Crypto infrastructure + data center company. AGI Score 8/10. Helios data center (1.6GW ERCOT) is the core thesis. | Analysis date: 2026-03-13
Galaxy Digital straddles two worlds: crypto (trading, asset management, mining) and AI infrastructure (Helios data center in Texas with 1.6GW of approved ERCOT power). CoreWeave signed a 526MW deal through 2028 with expansion options. The AGI thesis here is simple: permitted, grid-connected GW-scale power is the scarcest resource in AI infrastructure, and Galaxy has it. The crypto side adds volatility and optionality but clouds the valuation.
Galaxy Digital operates in two distinct segments:
The company recently migrated from TSX to NASDAQ (US listing), which broadened its investor base.
| Item | FY2025 | Notes |
|---|---|---|
| ASSETS | ||
| Total Assets | $11.35B | Inflated by crypto/trading assets |
| Cash | $1.25B | |
| PP&E (incl. data center) | $1.42B | Helios infrastructure |
| Goodwill | $67M | Minimal |
| Intangibles | $29M | Minimal |
| LIABILITIES & EQUITY | ||
| Total Liabilities | $8.31B | Mostly trading liabilities |
| Total Debt | $5.34B | |
| Stockholders' Equity | $3.03B | Book value per share: ~$10.15 |
| Tangible Book Value | $2.94B | Equity - goodwill - intangibles |
Galaxy's balance sheet is dominated by crypto trading positions. The $11.3B in assets and $8.3B in liabilities are largely offsetting trading book entries. The real assets that matter are: (1) Cash $1.25B, (2) Helios data center PP&E $1.42B, (3) Digital asset holdings. The tangible book of ~$2.94B or ~$15.50/share is the anchor, but it moves with crypto prices.
| Item | FY2025 | Notes |
|---|---|---|
| Operating Cash Flow | -$317M | Cash burning |
| CapEx | $1.19B | Massive — building Helios |
| Net Income | -$241M |
Galaxy is in heavy investment mode. The $1.2B CapEx is almost entirely Helios data center buildout. This is a growth-phase company, not a cash-flow story yet.
Helios at full 1.6GW: At $150-200/kW/year hosting revenue, that is $240-320M/year in data center revenue at high margins (60-70%). If valued at 15-20x EV/EBITDA (infrastructure multiples), data center alone = $2.4-4.5B. Add crypto business at $2-3B. Total $4.4-7.5B equity value = $23-39/share. At a CORZ-like re-rating (crypto-to-AI infrastructure premium), $40-60/share is achievable.
If crypto enters a supercycle (BTC $200K+) AND Helios is fully contracted, combined EV could reach $15-20B, equity ~$10-15B = $50-80/share.
Bull case target: $220/share. Entry for 10x: ~$22. Current price is $22.35 — essentially at the 10x entry point for the maximum bull case.
Crypto winter + Helios delays/cost overruns. Trading book losses could eat through equity. High leverage ($5.3B debt) means equity could get wiped in a severe downturn. Beta of 3.7 means this moves violently. Floor is uncertain — possibly $5-8/share in a crypto crash.
Galaxy is a legitimate AGI infrastructure play through Helios. But the crypto overlay adds massive volatility and makes the floor unreliable. At $22, you are near tangible book but the book itself is heavily crypto-dependent. High-reward, high-risk. The 10x math works if Helios delivers AND crypto cooperates. Position sizing must be small.
Data sources: SEC EDGAR XBRL (CIK 1859392), yfinance, 10-K filing. Analysis date: 2026-03-13.