I just reviewed Galaxy Digital’s numbers and there’s something the market seems to be completely ignoring. Yes, the company reported a loss of $482 millones in Q4 that hit the stock price, but Benchmark analysts see something much more interesting behind all of this.

What caught my attention is that while the market focuses on last quarter’s red numbers, there’s a standout asset that’s probably being underestimated: the Helios data center in Texas. We’re talking about more than 1.6 gigawatts of approved power capacity, and the thing is, it’s already generating revenue through an agreement with CoreWeave. According to the analysts, this data center alone could be worth more than Galaxy’s current market capitalization.

But there’s more. CEO Mike Novogratz mentioned something important during the earnings call: he estimates a 75% to 80% probability that cryptocurrency regulatory legislation in the U.S. will be approved. If that happens, we could see a significant inflow of institutional capital into the sector. The company is already planning to announce new institutional partnerships and infrastructure expansion in the coming quarters, including on-chain credit markets.

From the financial side, Galaxy is in a pretty solid position. They have $2.6 billion in cash and stablecoin, and the lending business keeps growing with a $1.8 billion total volume. This gives them enough backing to execute their expansion strategy in AI and cryptocurrency infrastructure.

Benchmark maintains a buy rating with a target price of $57, compared with the $21 actuales. That suggests an upside potential of 170%. The previous quarter may have been weak, but the long-term outlook looks quite different if you consider all these factors together.