Piper Sandler cuts Galaxy Digital stock price target on valuation By Investing.com

The market is still treating this as a crypto-adjacent balance sheet story, but the more important read-through is that GLXY is becoming an infrastructure option on scarce power. If the CoreWeave build-out reaches energization on schedule, the asset base re-rates from “promised optionality” to cash-flowing contracted capacity, which should compress the valuation gap versus pure-play digital infrastructure names that already trade on power scarcity rather than crypto beta.

Second-order, the biggest beneficiary may be the AI supply chain around CRWV rather than the data-center owner itself: the bottleneck is not GPUs, it is MW delivery. Any additional ERCOT approvals or execution slippage likely matters more than crypto tape over the next 1-2 quarters, because the market will start capitalizing the megawatts as a replacement cost asset instead of a narrative asset. That shift can also force undercovered peers with power-heavy exposure to re-rate, especially if this becomes a template for financing and permitting at scale.

The contrarian point is that the stock may not be as cheap as it looks if investors are already looking through to the terminal infrastructure value and ignoring volatility in institutional trading and token-related revenue. In other words, the downside case is not a collapse in the AI thesis, but a lag between capital spend and monetization that keeps headline numbers noisy for 2-4 quarters. The setup is attractive if you believe execution risk is lower than consensus and that the market is underestimating how quickly contracted power can be valued like recurring infrastructure cash flow rather than speculative crypto exposure.