Overview
Canaccord Genuity has maintained a Buy recommendation on Galaxy Digital, assigning a $50 per-share target that equates to about a 127% upside versus the current trading price of $21.98. The company’s shares have seen pronounced volatility recently, falling 30.7% in the prior week.
Balance sheet and capitalization
The research house emphasized Galaxy Digital’s balance-sheet position at the close of Q4, reporting roughly $3 billion in equity capital. That capital, Canaccord noted, is apportioned across three areas: 36% in Digital Assets, 25% in the Data Center business, and 39% in Treasury/Corporate. Galaxy’s market capitalization stands at $8.59 billion. The firm also pointed out that Galaxy has been profitable over the past twelve months and carries a current ratio of 1.35, a metric the analyst described as consistent with reasonable short-term liquidity.
Data-center valuation and lease economics
In prior analysis, Canaccord valued the first 800MW of Galaxy’s colocation leases with CoreWeave at approximately $4.8 billion using a discounted cash flow approach, after netting debt used to fund capital expenditures. The firm asserted that if that CoreWeave contract is netted out of the current market capitalization, roughly $3.8 billion of value would be attributable to the additional 800MW planned at the Helios project together with Galaxy’s digital-assets financial services operations.
Tenant traction and operational timing
Canaccord expressed confidence in Galaxy’s ability to attract tenants, noting that the company has "proven itself in signing a tier 1 tenant already." The analyst further suggested that a tenant signing for the new Helios phase "could take place well ahead of energization," indicating the possibility of pre-energization commitments but not asserting a certainty of timing.
Market catalysts and strategy
The research note highlighted potential industry drivers that could support Galaxy and related equities. Those include "the passage of some form of the Clarity Act" and broader "tokenization of real world assets." Canaccord recommended that investors consider accumulating crypto-related equities in periods of weak spot prices, stating this approach has "always proven a good strategy" in their view.
Recent financial results and peer coverage
Galaxy reported Q4 2025 results that contributed to a full-year GAAP net loss of $241 million, or $0.61 per share. Despite the annual loss, the company noted improvements in digital-asset profitability and cited strategic acquisitions as part of its growth narrative.
Other broker-dealer coverage referenced in the note included H.C. Wainwright, which trimmed its price target for Galaxy Digital to $40 from $45 while retaining a Buy rating. That target reflects a 5.5x price-to-book multiple applied to a revised 2026 year-end book value estimate of $2.7 billion. Separately, Citizens reiterated a Market Outperform rating with a $60 price target, pointing to Galaxy’s position in expanding beyond token trading and its efforts to bring more assets on-chain and to trade tokenized securities.
Takeaway
Canaccord’s reiteration frames Galaxy Digital as a company with sizable balance-sheet resources and meaningful valuation tied to its data-center agreements and digital-asset operations, while also noting market and operational risks reflected in recent share-price volatility and the firm’s reported full-year GAAP loss.