Rosenblatt reiterates Buy on Galaxy Digital stock, $39 target By Investing.com

The market is likely underestimating how quickly GLXY’s multiple can de-couple from its near-term crypto P&L once infrastructure revenue becomes visible. The key second-order effect is that a modestly lower-variance, contracted HPC revenue stream can re-rate the equity more like a hybrid digital infrastructure platform than a directional crypto beta proxy, which matters because the market typically assigns far higher durability to capacity-backed cash flows than to trading income. That said, the transition also creates a reporting air pocket: any Q1 miss can force investors to focus on execution risk before the infrastructure story has enough disclosed backlog to fully offset it.

CRWV remains the cleaner relative-value expression of the AI data-center capex cycle, but the Jane Street financing package adds a subtle warning: high-quality customers are willing to prepay for capacity, yet the associated funding stack is getting expensive. Rising debt costs and equity dilution can compress future upside if growth slows even slightly, making the stock more sensitive to revisions than the headline revenue growth implies. In other words, the market is rewarding scale now, but the durability of returns on incremental capacity still needs to be proven.

The contrarian view is that GLXY’s crypto weakness may be more cyclical than structural, while the infrastructure narrative may be more crowded than it appears. If crypto stabilizes over the next 1-2 quarters, GLXY gets a double tailwind: sentiment recovery plus easier comparisons. Conversely, if AI infrastructure sentiment cools, GLXY may not get full credit for the pivot because investors will treat it as a delayed beneficiary rather than a pure-play winner.