Galaxy Digital ($GLXY) is projected to reach a price target of $59, representing a 70% rerate from its current $13B market cap to a fair value of $22.5B. The valuation is driven by a $3-4B crypto balance sheet, a $2.5B investment banking business, and a data center business valued at $17B based on 1.6GW of power capacity leased to tenants like Core Weave ($CRWV). The analysis suggests the data center segment alone could reach a $30B enterprise value by 2031, with additional upside from a pending 1.9GW power study.