Key Takeaways
- • StoneX maintained a Buy rating and a USD 57.00 price target on Galaxy Digital (GLXY) on October 19, 2026, according to The Block.
- • StoneX analyst Mark Palmer argued the market undervalues Galaxy Digital's Helios AI data center business and assigns little value to its digital asset operations.
- • Galaxy Digital reported a Q2 2026 GAAP net loss of USD 85.00 million and firm-wide adjusted EBITDA of minus USD 77.00 million, according to Benzinga.
- • Helios produced USD 11.00 million of adjusted EBITDA from data centers in Q2 2026, while digital assets remained exposed to weaker token prices.
- • Galaxy Digital's market capitalization stood at USD 5.3 billion, with the Nasdaq quote at USD 15.89 on October 20, 2026.
Summary
StoneX maintained a Buy rating and a USD 57.00 price target on Galaxy Digital on October 19, 2026, according to The Block. The valuation case centers on Galaxy Digital's Helios AI data center business and its exposure to CoreWeave. The Block reported that the first 800 megawatts of contracted capacity depend on one tenant, and that CoreWeave had USD 35.60 billion of debt outstanding at the end of June 2026. StoneX analyst Mark Palmer argued that the market undervalued Helios and effectively assigned little value to Galaxy Digital's digital asset operations. The Block also reported that Galaxy Digital delivered the first 133 megawatts of critical IT load under a 15-year lease in July 2026.
Galaxy Digital's second-quarter results highlight the financial volatility in the business. According to Benzinga, the company reported a GAAP net loss of USD 85.00 million and firm-wide adjusted EBITDA of minus USD 77.00 million for Q2 2026. It also reported USD 20.00 million of adjusted gross profit and USD 11.00 million of adjusted EBITDA from data centers. Benzinga reported that combined operating businesses generated USD 86.00 million of adjusted gross profit and USD 1.00 million of adjusted EBITDA in the quarter. Digital assets remained exposed to weaker token prices, while Helios had begun producing operating income. The latest reported quarter included USD 10.8 billion of total assets and USD 2.5 billion of cash and stablecoins, per Benzinga.
Market data as of October 20, 2026 show a Lang & Schwarz price of EUR 14.15 at 9:00 p.m. CEST in after-hours trading, and a primary Nasdaq quote of USD 15.89 at 3:01 p.m. ET. Galaxy Digital's market capitalization was USD 5.3 billion. The ticker is GLXY.
The StoneX assessment and the second-quarter figures leave two issues for investors: execution at Helios and the sensitivity of the digital asset business to token prices. The next reported period will provide the next formal test of that balance.
Galaxy Digital's second-quarter results highlight the financial volatility in the business. According to Benzinga, the company reported a GAAP net loss of USD 85.00 million and firm-wide adjusted EBITDA of minus USD 77.00 million for Q2 2026. It also reported USD 20.00 million of adjusted gross profit and USD 11.00 million of adjusted EBITDA from data centers. Benzinga reported that combined operating businesses generated USD 86.00 million of adjusted gross profit and USD 1.00 million of adjusted EBITDA in the quarter. Digital assets remained exposed to weaker token prices, while Helios had begun producing operating income. The latest reported quarter included USD 10.8 billion of total assets and USD 2.5 billion of cash and stablecoins, per Benzinga.
Market data as of October 20, 2026 show a Lang & Schwarz price of EUR 14.15 at 9:00 p.m. CEST in after-hours trading, and a primary Nasdaq quote of USD 15.89 at 3:01 p.m. ET. Galaxy Digital's market capitalization was USD 5.3 billion. The ticker is GLXY.
The StoneX assessment and the second-quarter figures leave two issues for investors: execution at Helios and the sensitivity of the digital asset business to token prices. The next reported period will provide the next formal test of that balance.
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