Galaxy Digital (GLXY) has earned a buy rating and a $35 price target from Jefferies, as the investment firm cites strong positioning in both crypto markets and the artificial intelligence (AI) infrastructure boom.
In a new research report, Jefferies pointed to the recent passage of the GENIUS Act in the U.S., calling it a “favorable shift in market structure” that benefits regulated players like Galaxy. The act brings clarity to digital asset regulation and is expected to open the door to greater institutional participation.
Jefferies also spotlighted Galaxy’s growing involvement in AI, particularly its lease of CoreWeave’s 393 MW Helios facility in West Texas. The report called the deal “transformational,” allowing Galaxy to capitalize on the rising demand for high-performance computing (HPC) infrastructure.
Though Galaxy is widely known for its crypto services—spanning trading, asset management, and investment banking—Jefferies noted that nearly two-thirds of the firm’s value now stems from its data center operations.
On Tuesday, GLXY shares rose over 6% to close at $29.11, with a further 3% gain in early trading on Wednesday, approaching Jefferies’ $35 target.
Galaxy’s strategic pivot reflects a broader trend among Bitcoin miners, many of whom are repurposing infrastructure for AI use cases. The overlap between crypto mining and AI—both reliant on specialized computing hardware—makes this transition both practical and profitable.
According to Jefferies, Galaxy is uniquely positioned to benefit from this dual exposure, riding the tailwinds of improved crypto regulation and AI’s growing infrastructure demands.
