Goldman Sachs initiated coverage on Galaxy Digital Holdings ($GLXY) with a $30 price target, but a deeper analysis suggests significant upside. Based on Goldman's own assumptions for GLXY's data center business, particularly the Helios campus, and factoring in the likely exercise of CoreWeave's ($CRWV) 200MW option, the present value of the data center segment alone could reach $29.68/share by discounting 2028E EBITDA. This implies the data center business alone could be worth $30/share, roughly GLXY's current market cap, without including its substantial crypto businesses or other potential data center expansions.