Quarterly Altcoin Spotlight: Galaxy Digital Bets Its Future on AI Infrastructure While Crypto Margins Compress
₿ Conviction
Galaxy Digital is attempting something no other publicly traded crypto company has tried at this scale: converting a volatile digital asset financial services business into a long-duration AI infrastructure platform. Q2 2026 was the inflection quarter. The firm delivered Phase I of its Helios data center campus in West Texas to CoreWeave, reported its first leasing revenue, and laid out a roadmap that could generate over $1.2 billion in annual contracted revenue across three build-out phases. At $22.28 per share — 52 percent below its 52-week high — the market is pricing in meaningful execution risk. Whether that discount reflects opportunity or caution depends on how well Galaxy can straddle two of the most speculative sectors in public markets simultaneously.