StoneX Reiterates Buy on Galaxy Digital, Keeps $57 Target

The interesting tension here is that StoneX's thesis rests on a part of Galaxy's business that isn't crypto at all: the market, in its view, is pricing the AI data center arm generously while writing off the digital assets side entirely. That framing matters for how GLXY gets read from here—less as a crypto proxy, more as an AI infrastructure name with a crypto option attached. The CoreWeave debt reference is the tell: the same leverage worries now hanging over AI data center operators are bleeding into how investors assess Galaxy's exposure. Whether that concern stays contained to CoreWeave or spreads to Galaxy's valuation is the open question.