Jeff Dorman argues Galaxy Digital operates as two distinct businesses—a crypto financial services arm and the Helios data center in West Texas—but investors treat it as one confused story. Galaxy acquired Helios for $65M in early 2023 as a distressed Bitcoin mining site, then signed a 15-year, $4.5B HPC/AI hosting deal with CoreWeave covering 526 MW of its approved 800 MW capacity, positioning it to generate over $1B annual revenue at ~90% lease-level EBITDA margins. A spin-off could unlock value by letting the data center business trade on infrastructure multiples rather than depressed crypto multiples, making Galaxy better positioned to capture growth from stablecoins, DeFi, RWA tokenization, and crypto-AI convergence.

Lord_Wette's thesis is that the AI buildout's scarce asset is not land or GPUs but bankable time-to-power—approved, financed, deliverable capacity. Galaxy's Helios campus has moved furthest along this curve: CoreWeave committed to 800 MW with $1.4B project financing and 80% loan-to-cost, and ERCOT approval for an additional 830 MW creates a catalyst for multi-tenant, hyperscaler-grade validation. Unlike pure optionality plays, GLXY is already contracted and financed execution, with crypto optionality as a secondary engine if BTC/ETH rally.