Galaxy Brains
Welcome to Galaxy Brains, hosted by Alex Thorn, Head of Research at Galaxy. Our weekly podcast provides insights and analysis on trends and events across the cryptocurrency ecosystem. Each week Alex will be joined by members of the research team to discuss the latest developments on all things crypto and blockchain technology.
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Crypto Policy & The Future of Multicoin with Greg Xethalis
<p>Alex Thorn talks with Multicoin Capital General Counsel Greg Xethalis about crypto legislation and policy, the CLARITY Act, the future of Multicoin Capital, and the “Vanderbilt Mafia” at the top of financial services policymaking in Washington. Alex also talks with Beimnet Abebe (Galaxy Trading) about bitcoin price action, the impact of AI on jobs, and growing uncertainty in markets.</p> <p><br></p> <p>Past performance is not indicative of future results.</p> <p> </p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling BTC, including hedging transactions, for its o...
State of the Bitcoin Bear Market with Beimnet Abebe
<p>The 2026 crypto market structure bill seeks to define how digital assets are regulated in the United States. It determines when a token is a security, when it is a commodity, and whether the SEC or CFTC has oversight. The legislation now extends beyond classification into DeFi, stablecoins, and compliance rules.</p> <p><br></p> <p><br></p> <p>What’s Actually Happening</p> <p><br></p> <p>At its core, the bill formalizes jurisdiction between the SEC and CFTC. Security status triggers SEC oversight; commodity status points to the CFTC.</p> <p><br></p> <p>Negotiations now include:</p> <p>...
Bitcoin Mining vs. AI w/ Will Foxley
<p>Alex Thorn talks with Will Foxley (Blockspace) about their conferences OP_NEXT and bitcoin development. Alex and Will also talk about crypto media and the supposed threat to bitcoin from quantum computers. Alex also talks to Beimnet Abebe (Galaxy Trading) about the results of the Federal Reserve Open Markets Committee meeting, interest rates. and the degrading investment environment.</p> <p><br>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling BTC, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to...
Zero Knowledge & Quantum w/ Eli Ben-Sasson
<p>Alex Thorn talks with Starkware CEO & Co-Founder and Zcash Co-Founder Eli Ben-Sasson about blockchain scaling, zero-knowledge proofs, DeFi, and the potential for quantum computing to threaten blockchain security. Alex also talks with Beimnet Abebe (Galaxy Trading) about Greenland, debt markets, and bitcoin price action.</p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC) and Zcash (ZEC). Galaxy regularly engages in buying and selling Bitcoin and Zcash, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin and Zcash. I...
Crypto Market Structure Bill Hits Roadblocks with Alex Sternhell & Chris Maneval
<p>Alex Thorn talks with Alex Sternhell (Sternhell Group) and Chris Maneval (PFS), two very connected Washington policy consultants, about the prospects for the crypto market structure bill. The three discuss timelines, the likelihoods of different scenarios, and the impact on crypto in America. Alex also talks to Beimnet Abebe (Galaxy Trading) about inflation and markets.</p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles...
Assessing Bitcoin Market Conditions with Beimnet Abebe
<p>Alex Thorn talks to Beimnet Abebe (Galaxy Trading) about markets, macro and economic data, and bitcoin price predictions.</p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC). If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market ana...
2026 is a Year for Building with Mike Novogratz
<p>Alex Thorn talks to Galaxy CEO and Founder Mike Novogratz about 2026 predictions for bitcoin, crypto, and artificial intelligence. Mike offers his views on macro, crypto markets, tokenization and real-world assets, monetary policy, and the impact of artificial intelligence on labor markets. This episode was recorded on Wednesday, December 17, 2025.</p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC). If t...
Michael Saylor & The Ultimate Bitcoin Strategy
<p>Alex Thorn talks to Strategy Chairman and Founder Michael Saylor at his home in Miami. Thorn and Saylor discuss Strategy’s evolution into a digital credit issuer, the future of digital banking, the overlap of bitcoin and AI, and Michael’s impact on markets. The two also take stock of changes to government, markets, and Strategy in the year since Michael previously appeared on Galaxy Brains in December 2024. </p> <p><br></p> <p>This episode was recorded on Tuesday, December 16.</p> <p><br></p> <p>Participants, along with Galaxy Digital, hold a financial interest in bitcoin. Galaxy Digital regularly enga...
Tokens, DeFi, and Lending with Zack Pokorny
<p>Alex Thorn talks with Galaxy Research’s Zack Pokorny about evolutions in token design, the primacy and resiliency of DeFi in crypto credit markets, and the future blockchain infrastructure adoption. Alex also talks to Beimnet Abebe (Galaxy Trading) about cracks in the macro landscape and their impact on bitcoin, gold, and the dollar.</p> <p><br></p> <p>This episode was recorded on Wednesday, December 9, 2025. </p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on...
Pubkey’s Place in Bitcoin Culture with Thomas Pacchia
<p>Alex Thorn talks with Pubkey founder Thomas Pacchia about the opening of Pubkey DC, bitcoin culture, and the future of bitcoin. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets and bitcoin price targets.</p> <p><br></p> <p>This episode was recorded on Wednesday, December 5, 2025. </p> <p><br></p> <p>Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC). If the va...
