Galaxy Digital Holdings ($GLXY) appears undervalued, trading at a ~$10B market cap with ~$3B in crypto assets, implying a ~$7B valuation for its crypto business lines and data center operations. The Helios data center alone could be worth $13.5B-$43B based on power approvals and the CoreWeave ($CRWV) deal. Investors should watch the August 5th earnings call for updates on Helios financing, the potential exercise of CRWV's remaining 200MW option, and progress on additional power approvals, which could significantly re-rate the stock towards a $100/share target.