<p><strong>银河数码</strong> (NASDAQ: GLXY) 可能在收购困境中的 <strong>比特币</strong> (CRYPTO: BTC) 采矿公司 Argo Blockchain 的 Helios 采矿设施后，意外获得了该行业最有利可图的 AI 基础设施交易之一。</p>
<h2><strong>45 亿美元的交易，但身份危机</strong></h2>
<p>在 6 月 23 日的一条 X 帖子中，投资公司 Arca 的首席投资官 <strong>Jeff Dorman</strong> 强调，银河数码在与 <strong>CoreWeave</strong> (NASDAQ: CRWV) 签署了一项价值约 450 亿美元的 15 年托管协议后，其转型加速。</p>
<p>CoreWeave 此后行使了扩展选项，利用该地点目前批准的 800 兆瓦的全部电力容量。</p>
<p>银河数码预计该设施在合同期内平均每年将产生超过 10 亿美元的收入，租赁级 EBITDA 利润率接近 90%。</p>
<p>尽管 Helios 取得了成功，银河数码的股票仍显著落后于其他 AI 基础设施和 HPC 相关公司。</p>
<p>分析认为，挑战在于投资者仍然主要将银河数码视为一家专注于加密货币的投资银行，涉及交易、资产管理、采矿和资本市场活动，而不是一家纯粹的 AI 基础设施公司。</p>
<p>这使得银河数码在同行群体之间陷入困境。</p>
<p>加密投资者将其与 <strong>Coinbase Global</strong> (NASDAQ: COIN) 和 <strong>MARA Holdings</strong> (NASDAQ: MARA) 进行比较，而其数据中心业务越来越像 <strong>Digital Realty Trust</strong> (NYSE: DLR) 和 <strong>Equinix</strong> (NASDAQ: EQIX) 等基础设施运营商。</p>
<h2><strong>分拆可能释放价值</strong></h2>
<p>随着 CoreWeave 的第一阶段现已投入运营，租赁收入开始流入，一些投资者将银河数码的数据中心部门的潜在分拆视为催化剂。</p>
<p>将 AI 基础设施业务分开可能使投资者能够使用数据中心倍数而非加密行业估值来评估该资产。</p>
<p>这可能有助于看涨者结束他们认为的显著估值差距。</p>
<p><em>图片来源：Shutterstock</em></p>

银河数码

GLXY

GBTC

<p>Galaxy Digital 通过与 CoreWeave 达成的托管协议，将一项 6500 万美元的比特币矿业收购转变为一项价值 45 亿美元的人工智能基础设施交易，预计每年将产生超过 10 亿美元的收入。尽管取得了这一成功，投资者仍然主要将 Galaxy 视为一家加密货币公司，导致其股票表现落后于同行。分析师建议剥离数据中心部门，以便根据基础设施倍数而非加密行业指标来评估其价值</p>

<p><strong>Galaxy Digital</strong> (NASDAQ: GLXY) may have stumbled into one of the most lucrative AI infrastructure deals in the sector after acquiring the Helios mining facility from distressed <strong>Bitcoin</strong> (CRYPTO: BTC) miner Argo Blockchain.</p>
<div class="lb-trans"><p><strong>银河数码</strong> (NASDAQ: GLXY) 可能在收购困境中的 <strong>比特币</strong> (CRYPTO: BTC) 采矿公司 Argo Blockchain 的 Helios 采矿设施后，意外获得了该行业最有利可图的 AI 基础设施交易之一。</p>
</div><h2><strong>The $4.5 Billion Deal</strong>, But Identity Crisis</h2>
<div class="lb-trans"><h2><strong>45 亿美元的交易，但身份危机</strong></h2>
</div><p>In an X post on June 23, investment firm Arca’s Chief Investment Officer <strong>Jeff Dorman</strong> highlighted that Galaxy’s transformation accelerated after it signed a 15-year hosting agreement with <strong>CoreWeave</strong> (NASDAQ: CRWV) valued around $4.5 billion.</p>
<div class="lb-trans"><p>在 6 月 23 日的一条 X 帖子中，投资公司 Arca 的首席投资官 <strong>Jeff Dorman</strong> 强调，银河数码在与 <strong>CoreWeave</strong> (NASDAQ: CRWV) 签署了一项价值约 450 亿美元的 15 年托管协议后，其转型加速。</p>
</div><p>CoreWeave has since exercised expansion options that utilize the site’s entire currently approved 800 MW power capacity.</p>
<div class="lb-trans"><p>CoreWeave 此后行使了扩展选项，利用该地点目前批准的 800 兆瓦的全部电力容量。</p>
</div><p>Galaxy expects the facility to generate more than $1 billion in annual revenue on average over the contract term, with lease-level EBITDA margins approaching 90%.</p>
<div class="lb-trans"><p>银河数码预计该设施在合同期内平均每年将产生超过 10 亿美元的收入，租赁级 EBITDA 利润率接近 90%。</p>
</div><p>Despite the Helios success, Galaxy’s stock has significantly lagged other AI infrastructure and HPC-focused companies.</p>
<div class="lb-trans"><p>尽管 Helios 取得了成功，银河数码的股票仍显著落后于其他 AI 基础设施和 HPC 相关公司。</p>
</div><p>The challenge, according to the analysis, is that investors still largely view Galaxy as a crypto-focused investment bank involved in trading, asset management, mining and capital markets activities rather than a pure-play AI infrastructure company.</p>
<div class="lb-trans"><p>分析认为，挑战在于投资者仍然主要将银河数码视为一家专注于加密货币的投资银行，涉及交易、资产管理、采矿和资本市场活动，而不是一家纯粹的 AI 基础设施公司。</p>
</div><p>That leaves Galaxy caught between peer groups.</p>
<div class="lb-trans"><p>这使得银河数码在同行群体之间陷入困境。</p>
</div><p>Crypto investors compare it with <strong>Coinbase Global</strong> (NASDAQ: COIN) and <strong>MARA Holdings</strong> (NASDAQ: MARA), while its data-center business increasingly resembles infrastructure operators such as <strong>Digital Realty Trust</strong> (NYSE: DLR) and <strong>Equinix</strong> (NASDAQ: EQIX).</p>
<div class="lb-trans"><p>加密投资者将其与 <strong>Coinbase Global</strong> (NASDAQ: COIN) 和 <strong>MARA Holdings</strong> (NASDAQ: MARA) 进行比较，而其数据中心业务越来越像 <strong>Digital Realty Trust</strong> (NYSE: DLR) 和 <strong>Equinix</strong> (NASDAQ: EQIX) 等基础设施运营商。</p>
</div><h2><strong>Spin-Off Could Unlock Value</strong></h2>
<div class="lb-trans"><h2><strong>分拆可能释放价值</strong></h2>
</div><p>With CoreWeave’s first phase now operational and lease revenue beginning to flow, some investors see a potential spin-off of Galaxy’s data-center division as a catalyst.</p>
<div class="lb-trans"><p>随着 CoreWeave 的第一阶段现已投入运营，租赁收入开始流入，一些投资者将银河数码的数据中心部门的潜在分拆视为催化剂。</p>
</div><p>Separating the AI infrastructure business could allow investors to value the asset using data-center multiples rather than crypto-sector valuations.</p>
<div class="lb-trans"><p>将 AI 基础设施业务分开可能使投资者能够使用数据中心倍数而非加密行业估值来评估该资产。</p>
</div><p>This could potentially help the bulls to bring a closure to what they view as a significant valuation gap.</p>
<div class="lb-trans"><p>这可能有助于看涨者结束他们认为的显著估值差距。</p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

How Galaxy Digital Turned A $65 Million Bitcoin Mining Rescue Into A $4.5 Billion AI Infrastructure Deal

benzinga_article

Galaxy Digital

Grayscale Bitcoin Trust BTC - ETF

Coreweave

T-REX 2X Long GLXY Daily Target ETF

VanEck Bitcoin ETF

Bitwise Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

Invesco Galaxy Bitcoin ETF

Leverage Shares 2X Long GLXY Daily ETF

WisdomTree Bitcoin Fund

Franklin Bitcoin ETF

ARK 21Shares Bitcoin ETF

iShares Bitcoin Trust ETF

CoinShares Bitcoin ETF

T-REX 2X Inverse CRWV Daily Target ETF

T-REX 2X Long CRWV Daily Target ETF

Tradr 2X Long CRWV Daily ETF

ProShares Bitcoin Strategy ETF

ETC Holdings Ltd. (Guernsey)

博时比特币

华夏比特币

MBC比特币

Leverage Shares 2X Long CRWV Daily ETF

GraniteShares YieldBOOST CRWV ETF

Argo Blockchain

Coinbase

Marathon Digital

数字房地产信托

易昆尼克斯

Argo Blockchain Pref Share ARBKL 8.75 11/30/26

Argo Blockchain plc

银河数码如何将一项价值 6500 万美元的比特币矿业救援转变为一笔价值 45 亿美元的人工智能基础设施交易