Core Thesis - Galaxy Digital (GLXY) is positioned as a leading player in tokenized equities, benefiting from a first-mover advantage and effectively monopolizing the market for tokenized real shares with full economic and legal rights [2][5] Company Overview - As of September 12th, GLXY's share price was $29.70, with trailing and forward P/E ratios of 36.33 and 185.19 respectively [1] - The company has shown resilience, outperforming the broader crypto market in Q2 despite a 10% decline in its stock, while the digital asset trading volume dropped by 22% compared to a 30% industry-wide contraction [4] Market Potential - The adoption of tokenized equities is expected to accelerate, with projections indicating a global market value of $190 trillion over the next two decades, driven by benefits such as 24/7 trading, instant settlement, fractional ownership, and lower fees [3] - Favorable regulatory conditions from a crypto-friendly administration are also anticipated to support this growth [3] Strategic Initiatives - GLXY is diversifying into AI infrastructure through a partnership with CoreWeave, which is developing the Helios high-performance computing campus in Texas. This project is expected to generate $1 billion annually, with full-scale potential exceeding $4 billion in annual recurring revenue (ARR) [4] - The recent tokenization of GLXY's equity may drive short-term speculative demand from crypto-native investors [5] Financial Outlook - Analysts currently rate GLXY as a consensus strong buy, with a 12-month target implying approximately 60% upside potential [5] - Declining interest rates could lower financing costs for the $1.75 billion Helios project, further enhancing the company's financial outlook [5]