Crypto investment firm Galaxy Digital (GLXY) made its long-awaited Nasdaq debut on Friday. The listing is yet another win for crypto just days after Coinbase (COIN) joined the S&P 500.
The stock opened at $22.45, with founder and CEO Mike Novogratz calling the moment “defining” in a post on X. “Together, we're advancing crypto and AI infrastructure,” he wrote.
Listing on @NasdaqExchange is a defining moment for @galaxyhq, made possible by the relentless perseverance and extraordinary dedication of our employees. Together, we're advancing crypto and AI infrastructure, actively shaping a more open and efficient global economy.
undefined Mike Novogratz (@novogratz) May 16, 2025
The… https://t.co/qkUEWWoHsd
Novogratz told CNBC the listing took four years and $25 million to pull off, including nine rounds of comments with the SEC.
While Galaxy is known as a crypto stock and clearly got a lift from rising crypto adoption, one research firm says its real upside may come from an entirely different frontier.
The Helios AI data center could be worth $32 billion
In a new report, Rittenhouse Research says Galaxy’s biggest long-term value driver isn’t bitcoin; it’s Helios, the company’s West Texas data center built to power AI workloads.
Rittenhouse calls Helios the “crown jewel” of Galaxy’s portfolio, comparing the company’s structure to a Berkshire Hathaway-style mix of liquid assets and operating businesses.
They estimate the facility could generate $1.7 billion in earnings and up to $32 billion in equity value, and with plenty of room to grow.
Galaxy originally bought Helios for $65 million in 2022 from struggling bitcoin miner Argo Blockchain. At the time, it was a mining facility. Now, Galaxy has converted it into a full-fledged AI data center, offloading its mining gear and pivoting to AI model hosting.
That shift may prove timely. The surge in demand for compute power following the rise of generative AI has made data center capacity one of the most valuable assets in tech.
Helios has an 800 MW power agreement with Texas utility ERCOT, a rare asset in today’s power-constrained data center market.
That gives Galaxy a competitive edge in landing hyperscaler clients who need immediate access to large-scale energy infrastructure.
Galaxy has already signed a lease with Nvidia-backed CoreWeave (CRWV) for 600 MW of capacity starting in 2026. And that’s just the tip of the iceberg, considering Helios has a total capacity of 2,500 MW.
“Galaxy has clear visibility into scaling significantly beyond this amount,” Rittenhouse wrote, adding the company plans to acquire and develop more sites.
Rittenhouse rates Galaxy a “strong buy,” calling the stock “significantly undervalued” and predicting the AI business will become a dominant part of its story.
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