StoneX Reiterates Buy on Galaxy, $57 Target, Citing Undervalued Helios AI Data Center

The notable element is the framing: a sell-side analyst is arguing that Galaxy's AI hosting capacity should be valued on its own merits, separate from the crypto trading and asset-management business that typically drives the multiple. That matters for holders who bought Galaxy as a crypto beta proxy and may not have priced the Helios optionality. Whether the market accepts this sum-of-the-parts logic is the open question, especially with CoreWeave's debt cited as the overhang coloring sentiment toward AI data-center counterparties.