Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

I have 20 years experience in credit and global macro both sell side (banking and trading) and buy side. Most recently managed multi asset and fixed income strategies. Crypto is my latest focus given huge inefficiencies and lack of quality research and insight. My crypto research will be through a trad-fi lens but with intimate knowledge in the crypto trading ecosystem.

Crypto Weekly - TerraUSD (UST)'s Depeg Leading to Crypto Capitulation?

Crypto Weekly: The Fed, ApeCoin, Coinbase and More

ApeCoin: Catalyst Coming for Most Important Token in the Metaverse

Equity Bottom-Up

<ul>
<li>Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.</li>
<li>Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.</li>
<li>However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.</li>
</ul>


Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.
Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.
However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.


Galaxy Digital:  Beyond the Ink – a Sum of the Parts of Valuation