Galaxy Digital (GLXY) Shares Surge 8% on Bitcoin Rally and Data Center Momentum

Galaxy Digital Inc. (Nasdaq: GLXY), the digital asset and infrastructure company led by Mike Novogratz, saw its shares climb sharply in recent trading, closing up 8.34% at $22.35 on March 13, 2026, amid a broader cryptocurrency market rebound and optimism around its expanding data center operations.

The stock opened at $21.61 and ranged between $21.51 and $22.39 during the session, with volume reaching 7,055,805 shares—above the average of about 6.4 million. After-hours trading saw a slight dip to $22.25. The gain followed a volatile period, with the shares trading around $20.63 the previous close and reflecting sensitivity to Bitcoin’s price movements and institutional crypto adoption trends.

Galaxy Digital, founded in 2018 and headquartered in New York, operates across digital assets trading, asset management, principal investments and increasingly data center infrastructure. The company’s Helios campus in Texas has become a key growth driver, with recent expansions positioning it to capitalize on demand for high-performance computing tied to artificial intelligence and blockchain.

On January 15, 2026, Galaxy announced ERCOT approval for an additional 830 megawatts of power at Helios, doubling the site’s total approved capacity to 1.6 gigawatts. The expansion supports hosting agreements, including a deal to deliver 133 megawatts of IT load to CoreWeave in the first half of 2026 under Phase I. CEO Mike Novogratz has described the convergence of Bitcoin and AI as “the single most important macro trend of 2026,” highlighting stable revenue streams from data center hosting as a hedge against crypto volatility.

The stock’s recent performance also ties to a significant corporate restructuring. On March 3, 2026, Galaxy announced it would voluntarily delist its Class A common stock from the Toronto Stock Exchange (TSX), where it previously traded under GLXY.TO. The delisting took effect at the close of markets on March 19, 2026, leaving Nasdaq as the sole listing venue. The move streamlines operations following the company’s 2025 reorganization and domestication as a Delaware-incorporated entity.

To support shareholder value amid the transition, the board approved a $200 million share repurchase program in early February 2026. The initiative signals confidence in the company’s fundamentals despite a challenging 2025, when Galaxy reported a net loss of $241 million—partly due to restructuring costs—and a steeper $482 million net loss in the fourth quarter alone, contributing to a share price drop of over 14% in early February.

Analysts remain largely bullish. Coverage initiations and updates in early 2026 included a new “buy” rating from Citizens with a $60 price target, while the average analyst target sits around $43-44, implying significant upside from current levels. Wall Street forecasts for 2026 earnings vary, with some projecting continued losses tied to market conditions, but optimism centers on revenue diversification.

Galaxy’s fourth-quarter and full-year 2025 results, released February 3, 2026, underscored the shift toward infrastructure. While trading and principal investments faced headwinds from crypto market fluctuations, data center revenue showed promise. The company highlighted progress in tokenized assets, including a landmark J.P. Morgan-arranged short-term bond issuance on the Solana blockchain in 2025, and ongoing efforts in crypto ETFs and institutional services.

Bitcoin’s performance has heavily influenced GLXY shares, given Galaxy’s exposure through trading desks, mining (via Helios) and asset management. The cryptocurrency’s rally in early 2026—pushing it toward new highs in some periods—lifted sentiment across crypto-related equities. Galaxy’s beta of 3.68 reflects its high volatility relative to broader markets, making it a leveraged play on digital assets.

The 52-week range for GLXY spans $8.20 (hit in April 2025) to $45.92 (October 2025), illustrating the stock’s sensitivity to crypto cycles. Market capitalization stands at approximately $8.73 billion, with a price-to-book ratio around 2.20 and a negative trailing P/E due to recent losses.

Novogratz has been vocal on regulatory and market developments. In interviews, he expressed skepticism about near-term passage of major U.S. crypto legislation like the CLARITY Act, warning that odds diminish without swift committee action in 2026. He also noted the end of crypto’s “age of speculation,” advocating for more mature, utility-driven growth.

Looking ahead, Galaxy’s May 12, 2026, earnings report is expected to provide updates on Q1 performance, with consensus EPS forecasts around -$0.28. Investors will watch for progress on Helios expansions, hosting revenue realization and any new partnerships in AI or tokenized finance.

The delisting from TSX and focus on Nasdaq aim to attract more U.S. institutional investors, aligning with Galaxy’s strategic pivot toward stable, high-margin infrastructure amid volatile trading conditions. As Bitcoin stabilizes and AI demand surges, Galaxy positions itself as a bridge between traditional finance, crypto and emerging tech.

For now, the March 13 surge underscores renewed investor enthusiasm, though the stock’s path will likely remain tied to broader crypto trends and execution on data center ambitions.