Is GLXY the best AI + crypto play in one asset? Q2 was @galaxyhq 's first quarter reporting data center revenue. The business generated $26m, including $18.9m from AI data center leasing to CoreWeave. Meanwhile, net crypto exposure fell to $1.2b, down 15% q/q. BTC remains the largest holding at 34.5%, while Galaxy sold its remaining ETH in Q1. Then there's Helios. 526 MW is contracted within 1.63 GW of approved power capacity, with those phases expected to generate $1.2b+ annually at 90%+ lease-level adjusted EBITDA margins once fully operational. Galaxy trades at 0.2x P/S, but normalized P/S is closer to 6.6x. The AI business is still small, but its growth could push investors toward valuing Galaxy on a sum-of-the-parts basis. --- Today, We covered more on Galaxy ($GLXY ) in our latest report. If you'd like to read the research, sign up below 👇