Circle price

My personal $GLXY price target is $54/share (~2x upside from current price assuming no change in $BTC) in the next 6-12 months, sum of the parts valuation below: Balance sheet = ~$3.3B Crypto Business lines = ~$6.4B Data Center Business Lines = ~$11.7B Total = ~$21.4B / 395M shares = ~$54/share Sum Of The Parts Valuation Balance Sheet: From March 31st they have ~1.3B in liquid crypto, $BTC is up 40% since then + they have ~1B in stablecoins and raised ~$500M in the most recent offering. That gives us $1.3B*1.4 = $1.82B + $1B stables + $500M from the raise = ~$3.3B Could get some positive surprises here if they were overweight names like $HYPE + depending on how much they've invested in all the recent treasury companies like $SBET, $BMNR, etc. Crypto Business Lines: I personally need to dig deeper here and come up with my own assumptions but Goldman's recent report forecasts a 12% net revenue CAGR from 2024-2028E in all crypto business segments. Assuming no change in crypto prices. They get $183M of net income (excluding stock based comp) in 2Q 2026 - Q1 2027 and apply a 35x P/E multiple (from this list of comps vs. crypto peers $COIN, $CRCL, $ETOR, and $HOOD, and investment banking peers $JEF, $LAZ, $MS and $PIPR.) 183M * 35 = $6.4B Data Center Business: I get to $30/share here by assuming Galaxy executes on Phase 1, 2, and 3 of Helios + $CRWV exercises their extra 200MW option (Phase 3). This will give us $888M in EBITDA for 2028E, then applying Goldman's 27x EV/EBITDA multiple and subtracting the debt gives us $46/share, discounting that back 3.5 years to today = ~$30/share. Can read more about this in the quoted tweets. Note I exclude approvals/contracting out of Tranche 1 (800MW) and Tranche 2 (900M) that Galaxy has understudy with ERCOT although management has guided to expecting tranche 1 being approved in "single digit months / EOY". I also don't include any new Bitcoin mining site acquisitions which could significantly expand Galaxy's current power pipeline of 2.5GW. If Galaxy executes on Tranche 1 & 2 + more bitcoin mining site acquisitions this price target could be quite conservative. I believe they will and management has been fantastic so far, that gets me much closer to my "$100/share target in the next few years" provided in my other posts. Disclaimer: I am very long $GLXY, this is just my personal opinion and is not financial advice, please do your own research.