Galaxy Digital (NASDAQ: GLXY) Stock Soars on AI–Crypto ‘Multi‑Engine’ Growth Story: Latest News, Analyst Targets and 2026 Outlook

Galaxy Digital stock has exploded back into the spotlight in December 2025. Shares of Galaxy Digital Inc. (NASDAQ/TSX: GLXY) ripped higher in recent sessions after a wave of bullish analyst calls, record quarterly results and a string of strategic announcements that cement the company’s role at the intersection of digital assets and AI data‑center infrastructure. ^[1]

As of trading on December 9–10, 2025, GLXY was changing hands just below $30 after jumping more than 11% in a single session, powered by a new Wall Street initiation that slapped a $60 price target on the stock and labeled Galaxy a “multi‑engine growth model” across crypto and artificial intelligence. ^[2]

Below is a deep dive into the latest Galaxy Digital stock news, forecasts and analyses as of December 10, 2025.

1. Why Galaxy Digital Stock Just Surged

The immediate catalyst for the latest move in GLXY has been a bullish initiation from Citizens (often referred to as Citizens JPM in coverage), which started Galaxy Digital with a Market Outperform rating and a $60 price target. ^[3]

Citizens’ analyst Devin Ryan argues that Galaxy is positioned to “capture outsized share in two transformative markets” — artificial intelligence infrastructure and cryptocurrencies — thanks to its dual business model:

Digital asset platform: institutional trading, derivatives, lending, asset management, custody, staking and tokenization services. ^[4]
Data‑center infrastructure: an 800 MW high‑performance computing (HPC) campus in Texas (Helios), focused on AI and HPC workloads, with the potential to scale to 3.5 GW as build‑out continues. ^[5]

Citizens’ $60 target implies well over 100% upside from the level at which the note was published and helped drive a 12–13% one‑day jump in Galaxy Digital shares on December 9. ^[6]

Other coverage echoed the bullish tone. A Benzinga recap framed the move as “Galaxy Digital Stock Soars — And It May Just Be Getting Started,” highlighting how the Citizens note leans heavily on the combination of digital‑asset scale and AI‑driven data‑center economics. ^[7]

2. Q3 2025: Record Profits and Exploding Platform Assets

The analyst enthusiasm is anchored in a monster third quarter of 2025.

According to Galaxy’s Q3 results and the associated earnings call, the company delivered: ^[8]

GAAP net income: about $505 million in Q3 2025 – the best quarter in company history.
Adjusted gross profit: roughly $728 million.
Adjusted EBITDA: about $629 million, up sharply from $211 million in Q2.
Cash and stablecoins: around $1.9 billion at quarter‑end.
Equity capital: about $3.2 billion, up 20% quarter‑over‑quarter.

Growth was driven by both core segments:

Digital assets / Global Markets

Global Markets delivered record adjusted gross profit of $295 million in Q3 2025, supported by a 140% quarter‑over‑quarter surge in trading volumes and a record investment‑banking quarter. ^[9]

Asset Management & Infrastructure Solutions

Combined assets under management (AUM) and assets under stake ended Q3 at more than $15 billion, nearly doubling from the prior quarter. ^[10]
AUM alone grew to roughly $9 billion, with more than $2 billion of net inflows into ETFs and alternative strategies during the quarter. ^[11]
Assets under stake (value bonded to Galaxy validator nodes) jumped to about $6.6–7 billion, up more than 100% quarter‑over‑quarter. ^[12]

Management and analysts repeatedly point to this mix — trading, asset management, staking and infrastructure — as evidence that Galaxy is evolving from a high‑beta crypto trading proxy into a diversified financial and infrastructure platform.

3. Strategic Moves in December 2025: Staking, Tokenization and the Middle East

Since reporting Q3, Galaxy has accelerated a series of strategic moves that matter for GLXY’s long‑term story.

3.1 Liquid Staking and Alluvial Acquisition

On December 4, 2025, Galaxy announced it is becoming the Development Company for Liquid Collective, a leading enterprise‑grade liquid‑staking protocol, via the acquisition of Alluvial Finance. ^[13]

Key details:

Liquid Collective’s assets on platform have tripled in 2025 to about $1 billion.
Galaxy now assumes responsibility for developing and maintaining the protocol, bringing Alluvial’s on‑chain engineering team in‑house.
Galaxy cites approximately $6.6 billion in assets under stake across its staking platform, serving more than 1,200 institutional counterparties. ^[14]

This builds on earlier integrations, including Galaxy’s integration with Coinbase Prime, giving institutional clients access to staking via Galaxy validators, and benefits from a U.S. SEC view that some forms of liquid staking fall outside securities rules — a key regulatory tailwind for institutional adoption. ^[15]

3.2 Abu Dhabi Expansion

On December 10, 2025, Galaxy unveiled a new office and entity in Abu Dhabi Global Market (ADGM), deepening its footprint in the Middle East. ^[16]

The office will be led by Managing Director Bouchra Darwazah, with a mandate to grow relationships with sophisticated regional investors and institutions.
The move is framed as part of Galaxy’s strategy to be a global partner for institutional digital‑asset trading, infrastructure and AI‑linked opportunities. ^[17]

Given the region’s growing role in both crypto and AI infrastructure capital, this expansion is strategically aligned with Galaxy’s dual‑engine thesis.

3.3 Tokenized Public Shares on Solana

In September 2025, Galaxy and Superstate launched GLXY tokenized public shares on Solana, allowing investors to hold SEC‑registered Galaxy equity directly on‑chain via Superstate’s “Opening Bell” platform. ^[18]

The company describes this as the first time a Nasdaq‑listed company has tokenized its SEC‑registered equity directly on a major public blockchain.
These tokens represent actual Galaxy Class A common stock — not synthetic wrappers — with legal ownership recorded on‑chain by Superstate as transfer agent. ^[19]

This initiative turns Galaxy into both a supplier and a user of tokenization infrastructure, reinforcing its “on‑chain capital markets” narrative.

4. AI Data Centers: The Hidden Growth Engine Behind GLXY

Galaxy’s Helios campus in Texas has rapidly become central to the stock’s narrative:

The site has 800 MW of fully committed power for AI and HPC workloads via a multi‑phase build‑out with AI infrastructure partner CoreWeave. ^[20]
Project‑level financing of around $1.4 billion has been secured to fund Phase 1, with deliveries slated to begin in the first half of 2026. ^[21]
Galaxy notes that Helios plus additional land and power under study could scale to roughly 3.5 GW, which would place the company among the largest single‑campus data‑center developments in North America. ^[22]

Analysts and commentators increasingly describe Galaxy as:

A “blockchain‑enabled investment bank” plus
A “nascent AI data center developer” with clear monetization paths for one of the largest HPC campuses under development. ^[23]

This framing helps explain why some investors now see GLXY less as a pure crypto beta play and more as a leveraged way to ride the AI compute arms race.

5. Bitcoin Forecasts and What They Mean for Galaxy Digital Stock

Galaxy’s own research team might be the most high‑profile Bitcoin bull in the building — and even they are dialing things back.

In early November, Galaxy Research cut its year‑end 2025 Bitcoin price target from $185,000 to $120,000, citing a “maturity era” for BTC and heavy competition for capital from AI infrastructure, gold and mega‑cap tech stocks. ^[24]

Key points from the revised outlook:

Bitcoin is behaving more like gold or high‑beta equities: less explosive, more sensitive to policy and macro conditions.
Spot Bitcoin ETFs saw nearly $900 million in outflows in early November, contributing to a sharp drawdown and a cooling of speculative excess. ^[25]
Galaxy argues that long‑term “institutionalisation” is still underway — with large “whale” coins moving into ETF and passive structures — but expects more measured upside. ^[26]

For GLXY shareholders, that has two implications:

Crypto sensitivity isn’t going away. Trading, treasury and asset‑management profits still correlate strongly with crypto volumes and volatility.
AI and data‑center demand may capture some of the capital rotating away from crypto. Ironically, Galaxy sits on both sides of that rotation: its Bitcoin forecasts are more cautious, but its AI/HPC infrastructure is attracting much of the capital that might otherwise have chased pure crypto exposure.

The net result is a company whose fortunes remain tied to digital assets, but whose long‑term upside may increasingly hinge on execution in AI infrastructure.

6. What Wall Street Thinks: Analyst Ratings and Price Targets

Across the Street, views on Galaxy Digital are bullish but divergent on valuation.

6.1 Traditional Analyst Coverage

Recent analyst actions include: ^[27]

Citizens: Initiated with Market Outperform and a $60 price target, explicitly splitting its sum‑of‑the‑parts valuation between digital‑asset businesses (~$25 per share) and the data‑center business (~$35+ per share). ^[28]
Jefferies: Raised its GLXY price target from $45 to $48 and maintained a Buy rating after Q3, citing record revenue, a 140% quarter‑over‑quarter surge in trading volumes and platform assets rising to around $17 billion. ^[29]
Morgan Stanley: Initiated coverage with an Overweight rating and a $42 target, emphasizing Galaxy’s position as both an emerging AI data‑center developer and blockchain‑enabled investment bank. ^[30]
Rosenblatt: Lifted its target to $46 while reiterating Buy, citing record quarterly performance and better‑than‑expected net revenue. ^[31]
Benchmark: Raised its target from $40 to $57 after what it called Galaxy’s strongest quarter ever for digital‑asset trading. ^[32]

MarketBeat data show that most of the roughly 14 analysts tracked rate GLXY a Buy, with an average 12‑month price target in the mid‑$40s and a high estimate at $60, implying significant upside from recent trading around the high‑$20s. ^[33]

6.2 Independent Valuation Models: Overvalued or Underpriced?

Independent research platforms paint a more nuanced picture.

Simply Wall St notes that, after a volatile pullback, GLXY is still up around 40% year‑to‑date but about 19% lower over the last month (as of December 6). Its most‑followed narrative pegs fair value at roughly $45.91 versus a recent close of $25.51, implying Galaxy could be about 44% undervalued if its growth roadmap plays out. ^[34]
- However, Simply Wall St highlights a price‑to‑earnings ratio of ~41x, roughly double peer averages, warning of meaningful downside risk if sentiment cools. ^[35]
CoinCentral takes the opposite tack, warning that after a 120% year‑to‑date rally and a 20% gain over the prior month, Galaxy appeared to be trading above an estimated fair value of about $37.78, with sustainability hinging on continued revenue growth and margin expansion. ^[36]

That spread — some models seeing 40%+ upside, others flagging rich multiples — captures why GLXY is attracting both momentum traders and valuation skeptics.

7. Balance Sheet and Capital Structure: Notes Offering and Leverage

Alongside the growth story, Galaxy is also scaling its capital structure:

The firm recently priced an upsized $1.15 billion exchangeable senior notes offering due 2031, with a 0.50% coupon and semi‑annual interest payments starting in 2026. ^[37]

Jefferies and other analysts view this as:

Providing long‑term capital to complete Phase 1 of the Helios project. ^[38]
Adding leverage to a business model that remains exposed to high volatility in both crypto markets and AI demand cycles.

For investors, this means the upside from a successful Helios ramp is amplified — but so is the financial risk if AI demand, financing conditions or crypto activity unexpectedly weaken.

8. Key Risks for Galaxy Digital Stock

Galaxy Digital is being marketed explicitly as a high‑risk, high‑reward vehicle. Recent analyses and company disclosures highlight several key risk clusters: ^[39]

Crypto Market Volatility
- Trading, lending, asset management and staking revenue are still tightly coupled to digital‑asset prices and volumes.
- Prolonged ETF outflows or another liquidity shock — like the October futures wipe‑out Galaxy highlighted in its Bitcoin note — could hit earnings. ^[40]
Valuation and Multiple Compression
- GLXY trades at high earnings multiples versus peers, and recent runs have periodically lifted the stock above some independent fair‑value estimates.
- Any cooling in AI enthusiasm or crypto sentiment could trigger sharp multiple compression. ^[41]
Execution Risk in AI Infrastructure
- The Helios campus and future data‑center projects are massively capital‑intensive. Delays, cost overruns, or changes in AI/HPC demand or customer mix could weigh on returns. ^[42]
Regulatory and Compliance Uncertainty
- Galaxy operates in heavily scrutinised areas: digital‑asset trading, staking, tokenisation and now retail services via GalaxyOne.
- While some developments (e.g., SEC comfort with certain staking models) are positive, future enforcement or rule changes in the U.S., EU or Middle East could alter economics. ^[43]
Complex Business Mix and Leverage
- As a combined trading house, asset manager, infrastructure developer and on‑chain technology firm — now with sizeable notes outstanding — Galaxy’s fortunes hinge on managing operational, financial and technological risks across multiple cycles. ^[44]

Anyone considering GLXY needs to be comfortable with both crypto cyclicality and AI‑infrastructure project risk.

9. Galaxy Digital Stock Outlook for 2026: High‑Beta Bet on Two Secular Trends

Putting the pieces together, the near‑to‑medium‑term GLXY investment thesis, as reflected in current research and reporting, looks something like this:

Bullish case

Q3 2025 showed that Galaxy can convert crypto volatility and institutional adoption into hundreds of millions of dollars of quarterly profit, with strong balance‑sheet growth. ^[45]
Helios ramps through 2026, adding a new, long‑duration, AI‑linked cash‑flow engine to complement trading and asset management. ^[46]
Liquid Collective, Coinbase Prime integrations and GalaxyOne retail expansion broaden fee‑based, recurring revenue, making earnings less dependent on pure trading cycles. ^[47]
If analyst targets in the $42–60 range prove accurate, today’s sub‑$30 share price leaves room for substantial upside. ^[48]

Bearish case

Bitcoin and crypto enter a prolonged, low‑volatility grind despite Galaxy’s still‑optimistic $120k long‑term target, crimping trading and staking revenue. ^[49]
AI/HPC capital spending cools or shifts to rival providers, leaving Helios under‑utilised or pressured on pricing. ^[50]
Elevated valuation multiples mean even modest disappointments in margins or growth could trigger sharp drawdowns, especially given GLXY’s historically high beta. ^[51]

Base‑case framing (non‑advice)
Current public analysis, taken together, effectively frames Galaxy Digital stock as a leveraged bet on two massive secular themes:

The ongoing institutionalisation of digital assets (trading, staking, tokenisation, on‑chain capital markets).
The AI data‑center and HPC build‑out, where Helios aims to be one of the flagship campuses.

If both engines continue to fire, the combination of earnings growth, multiple expansion and asset‑light fee streams could justify the higher price targets now circulating on Wall Street. If either leg stumbles, GLXY’s volatility and leverage mean drawdowns could be brutal.