- Galaxy Digital (GLXY*)
- Sol Strategies (CYFRF* – soon to be STKE)
- Sharplink (SBET*)
LOTM has taken the view that Crypto and Blockchain is the most timely and important techologies of the next decade. It is still early to get involved with crypot & blockchain.
- The entire financial system is being put on-line.
- Everything of Value will be tokenized (put on-line)
- While AI will change the world, AI Bots will use and incorporate crypto and blockchain as its tool in automate (smart contracts). Appications using Crypto and Blockchain will literally explode.
- Crypto & blockchains are now revenue generating assets – no longer just encrypted formulas that don’t do anything. Revenue falls under the wording of staking (lending), re-staking and valadating. In the future, AI Bots will be common Doers of Tasks that humans don’t need to do. Payment for these tasks will be in digital currencies (crypto).
Two names are in the News this past week.
Galaxy Digital (GLXY) $23.48
Galaxy is being pumped as:
Why Galaxy Might Be the Most Undervalued Crypto x AI Stock w/ Duncan
Produced by Milk Road Sept 6, 2025: Is Galaxy Digital the biggest sleeper play in crypto and AI? Duncan thinks so, and he’s got the receipts. In this episode, we get into Duncan’s full investment thesis: why he’s faded altcoins, rotated into public market exposure, and is now massively long $GLXY, a crypto + AI hybrid stock with a power play you probably missed.
A question I always ask myself in ownership of a stock, is can the position double in three years or less?
This a key part of my buy, sell or hold decision making
Galaxy at $25 and lower is a resounding yes to this question. Should Galaxy’s stock price fall from its current price of $23.49, we suggest a DCA policy into the shares. We believe GLXY is a core position and as such we want to accumulate and add to our existing position. We have lightened up on the position over the rally from $2.00 ish price in 2022. It has been a great 10X run off the lows. We hope you were with us on this move. Managing the position held is a big part of toal return over time. Over the past two to three-years we added to the position on the way down, accumulating shares. Once the price rallied above our average cost basis, we started selling our higher cost shares for tax losses and fresh money for new ideas. With Galaxy’s move into AI Data Center real estate, we see a much high valuation for the stock and eventually a spin-out of the AI Data Center real estate. Hence we are back into an accumulation of the shares. Change happens. In this case for the better. Galaxy still has to execute on the opportunity.
Galaxy is a very volatile (Vol) stock as are all new technology company stocks. One ether accepts this as part of the “game,” or avoids Vol and tries to avoid Vol. Hint – you canot do that. US Treasuries lost 40% of their value in less than 2 years, with the sharp increase in interest ratertes in 2022 & 2023. The US dollar has lost 30% of its purchasing power sine 2020.
Sol Strategies (CYFRF* soon to be STKE) has been approve for trading in the USA. The date is September 9th. The new symbol is STKE. The stock rallied 20% on the news last week.
LOTM continues to accumulated shares of Bitcoin, Ethereum and Solana Treasury companies. It is “possible” that the cryto treasury stocks outperform the underlying crypto they hold in rising markets. It is also “possible” that in falling market prices for Crypto that the crypto treasury companies underperform their under lying crypto.
As for Solana Treasury companies we own and expoect to continue to accumulates shares of Sol Strategies (CYFRF/STKE*), DeFi Development (DFDV*) and Upexi (UPIX*).
Top three public companies holding Solana
Upexi, Inc. (NASDAQ: UPXI*)
Upexi, an e-commerce company, has become the largest known corporate holder of Solana after pivoting toward digital assets in 2025.
- Holdings: More than 2 million SOL as of early August 2025.
- Strategy: The company aggressively accumulated SOL and reportedly stakes nearly all of its tokens to earn an annual yield.
DeFi Development Corp (DFDV*)
This firm, formerly known as Janover Inc., is focused on becoming a digital asset financial firm centered on Solana.
- Holdings: Over 2.02 million SOL as of early September 2025.
- Strategy: DFDV leverages a multi-billion dollar equity line of credit to finance its acquisitions. It also runs its own Solana validators and participates in DeFi to compound its holdings.
Sol Strategies Inc. (CSE: HODL, NASDAQ: STKE*)
A Canadian blockchain investment firm, Sol Strategies has consistently built its SOL treasury and will begin trading on the Nasdaq under the ticker STKE on September 9, 2025.
- Holdings: 435,064 SOL as of August 31, 2025. Valadates addition 3.6 million Solana (SOL) for third parties like Neptune Digital (NPPTF*) and Ark Invert ETF funds for additional yield.
- Strategy: The company focuses on direct SOL accumulation, operating validator nodes for staking rewards, and strategic investments within the Solana ecosystem.
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The third company LOTM has an interest in owning is Minneaplolis based SharpLink Gaming (SBET*)
SharpLink is the second largest treasury company owner of Ethereum.
The difference between smart contracts between Ethereum and Solana is:
Ethereum is more secure of the two but also has higher fees and is slower.
Solana is considered secure, but not as secure as Ethereum but is much cheaper to use and much faster than Ethereum.
Both alt-coins have a place in application/use factors. Solana for its speed and cost – Visa uses Solana for its credit card processing. And Ethereum where security and confidence is needed. ETH will be come faster and Solana will become more secure over time.
Back to Joe Lubin is the chair of SharpLink. The value of treasury companies in the future will be rewarded on theior development of applications the alt-coin create that generate Yield – another word for money. Joe Lubin was a co-founder of Etherereum. Now he is an accumulator of Ethereum. I have chosen Sharplink over BitMine Immersion (BMNR), the largest holder of Ethereum as a treasury company, because of the “possibility” of SharpLink developes more treasury applications for generating Yield than BitMine Immersion. Both companies are high quality and could be owned for exposure in this space.
Joseph Lubin’s past roles with Etherum:
Lubin is a prominent figure in the Ethereum space, having co-founded the widely used blockchain platform.
He founded Consensys, a prominent software production studio that builds tools and infrastructure for the Ethereum ecosystem.
Lubin was appointed Chairman of SharpLink’s Board of Directors in May 2025, leading the company’s strategic shift.
As of September 5, 2025, SharpLink Gaming (SBET) was trading at a discount to the Net Asset Value (NAV) of its Ethereum (ETH) holdings. The market capitalization of SBET was approximately $2.64 billion to $2.85 billion, while the company’s ETH holdings were valued at over $3.6 billion as of August 31, 2025.
SharpLink (SBET) has approved share buybacks when its stock price is below the Net Asset Value (NAV) of its Ethereum (ETH) holdings, a strategy to boost the ETH-per-share ratio and compound shareholder value. The $1.5 billion program allows the company to purchase its own undervalued shares, which reduces the total number of shares outstanding and increases the relative proportion of ETH each remaining share represents. This opportunistic approach, similar to that of closed-end funds, uses the company’s balance sheet strength and the yield from its ETH staking to fund buybacks, aiming to align investor interests with the value of its core digital asset holdings. Sharplink has no debt at this time.
Since Sharplink is at a significant discount to it NAV (Net Asset Value) of its ETH position, LOTM is attracted to both the discounted price of SBET to its ETH holdings and Joe Lubin as Chairman.
Charts of the other three companies mentioned in this article:
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
Please refer to our web site for full disclosure at www.LivingOffTheMarket.com ZTA Capital Group, Inc.
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