🇩🇪 NEW: Germany’s Sparkassen network has launched crypto trading through its banking app at select banks, initially supporting Bitcoin, Ethereum, XRP, Solana and Polygon, with 30–40 more banks set to join each month.

Yesterday, Germany's Sparkassen started crypto spot trading in their banking app. The firm supports $BTC, $ETH, $XRP, $SOL, and ethereum:0x455e53cbb86018ac2b8092fdcd39d8444affc3f6, rolling out in phases through DekaBank. bsc.news/news/sparkasse-cryp…

So what's Helios worth? Here is my math on ~$1.08B of EBITDA: 12x (bear): ~$13.0B 16x (base): ~$17.3B 20x (bull): ~$21.6B Remember, you're paying ~$11.3B for all of Galaxy. Everything beyond this one deal is extra. I think 16x is quite reasonable. Today, one tenant accounts for all of this rent. Once Galaxy signs another one and relies less on CoreWeave, the multiple can go up. For context, more mature and diversified data centers like Applied Digital trade around 20x their next 12 months of EBITDA, and the big data-center takeovers (AirTrunk, QTS, CyrusOne, Switch) went for roughly 21x to 31x EBITDA. What multiple is reasonable for you? Here’s Helios I’s value in isolation, with everything else set aside.

NEW: Europe's largest banking network, Sparkasse, has enabled crypto trading on Polygon for 50 million retail customers with $POL.

I like two things about AggLayer. First, the focus shifted from L2s to L1s a long time ago. L2s might not stand the test of time, and Ethereum is integrating them natively anyway. No point competing with Ethereum itself. Second, we’re getting closer to connecting Polygon Chain itself as an L1. Miden is launching its Partner Mainnet soon. It’s an L1 with a non-EVM VM. Polygon CDK Besu may also connect to AggLayer, and that’s an L1 where you can configure your own validator set and other things, not an L2. And for those who missed it, AggLayer security and fees are supposed to flow through POL stakers. At least that’s what was announced.

Then there's the part almost nobody looks at: Galaxy's crypto business. Look at the chart. It has two very different halves. The blue part is asset management and staking: $16M to $23M of gross profit every quarter, in any market. Galaxy runs crypto funds and ETFs for investors and takes a small yearly fee. They also lock up clients' tokens to help run blockchains like Solana and Ethereum, earn staking rewards, and keep a cut. That money tends to stay put, so this is steady, high-quality revenue. Fees and staking rewards are tied to token prices, and in a bull market more assets flow in. Higher prices plus inflows would lift this floor meaningfully, to roughly $30M to $40M a quarter. The yellow part is trading, lending, and banking. Galaxy buys and sells crypto for big clients, lends them crypto or cash against collateral, and advises crypto companies on deals and raising money. It swings with activity and mood: $78M in Q4'24 when crypto was hot, $31M in Q1'26, $49M in Q2. The one-off $295M quarter included a single $9B bitcoin sale for a client. Its client base keeps growing too: 1,741 institutional counterparties today. Big names already work with Galaxy. BNY announced Galaxy will power staking for its custody clients, State Street and Invesco run crypto ETFs with it, and JPMorgan arranged its first tokenized commercial paper on Solana. That's trust, relationships, and a track record. You can't copy that overnight. Right now the whole business still loses money, but less every quarter: -$29M, -$19M, -$11M. I think this is the last year it sits around zero. Q3 results come in a week, and I expect it to be around break-even. I value this crypto biz at about $1.5B today, but that assumes nothing big changes. I think a lot can change. If crypto prices rise a lot, both halves speed up. Higher prices mean bigger fees on everything Galaxy does, and people also stake more and trade more. That hits the business twice. And crypto is moving into real institutional adoption, beyond hype, meme coins, and speculation. That's why I see this part as a call option that could pleasantly surprise investors. The full picture: Market cap: ~$6.1B What you really pay (adding debt, minus cash and crypto holdings): ~$11.3B. That already includes ~$2B of debt Galaxy hasn't raised yet but needs to finish Helios Phase III. Helios alone: ~$17.3B (base case) Crypto business: ~$1.5B, plus the upside And I'm not counting the Helios II, Selene, Caspian, or Merlin at all. I am also not counting the upside of their crypto portfolio. All of that is extra. At current prices, you're paying less than what one data center is worth on its own. The crypto business and every new site come in at almost no cost. That's a lot of upside for a price that already assumes the worst. I am a $GLXY bull. Follow me @m0xt_ for more updates.

Powerful bull markets generally come after massive destruction of leverage before huge run-ups. Prolonged bear markets generally don't start with sentiment in the absolute dumpster. The goal is to survive, not get liquidated or shaken out, and practice emotional regulation.

Bank deposits on @ethereum. USDC-funded payouts. Regulated U.S. money movement. @jpmorgan, @Visa and @0xPolygon are tackling different pieces of business payments. Here’s what each launch changes—and who can use it. @money2020 blockster.com/jpmorgan-visa-…

Visa partners with Mesh to enable crypto & stablecoin payments at 175M+ merchants. Visa owns the rails. Crypto rents them. Neobank is a $3.47B token sector. The Layers 👇 → Payments chain : $ZBCN → Chartered bank : $TEL → Stablecoin chain : $XPL → Exchange card app : $CRO → Banking chain : $MNT → Card plus yield : $ETHFI → Self custody card : $GNO Two of the biggest card apps never launched a token. → @Redotpay : 6M users, 100+ countries → @KASTxyz : Visa rails, 170+ countries The card is the smallest part of the bank.

BIG UNLOCK FOR ENTERPRISES HYPERLEDGER BESU WITH AGGLAYER INTEROPERABILITY The pitch for private chains always came with a catch. You get control, but sit on an island. That's why CDK is the best way to launch a chain. Period. No tradeoffs on connectivity or liquidity, with the best crosschain security via Agglayer. Now with Hyperledger Besu support.

GOLDMAN SACHS: CEO David Solomon says tokenization is coming for EVERY asset class. 🤯 Tokenized bonds. Tokenized money market funds. Its own blockchain platform. Goldman's already building it all. Goldman's in. Your bank's next.