PRICES ARE DOWN. BUSINESSES ARE NOT. 📉

If you checked your portfolio yesterday and immediately closed the app, you're in good company.

Crypto sold off, tech got smoked, and our lead analyst m0xt logged into his portfolio tracker to a clean -4.9% day.

Source: m0xt’s PortfolioOS

But instead of panicking, he ran the same process he runs every red day.

He went through every single position and asked one question: has anything changed about the business?

His findings:

Not a single one of his holdings reported bad earnings, lost a major client, had a product canceled, or saw its fundamentals deteriorate.

Not one.

And the best example is GLXY, which dropped 9% yesterday.

Except Galaxy just had one of its best stretches of the year:

Launched Galaxy Curator: curated onchain yield vaults (built on the lending network Morpho) piped straight into Fireblocks Earn, so 2,400+ institutions can put idle stablecoins to work inside the platform they already use (with Galaxy collecting the fees).
Launched GOFR: a managed onchain lending program backed by $100M of Galaxy's own capital as first-loss protection (i.e. Galaxy eats losses before clients do).
Locked in $500M from Grove: a fresh credit line to scale its lending desk.
Delivered Helios Phase I: 133 megawatts to CoreWeave, on time and on budget.

That's four institutional-grade headlines in under two weeks, and every single one of them was positive for the business.

Which means the 9% came from somewhere else entirely…

THE RAILS BEHIND BLACKROCK'S ONCHAIN FUND

Assets still run on decades-old infrastructure:

Slow settlement, walled access, paperwork everywhere.

Tokenization fixes that but who’s actually doing it at an institutional scale?

With nearly nine years in the business, Securitize has become the platform institutions trust to bring assets onchain.

Here's why it stands out:

BlackRock, Morgan Stanley & ARK Invest have all invested in Securitize
NYSE, VanEck & BNY have chosen Securitize to tokenize their stocks.
The only public pure-play in tokenization infrastructure

This isn't a crypto project waiting for TradFi to catch up. It's the regulated bridge that the largest asset managers in the world already build on.

See what nine years of regulated tokenization looks like.

PRICES ARE DOWN. BUSINESSES ARE NOT. (P2) 📉

Galaxy’s 9% drop was driven by outside forces.

Crypto sold off on a broad risk-off day, and AI infrastructure names got hit on CapEx spending fears (TSMC raised its CapEx guidance and the semiconductor index dropped ~4% in response).

Galaxy sits at the exact intersection of both trades: crypto AND AI data centers.

So it got dragged twice as hard.

The pattern across m0xt’s entire portfolio right now? Prices are down, businesses are not.

The lesson:

A lot of people look at a day like yesterday and make decisions based on price alone. But that’s misguided.

The brass tacks of investing are that prices eventually follow fundamentals.

And when business value and market value split like they did yesterday, that divergence is the opportunity.

With GLXY, the divergence is wide:

GLXY trades around $23, down from a ~$46 high within the past year.
Wall Street's average 12-month target sits around $40 (roughly 70% above today's price).
Our PRO team thinks it gets to $38 on the Helios re-rate alone.

Source: TradingView

The next checkpoint is earnings on July 28, i.e. The first real look at how much these new fee businesses move the numbers.

This gap-hunting is the work Moxt does every single day: monitoring every position, tracking every development, and knowing exactly what he owns and why he owns it.

It's how the PRO team called HYPE (+49.6%), HOOD (+22%), and MU (+89.4%), all before they ran.

(Then sold each near their local tops.)

They're doing the same with GLXY.

Don't miss their next entry - try Milk Road PRO for $1 for 7 days.

BITE-SIZED COOKIES FOR THE ROAD 🍪

Another crypto IPO! Securitize is now officially a public company under the ticker $SECZ. (great ticker tbh).*

Tom Lee: The size of Ethereum's potential upside is almost absurd. Gold: $22T. Stock market: $100T+. Real estate market: $300T. BTC + ETH combined: under $2T.

Lyn Alden: Fiscal dominance explains today's economy When a country runs huge deficits AND already has debt over 100% of GDP, raising rates doesn't fix inflation.

Matt Crosby: Nobody has a crystal ball on Bitcoin's bottom - but the data is screaming opportunity right now.

Which crypto exchanges publish proof of reserves? Bitget has been reporting monthly since December 2022.**

*this is sponsored content.
**this is partner content.