On rare occasions, we publish details on our highest-conviction investments. This week, we revisit our thesis on $GEOD. Our view: GEODNET’s rapidly scaling RTK network and token buyback model make it an underappreciated physical AI infrastructure play.

On rare occasions, we like to publish details on high conviction public-market positions. Galaxy Digital ($GLXY) is one of these. Our thesis rests on three layers; Galaxy’s data center expansion, growing institutional digital-asset business, and emerging compute-futures opportunity.

Treasury’s decision to double bond buybacks to $4B has reinforced the Liquidity Pivot thesis, helping drive a broad crypto repricing. Strong growth, robust earnings, easing core inflation, and limited Fed tightening pressure continue to support the risk-on backdrop, while oil volatility and Treasury support remain key variables.