Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder. We have spent our lives searching for simple businesses with durable moats, honest and able managers, and prices that leave room for error. Galaxy Digital gives us exactly one of those four things — an able manager — and even he runs the sort of business we have spent seventy years avoiding. Galaxy is two businesses stapled together: a crypto trading, lending, and asset-management shop with no discernible moat and wildly cyclical earnings, and a newly built, heavily leveraged AI data center landlord whose entire revenue stream depends on a single tenant, CoreWeave, honoring 15-year leases. The first business lost money in the first half of 2026 — a $302 million net loss on a book of digital assets that gets impaired every time coin prices sag.
Recent filings analysed: 10-Q (2026-08-10), 8-K (2026-08-05), 8-K (2026-08-05), 8-K (2026-07-28).
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