Galaxy Digital Holdings ($GLXY) could see its data center business alone valued at approximately $26/share if it builds out Phase 1 & 2 of Helios next year, according to Citizens Financial Group research. This valuation, combined with a strong balance sheet (>$7.5/share) and a profitable crypto business, suggests a significant upside potential, especially if $GLXY accelerates its build timeline for Phase 2, potentially increasing 2026 EBITDA to $637M. The image further breaks down the potential realizable value, showing a total potential value of $103.82/share if all phases and capacity under study are realized.