1K engagements

"$IREN decided not to release their September monthly results this morning right before filing for a $1B convert after market close. I wonder why they decided not to release their monthly financials right before tapping the capital markets"
X Link @RHouseResearch 2025-10-07T21:12Z 6336 followers, 49.7K engagements

"Id be remiss not to mention that Nebius $NBIS is also much cheaper than $IREN on a forward revenue basis. And the majority of $NBIS s forward revenue comes from its $19B contract with Microsoft whose bonds are trading at a yield below the risk-free rate. Seems unlikely Microsoft will default on their payments to Nebius lol"
X Link @RHouseResearch 2025-10-15T15:44Z 6376 followers, 5680 engagements

"With all due respect your take here is ridiculous especially considering how other "data center developers" in your ETF's portfolio operate. Helios is a $6.4B project (533MW of critical IT load x $12MM/MW). Assuming XX% LTC (i.e. that Galaxy $GLXY can raise XX% or $5.3B of the total CapEx bill via project-level debt financing) Galaxy still needs to contribute $1.3B of cash equity into the project. $300MM or so has already been funded resulting in $1B of additional equity capital needed. Note that $GLXY has already raised $1.4B of non-dilutive project level debt from DB for Phase I (133MW) and"
X Link @RHouseResearch 2025-10-11T17:52Z 6380 followers, 132K engagements

"@smatthewschultz I would also note the proximity of those data centers to major metropolitan areas such as Atlanta rendering them highly relevant for future latency sensitive AI inference workloads $CLSK"
X Link @RHouseResearch 2025-10-07T02:01Z 6354 followers, 6169 engagements

"It would appear that CoreWeave $CRWV was in fact next to sign massive cloud computing deals. Since the tweet below on 9/12 CoreWeave has: - Signed a deal with Nvidia $NVDA in which Nvidia agreed to purchase any of CoreWeave's unused capacity up to $6.3B - Signed a $6.5B expansion deal with OpenAI bringing their total contract to $22.4B - Signed a $14B expansion deal with Meta $META $CRWV up +20% since"
X Link @RHouseResearch 2025-10-01T21:36Z 6304 followers, 10.1K engagements

"@FloodCapital We here at Van Eck with our $50001.34 position in $GLXY are outraged at the XXX% dilution We prefer to be diluted via $1B ATM. We WANT way more dilution"
X Link @RHouseResearch 2025-10-12T02:05Z 6332 followers, 1094 engagements

"@OakenshieldVGX If $CRWV barely owns any of its CSP assets or power then why did $CRWV sign $26B of deals with META OpenAI and Nvidia alone in the last months"
X Link @RHouseResearch 2025-10-15T02:46Z 6377 followers, 2885 engagements

"Three of the many important differences between Galaxy $GLXY and legacy data center owner and operators (Digital Realty $DLR and Equinix $EQIX) are: - Galaxy's data-center (under construction) will be a next-generation purpose-built for AI data center. $DLR's data centers are decades old (they even disclose this in their filings - see below) - Galaxy's lease is structured as "triple-net" - maintenance CapEx is passed through to the tenant. $DLR and $EQIX on the other hand have to foot the bill for most of their maintenance CapEx (which of course they label as Growth CapEx to juice their AFFO"
X Link @RHouseResearch 2025-10-10T15:50Z 6319 followers, XXX engagements

"Galaxy Digital $GLXY CEO and Founder Mike Novogratz @novogratz on Galaxy's decision to lease the first 800MW of its data center capacity to CoreWeave $CRWV instead of other cloud providers such as Oracle $ORCL: "I think CoreWeave is doing an awesome job. and we took that bet. We could have done a deal with an Oracle and we would have made a whole lot less money on it. We took a bet on a company that we saw growing at the same kind of time (line as Galaxy). Higher risk higher return." Important to note - Galaxy expects to have an incremental 800MW of gross power capacity available for lease in"
X Link @RHouseResearch 2025-10-01T11:12Z 6379 followers, 44.2K engagements

"@AJacksonHole @davey_juice You're paying a lot for #2 given #1 has little value with the halving approaching in 2028 and the massive maintenance CapEx involved. High margin LOL. If you exclude D&A for sure and pretend like the $1B of CapEx spent on ASICs wasn't required"
X Link @RHouseResearch 2025-10-05T21:25Z 5851 followers, XXX engagements

"@OnodaCapital Thoma Bravo buying Dayforce for $12.3B or 10x ARR makes a lot of these types of SW names seem pretty cheap"
X Link @RHouseResearch 2025-09-13T14:11Z 6273 followers, XXX engagements

"Update on AI data-center co-location deals for crypto companies (e.g. historical Bitcoin miners): $CORZ ✅ $WULF ✅ $GLXY ✅ $APLD (lol) ✅ $CIFR ✅ $IREN ❌"
X Link @RHouseResearch 2025-09-25T21:22Z 6364 followers, 13.9K engagements

"Bull case is that $GLXY becomes one of the largest publicly traded AI data center developers owners and operators in the world. For some context on the data center side their first executed lease with CoreWeave $CRWV is for 533MW of IT load and is expected to generate $1B+ of annual EBITDA. If they can execute X additional lease per year of similar size with the Oracles Amazons Googles etc. of the world you're looking at a multi-gigawatt portfolio generating multiple billions of EBITDA by late 2020s. Public comps $DLR and $EQIX have around 3GW of capacity enterprise values north of $75B and"
X Link @RHouseResearch 2025-10-16T01:03Z 6380 followers, 30.1K engagements

"Here is $IREN's big press release in April 2024 on their Poolside deal. Of course there was no press release to announce that Poolside was not renewing this contract"
X Link @RHouseResearch 2025-10-15T15:27Z 6380 followers, 5298 engagements

"The irony in this statement coming from Coinbase who of course has the highest take-rates on retail traders of all the major US exchanges $COIN"
X Link @RHouseResearch 2025-10-16T04:24Z 6380 followers, 4575 engagements

"If Aligned is worth $40B - how much would a deal for Switch or Vantage fetch Is DigitalBridge not a painfully obvious long here $DBRG"
X Link @RHouseResearch 2025-10-06T13:00Z 6374 followers, 3925 engagements

"CoreWeave $CRWV CEO Michael Intrator shouting out Galaxy Digital $GLXY on Bloomberg today: "We have broadened our strategic relationships with other providers of the infrastructure. A great example of that is Galaxy Digital. You know where we're able to go ahead and get large blocks of contiguous power to continue to buy infrastructure that will be made available to our clients as they continue to build.""
X Link @RHouseResearch 2025-10-07T23:41Z 6374 followers, 49.5K engagements

"People have gone to jail for way less than the ridiculous gaslighting here from $IREN BoD Mike Alfred. He is claiming that $CRWV which was at $5B of ARR last quarter and $50B+ of backlog cant compete at scale but $IREN which was at $28MM of ARR can. $X billion vs. $XX million. You read that correctly. This is 2021 vibes but worse - these shameless stock promoters are not even trying to disguise their pump and dump schemes"
X Link @RHouseResearch 2025-10-14T21:04Z 6379 followers, 99.5K engagements

"At this point Im surprised OpenDoor hasnt announced theyre converting their inventory of houses into AI data centers. $OPEN"
X Link @RHouseResearch 2025-10-08T01:10Z 6318 followers, 8451 engagements

"The fact that $IREN mgmt. has stated that they deliver substantial free cash flow is absolutely bonkers"
X Link @RHouseResearch 2025-08-29T18:33Z 6321 followers, 40.4K engagements

"Few people have asked me about $WULF - no position but think they are executing better than any other miner pivoting to AI (note - I don't include $GLXY within this cohort given $GLXY was never a true "Bitcoin miner"). $WULF 's deal with Fluidstack and Google involved some true out of the box-thinking and more or less set a blueprint for $CIFR to follow suit. Importantly their data center capacity is located in New York unlike any other Bitcoin miner. Valuation is also very compelling here especially relative to $CIFR $IREN $HUT"
X Link @RHouseResearch 2025-10-01T21:10Z 6330 followers, 11.5K engagements

"@BTCYESPLS Got it I dont understand the dynamic of the market. $CRWV signed $26B worth of cloud deals with META OpenAI and Nvidia alone in the last month. But this isnt important. Whats important is the grid-secured power"
X Link @RHouseResearch 2025-10-15T02:48Z 6380 followers, 2942 engagements

"Bitcoin Miners - AI Data Center Co-Location Deal Comparison $CIFR $WULF $APLD $GLXY A few interesting observations based on a comparison of the deals announced by Cipher $CIFR TeraWulf $WULF Applied Digital $APLD and Galaxy Digital $GLXY: - Galaxy has the only "triple-net" lease which results in the highest NOI (EBITDA) margins given its tenant (CoreWeave $CRWV) is responsible for paying maintenance CapEx property taxes and property insurance. This triple net structure greatly improves the "financeability" of the lease as lenders are more willing to underwrite these structures given the risks"
X Link @RHouseResearch 2025-09-26T13:30Z 6376 followers, 28.1K engagements

"Wall St. legend Jim Chanos @RealJimChanos hits the nail on the head here as per usual. Good luck to the BTC miners pivoting to a neocloud model where they intend to purchase GPUs and compete with Amazon Microsoft Google CoreWeave Nebius etc. Im sure these legacy miners are very well equipped to operate massive GPU cloud computing clusters - after all running a GPU cloud is no different than plugging in an ASIC"
X Link @RHouseResearch 2025-10-01T22:52Z 6335 followers, 30.3K engagements

"CleanSpark $CLSK closes above $XX ✅ Americas Miner is a really nice touch of marketing @smatthewschultz"
X Link @RHouseResearch 2025-10-09T20:41Z 6328 followers, 5233 engagements

"I also forgot to address one of his other bizarre uninformed complaints about not Galaxy not releasing the name of the asset manager involved. It is completely normal and common for funds to ask their name not be included in this type of press release. Plenty of fund managers want as little news coverage as possible. What actually matters is that a massive investment manager wrote a massive check to buy $GLXY shares. You don't write $460MM checks on a whim - this clearly involved substantial thorough diligence. By all accounts this investment manager intends to be a shareholder for the"
X Link @RHouseResearch 2025-10-11T18:10Z 6295 followers, 3087 engagements

"@FloodCapital If anything it probably was a very good day for the $GLXY trading desk"
X Link @RHouseResearch 2025-10-13T20:22Z 6234 followers, 1065 engagements

"$IREN Cloud's largest ever customer PoolsideAI just announced a massive deal with CoreWeave $CRWV. For some backdrop $IREN launched their cloud offering in early 2024 and secured Poolside as their first (and only) marquee customer logo on a short-term contract than ran through September 2024. In September 2024 Poolside chose NOT to renew their contract with $IREN cloud. $IREN cloud's revenue fell from $3.2MM in Q3-24 to $2.7MM in Q4-24. As far as I'm aware IREN Cloud is the only neocloud to have reported a quarter of declining sequential revenue in the history of the neocloud industry. $IREN"
X Link @RHouseResearch 2025-10-15T15:22Z 6379 followers, 146.6K engagements

"Here is $IREN BoD member Mike Alfred claiming literally yesterday that CoreWeave "will be unable to scale". Obviously with today's news this ridiculous non-sensical claim looks even more preposterous"
X Link @RHouseResearch 2025-10-15T15:25Z 6379 followers, 11K engagements

"New pinned tweet. Sigel should probably spend more time trying to accumulate a bit more AUM to his ETF ($44MM lol. Does the mgmt. fee even cover the Van Eck interns salary) as opposed to spreading some egregious misinformation on my bags"
X Link @RHouseResearch 2025-10-12T00:44Z 6379 followers, 10.7K engagements

"Lol dude duh its obviously a $X Trillion company. You take 3GW of secured grid power double it because muh pipeline and youre at 6GW. Then multiply by $10MM/MW and voila youre at $60B of cloud ARR. No dont worry about securing customers or the engineering department to actually build a $60B cloud what a silly question that is. $60B x 20x revenue multiple (take $CRWV s revenue multiple and double it because $*ren owns plots of dirt and has made interconnection requests so deserves a premium valuation) and youre at a $1.2T enterprise value And dont subtract for any debt or account for dilution"
X Link @RHouseResearch 2025-10-13T20:33Z 6366 followers, 1758 engagements

"Rittenhouse Research is long Galaxy Digital $GLXY $BRPHF We believe Galaxy's flagship data center Helios will generate $1.7B of EBITDA and $32B of equity value in the near-term w/ significant further upside. Our full thesis can be found via PDF here:"
X Link @RHouseResearch 2025-05-15T18:00Z 6358 followers, 146.7K engagements

"Applied Digital $APLD and Galaxy Digital $GLXY have similar enterprise values ($11B - $13B). This is interesting given: - On the data center co-location side Galaxys co-location lease ($1B+ annually) with CoreWeave $CRWV is roughly double the size of Applied Digitals. Galaxy has successfully closed $1.4B of non-dilutive project-based debt financing (S+475) for the first portion of their campus build-out. Applied is still in the market for project-based construction debt. The main source of funding for Applieds build-out is the expensive (12.75% PIK) dilutive (Macquarie has XX% ownership at"
X Link @RHouseResearch 2025-10-13T17:25Z 6380 followers, 47.2K engagements

"$CIFR did not get a Google investment. Google invested $XXXX in $CIFR. $CIFR gave Google $CIFR penny warrants such to entice Google to serve as guarantor for their tenant (Fluidstack). Google puts up zero cash and gets X% of $CIFR s equity. Not necessarily a bad deal for $CIFR but the misinformation is egregious"
X Link @RHouseResearch 2025-10-14T02:58Z 6379 followers, 27.2K engagements

"@iamconnorboyd Love $NBIS they are OGs in the space I think of them as almost a European CoreWeave"
X Link @RHouseResearch 2025-10-09T12:14Z 6228 followers, 1792 engagements