[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.] [@RHouseResearch](/creator/twitter/RHouseResearch) "Pretty astonishing and somewhat alarming how many retweeted this not knowing it was sarcasm"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948499448830521433) 2025-07-24 21:44:04 UTC 1483 followers, 1813 engagements "This is of course complete and utter nonsense. In addition to its corporate treasury which holds BTC ETH various liquid tokens and venture investments Galaxy $GLXY has a market making business. It's been well documented on here that an "ancient whale" sent 80000 BTC to $GLXY last week. Obviously market selling 80000 BTC would result in disastrous execution with an outsized impact on price so this whale contacted Galaxy to facilitate the trade for him (or her). The fact that ancient whales are going to Galaxy to effectuate these types of massive trades (which Galaxy likely profits from by"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948762995305169384) 2025-07-25 15:11:19 UTC 1484 followers, 36.6K engagements "Yup - $BTC is roughly flat from a week ago when the coins were first identified as being sent to a $GLXY wallet. Incredible execution and probably an 8+ figure fee haul on a single trade"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948852375353209166) 2025-07-25 21:06:28 UTC 1485 followers, 7021 engagements "@SuhailAhmad So building data centers without having any contracted revenue from those data centers makes a company an AI data center play If there is so much demand for this infrastructure as you say then why cant either line up a customer for their facilities"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948085426092126695) 2025-07-23 18:18:53 UTC 1432 followers, XXX engagements "Here's how the math might look on a "cash-out" refinancing: Phase I (133MW) is expected to cost $1.6B (133MW x $12MM per MW based on the midpoint of mgmt.'s $11MM - $13MM per MW range). Galaxy is expected to finance XX% of the $1.6B or $1.3B with a construction loan. The remaining XX% or $300MM is funded from Galaxy's balance sheet cash. Once the construction is complete and the tenant $CRWV commences operations within Helios and begins paying rent the data center is expected to generate roughly $220MM of EBITDA (cash flow) to $GLXY. This $220MM EBITDA figure is estimated based on mgmt.'s"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1949083262543904782) 2025-07-26 12:23:56 UTC 1486 followers, XXX engagements "$IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July XX 2024 "We continue to progress negotiations with some very large counterparties and hyperscalers. We're actively negotiating potential transactions with hyperscalers. X hours ago we got an email from a trillion dollar hyperscaler that said they werent interested in Sweetwater and now they are. - Nov XX 2024 "There are a lot of good conversations that were having and seeing interest from a lot of different customer segments for this type of"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1947778250828136674) 2025-07-22 21:58:17 UTC 1485 followers, 40.2K engagements "This is false. $GLXY certainly did not and does not need to sell any BTC to fund their data center build-out. At $12MM/MW in CapEx the total expected CapEx bill for the entire 393MW is $4.7B ($12MM/MW x 393MW). Galaxy will be on the hook for XX% of the $4.7B or $900MM (with XX% or $3.8B coming from banks and / or direct lenders). Galaxy recently raised $900MM via a convertible note issuance ($400MM in Nov.-24) and equity offering ($500MM in May-25). This $900MM is specifically earmarked for construction costs related to Galaxy's data centers and covers the entire equity-check required for the"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1940423044062687591) 2025-07-02 14:51:19 UTC 1431 followers, 3699 engagements "Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or XX% of its market cap to get to around 25K GPUs which would still be less XX% of the capacity CRWV has. CRWV has $5B+ of liquidity to continue scaling its GPU fleet. CRWV has raised $5B of debt and equity in the last six months alone. CRWV can use GPU financing because nearly XXX% of its cloud revenue is from long term contracts. IREN probably has less than $500MM left on its ATM. IREN has never executed on GPU financing (suggesting all of its"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1949194088294822097) 2025-07-26 19:44:19 UTC 1485 followers, 4341 engagements "Fun-fact about SharpLink $SBET and Galaxy Digital $GLXY: Galaxy @galaxyhq has an asset management agreement with SharpLink to manage $SBET's ETH Treasury. The asset mgmt. agreement outlines a tiered XXXX% - XXXX% mgmt. fee as a % of AUM. The asset mgmt. agreement (as also confirmed by SharpLink's website) further provides for the staking of this ETH (with Galaxy using its own validators). Assuming: - XXXX% (mid-point of XXXX% - XXXX% range) asset mgmt. fee - XXXX% staking fee (10% commission on ETH's XXX% staking yield) Galaxy is set to earn X% annually in high-margin fees for the portion of"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1947789327703884079) 2025-07-22 22:42:18 UTC 1483 followers, 70.1K engagements "It's a good question. The traditional data center comps shown above (in addition to the publicly traded names $DLR and $EQIX) have lower EBITDA margins because (i) they have significant corporate overhead (whereas Helios XX% margins are at the site-level) and (ii) their leases are not always structured as "triple-net" (so the owner might pay for taxes insurance and / or property maintenance expenses). Galaxy's lease with CoreWeave is structured as "triple-net" which means all of these costs are passed through to and paid by CoreWeave. The only real expense for Galaxy at Helios is security and"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1946206782340362541) 2025-07-18 13:53:50 UTC 1483 followers, 6361 engagements "As further evidence of the dilemma faced by legacy data center owner and operators consider Digital Realty Trust $DLR. $DLR's footnotes to its 10-K confirm that the vast majority of their data centers were constructed or acquired two decades ago In addition $DLR reported an occupancy of XXXX% as of Dec. - 2024. CBRE just put out a report estimating a global data center occupancy rate of XXXX% (6.6% vacancy). $DLR's occupancy rates being much below the broader market suggest that its data centers are not suited for AI use-cases and GPUs. $DLR's 2024 revenue was essentially flat from 2023. This"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1938989684673134975) 2025-06-28 15:55:40 UTC 1456 followers, 1043 engagements "Equinix $EQIX the largest data center owner and operator in the world ($76B market cap $9B LTM revenue) hosted its analyst day on Thursday. The stock has since declined XX% as the company unveiled its updated longer-term growth projections. Equinix guided towards a doubling of their total data center capacity over the next X years (15% CAGR) to capitalize upon "the AI opportunity". The issue Revenue AFFO (a REIT metric intended to reflect underlying cash flow) and Dividends per Share are only forecasted to grow 7-10% 5-9% and X% respectively. Said differently investors were unhappy to learn"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1938986503364825195) 2025-06-28 15:43:01 UTC 1456 followers, 3768 engagements "@jonabakken Then why did $CRWV sign a lease to pay $GLXY $900MM per year over XX years in West Texas Then why are Crusoe Oracle and OpenAI building a 1GW data center in West Texas"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1938662645751853527) 2025-06-27 18:16:08 UTC 1431 followers, 1209 engagements "If you look at the Google / Windsurf deal Google wasnt even confident in pulling off a $3B acquisition (given anti-trust concerns) so they onlu acquired a handful of the execs in an acqu-hire. If Google is worried they cant pull off a $3B deal I doubt they will be trying to buy any of the major AI labs anytime soon"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948092125218029632) 2025-07-23 18:45:31 UTC 1419 followers, XXX engagements "This is who $IREN bulls are praising. Yikes"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1946370016426729510) 2025-07-19 00:42:28 UTC 1484 followers, 8039 engagements "Quite clearly there is no guarantee $SBET grows their treasury to $10B. That said it's not unreasonable to believe the leading $ETH treasury company will obtain a $10B given $MSTR's $70B+ BTC treasury. What is clear however is that $GLXY's reach across both traditional financial institutions and crypto-native organizations provides for unique opportunities unavailable to other industry participants. This agreement with $SBET is just one small example of the embedded optionality within Galaxy's digital assets business"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1947791527675076804) 2025-07-22 22:51:03 UTC 1438 followers, 2610 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:"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1923076150693187726) 2025-05-15 18:00:58 UTC 1485 followers, 106.8K engagements "@SuhailAhmad How are $IREN and $CIFR AI Data Center plays What AI data center contracts does either have"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948076116863787333) 2025-07-23 17:41:54 UTC 1482 followers, XXX engagements "These $IREN and $CRWV comparisons are quite honestly one of the wildest most insane things I've witnessed. A board member of a $3.8B public company stating that it's just a matter of time until his $3.8B company flips a $69B "competitor" in market cap. Some numbers for context. $IREN the $3.8B company was at $20MM of cloud run-rate revenue as of Q1-25. $CRWV the Company $IREN will supposedly eclipse and eventually acquire was at $4B of cloud run-rate revenue as of Q1-25. $IREN had 2K GPUs as of Q1-25. $CRWV had 250K GPUs as of Q1-25. $CRWV's customer list includes: OpenAI Microsoft Google"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1945268475842453705) 2025-07-15 23:45:20 UTC 1435 followers, 11.9K engagements "What does "better version of CRWV" even mean The notion that $IREN has some sort of competitive advantage over $CRWV and $NBIS because they own some empty plot of land that they expect to energize at some future date is of course absurd. Digital Realty $DLR just reported today that they purchased a XXX acre parcel in Dallas that's expected to support 480MW of IT load for *squints* $11MM. A plot of land with an expectation of future power in and of itself is not valuable obviously. $CRWV has over $1B of balance sheet cash and $5B of total liquidity. $CRWV could have easily purchased Sweetwater"  [@RHouseResearch](/creator/x/RHouseResearch) on [X](/post/tweet/1948496762404003905) 2025-07-24 21:33:24 UTC 1482 followers, 4767 engagements
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
@RHouseResearch
"Pretty astonishing and somewhat alarming how many retweeted this not knowing it was sarcasm"
@RHouseResearch on X 2025-07-24 21:44:04 UTC 1483 followers, 1813 engagements
"This is of course complete and utter nonsense. In addition to its corporate treasury which holds BTC ETH various liquid tokens and venture investments Galaxy $GLXY has a market making business. It's been well documented on here that an "ancient whale" sent 80000 BTC to $GLXY last week. Obviously market selling 80000 BTC would result in disastrous execution with an outsized impact on price so this whale contacted Galaxy to facilitate the trade for him (or her). The fact that ancient whales are going to Galaxy to effectuate these types of massive trades (which Galaxy likely profits from by" @RHouseResearch on X 2025-07-25 15:11:19 UTC 1484 followers, 36.6K engagements
"Yup - $BTC is roughly flat from a week ago when the coins were first identified as being sent to a $GLXY wallet. Incredible execution and probably an 8+ figure fee haul on a single trade" @RHouseResearch on X 2025-07-25 21:06:28 UTC 1485 followers, 7021 engagements
"@SuhailAhmad So building data centers without having any contracted revenue from those data centers makes a company an AI data center play If there is so much demand for this infrastructure as you say then why cant either line up a customer for their facilities" @RHouseResearch on X 2025-07-23 18:18:53 UTC 1432 followers, XXX engagements
"Here's how the math might look on a "cash-out" refinancing: Phase I (133MW) is expected to cost $1.6B (133MW x $12MM per MW based on the midpoint of mgmt.'s $11MM - $13MM per MW range). Galaxy is expected to finance XX% of the $1.6B or $1.3B with a construction loan. The remaining XX% or $300MM is funded from Galaxy's balance sheet cash. Once the construction is complete and the tenant $CRWV commences operations within Helios and begins paying rent the data center is expected to generate roughly $220MM of EBITDA (cash flow) to $GLXY. This $220MM EBITDA figure is estimated based on mgmt.'s" @RHouseResearch on X 2025-07-26 12:23:56 UTC 1486 followers, XXX engagements
"$IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July XX 2024 "We continue to progress negotiations with some very large counterparties and hyperscalers. We're actively negotiating potential transactions with hyperscalers. X hours ago we got an email from a trillion dollar hyperscaler that said they werent interested in Sweetwater and now they are. - Nov XX 2024 "There are a lot of good conversations that were having and seeing interest from a lot of different customer segments for this type of" @RHouseResearch on X 2025-07-22 21:58:17 UTC 1485 followers, 40.2K engagements
"This is false. $GLXY certainly did not and does not need to sell any BTC to fund their data center build-out. At $12MM/MW in CapEx the total expected CapEx bill for the entire 393MW is $4.7B ($12MM/MW x 393MW). Galaxy will be on the hook for XX% of the $4.7B or $900MM (with XX% or $3.8B coming from banks and / or direct lenders). Galaxy recently raised $900MM via a convertible note issuance ($400MM in Nov.-24) and equity offering ($500MM in May-25). This $900MM is specifically earmarked for construction costs related to Galaxy's data centers and covers the entire equity-check required for the" @RHouseResearch on X 2025-07-02 14:51:19 UTC 1431 followers, 3699 engagements
"Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or XX% of its market cap to get to around 25K GPUs which would still be less XX% of the capacity CRWV has. CRWV has $5B+ of liquidity to continue scaling its GPU fleet. CRWV has raised $5B of debt and equity in the last six months alone. CRWV can use GPU financing because nearly XXX% of its cloud revenue is from long term contracts. IREN probably has less than $500MM left on its ATM. IREN has never executed on GPU financing (suggesting all of its" @RHouseResearch on X 2025-07-26 19:44:19 UTC 1485 followers, 4341 engagements
"Fun-fact about SharpLink $SBET and Galaxy Digital $GLXY: Galaxy @galaxyhq has an asset management agreement with SharpLink to manage $SBET's ETH Treasury. The asset mgmt. agreement outlines a tiered XXXX% - XXXX% mgmt. fee as a % of AUM. The asset mgmt. agreement (as also confirmed by SharpLink's website) further provides for the staking of this ETH (with Galaxy using its own validators). Assuming: - XXXX% (mid-point of XXXX% - XXXX% range) asset mgmt. fee - XXXX% staking fee (10% commission on ETH's XXX% staking yield) Galaxy is set to earn X% annually in high-margin fees for the portion of" @RHouseResearch on X 2025-07-22 22:42:18 UTC 1483 followers, 70.1K engagements
"It's a good question. The traditional data center comps shown above (in addition to the publicly traded names $DLR and $EQIX) have lower EBITDA margins because (i) they have significant corporate overhead (whereas Helios XX% margins are at the site-level) and (ii) their leases are not always structured as "triple-net" (so the owner might pay for taxes insurance and / or property maintenance expenses). Galaxy's lease with CoreWeave is structured as "triple-net" which means all of these costs are passed through to and paid by CoreWeave. The only real expense for Galaxy at Helios is security and" @RHouseResearch on X 2025-07-18 13:53:50 UTC 1483 followers, 6361 engagements
"As further evidence of the dilemma faced by legacy data center owner and operators consider Digital Realty Trust $DLR. $DLR's footnotes to its 10-K confirm that the vast majority of their data centers were constructed or acquired two decades ago In addition $DLR reported an occupancy of XXXX% as of Dec. - 2024. CBRE just put out a report estimating a global data center occupancy rate of XXXX% (6.6% vacancy). $DLR's occupancy rates being much below the broader market suggest that its data centers are not suited for AI use-cases and GPUs. $DLR's 2024 revenue was essentially flat from 2023. This" @RHouseResearch on X 2025-06-28 15:55:40 UTC 1456 followers, 1043 engagements
"Equinix $EQIX the largest data center owner and operator in the world ($76B market cap $9B LTM revenue) hosted its analyst day on Thursday. The stock has since declined XX% as the company unveiled its updated longer-term growth projections. Equinix guided towards a doubling of their total data center capacity over the next X years (15% CAGR) to capitalize upon "the AI opportunity". The issue Revenue AFFO (a REIT metric intended to reflect underlying cash flow) and Dividends per Share are only forecasted to grow 7-10% 5-9% and X% respectively. Said differently investors were unhappy to learn" @RHouseResearch on X 2025-06-28 15:43:01 UTC 1456 followers, 3768 engagements
"@jonabakken Then why did $CRWV sign a lease to pay $GLXY $900MM per year over XX years in West Texas Then why are Crusoe Oracle and OpenAI building a 1GW data center in West Texas" @RHouseResearch on X 2025-06-27 18:16:08 UTC 1431 followers, 1209 engagements
"If you look at the Google / Windsurf deal Google wasnt even confident in pulling off a $3B acquisition (given anti-trust concerns) so they onlu acquired a handful of the execs in an acqu-hire. If Google is worried they cant pull off a $3B deal I doubt they will be trying to buy any of the major AI labs anytime soon" @RHouseResearch on X 2025-07-23 18:45:31 UTC 1419 followers, XXX engagements
"This is who $IREN bulls are praising. Yikes" @RHouseResearch on X 2025-07-19 00:42:28 UTC 1484 followers, 8039 engagements
"Quite clearly there is no guarantee $SBET grows their treasury to $10B. That said it's not unreasonable to believe the leading $ETH treasury company will obtain a $10B given $MSTR's $70B+ BTC treasury. What is clear however is that $GLXY's reach across both traditional financial institutions and crypto-native organizations provides for unique opportunities unavailable to other industry participants. This agreement with $SBET is just one small example of the embedded optionality within Galaxy's digital assets business" @RHouseResearch on X 2025-07-22 22:51:03 UTC 1438 followers, 2610 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:" @RHouseResearch on X 2025-05-15 18:00:58 UTC 1485 followers, 106.8K engagements
"@SuhailAhmad How are $IREN and $CIFR AI Data Center plays What AI data center contracts does either have" @RHouseResearch on X 2025-07-23 17:41:54 UTC 1482 followers, XXX engagements
"These $IREN and $CRWV comparisons are quite honestly one of the wildest most insane things I've witnessed. A board member of a $3.8B public company stating that it's just a matter of time until his $3.8B company flips a $69B "competitor" in market cap. Some numbers for context. $IREN the $3.8B company was at $20MM of cloud run-rate revenue as of Q1-25. $CRWV the Company $IREN will supposedly eclipse and eventually acquire was at $4B of cloud run-rate revenue as of Q1-25. $IREN had 2K GPUs as of Q1-25. $CRWV had 250K GPUs as of Q1-25. $CRWV's customer list includes: OpenAI Microsoft Google" @RHouseResearch on X 2025-07-15 23:45:20 UTC 1435 followers, 11.9K engagements
"What does "better version of CRWV" even mean The notion that $IREN has some sort of competitive advantage over $CRWV and $NBIS because they own some empty plot of land that they expect to energize at some future date is of course absurd. Digital Realty $DLR just reported today that they purchased a XXX acre parcel in Dallas that's expected to support 480MW of IT load for squints $11MM. A plot of land with an expectation of future power in and of itself is not valuable obviously. $CRWV has over $1B of balance sheet cash and $5B of total liquidity. $CRWV could have easily purchased Sweetwater" @RHouseResearch on X 2025-07-24 21:33:24 UTC 1482 followers, 4767 engagements