Galaxy Digital ($GLXY) stands out among Bitcoin miners converting to AI data centers due to its "triple-net" lease with CoreWeave ($CRWV), which results in the highest NOI/EBITDA margins (90%) and superior financeability. This structure, where the tenant covers maintenance CapEx, property taxes, and insurance, allows $GLXY to achieve the highest revenue and EBITDA per MW. While TeraWulf ($WULF) shows the highest unlevered and levered returns due to lower CapEx, $GLXY's comparable levered IRR benefits from its higher EBITDA/MW and ability to secure higher loan-to-value financing.