Galaxy Digital Holdings ($GLXY) is presented as a "picks and shovels" play for both the crypto and AI sectors, with a price target of $200-250/share. This valuation is based on a sum-of-the-parts analysis, projecting $15-35B for its crypto business and $68B for its data center operations. The data center segment is expected to generate ~$900M in EBITDA by 2028 from its 3.5GW power pipeline, with cash flow from the CoreWeave lease anticipated in Q1 2026.