If you’re hunting for growth on the TSX, two very different names stand out for investors with a strong stomach and long-term mindset: Galaxy Digital (TSX:GLXY) and Spartan Delta (TSX:SDE). One plays in the fast-evolving world of crypto, artificial intelligence, and high-performance computing. The other is drilling deep into Canada’s energy-rich formations. Both are shaping ambitious futures, but in radically different ways.
Galaxy
Let’s start with Galaxy. The Canadian stock recently made a big move, shifting its corporate home to the U.S. and preparing to list on the Nasdaq. While the first quarter of 2025 wasn’t pretty, with net loss coming in at US$295 million, there’s more going on than the headline number suggests. The loss was mainly due to lower crypto prices and a one-time US$57 million hit tied to winding down mining operations at its Helios data centre. Strip that out, and Galaxy’s operations tell a more stable story.
Even with digital asset headwinds, Galaxy generated US$64.8 million in adjusted gross profit from its core digital asset business. It held strong with US$1.1 billion in cash and stablecoins as of March 31, and expects to earn between US$160 million and US$170 million in operating income in Q2. The Canadian stock also has a major deal in place with CoreWeave to lease 393 megawatts of AI and HPC infrastructure; think of it as building the data highways for tomorrow’s AI economy. Galaxy won’t recognize revenue on that deal until 2026, but the groundwork is already in place.
For investors, the appeal lies in Galaxy’s diversified exposure to blockchain, AI, and infrastructure, three megatrends that could reshape the tech landscape. The next few quarters may still be choppy, especially with digital asset prices bouncing around, but the long-term vision is bold. And with a Nasdaq listing around the corner, visibility could improve.
Spartan
Now shift to Spartan Delta, where it’s all about boots on the ground. Spartan is a natural gas and liquids-weighted energy company with a strong foothold in Alberta’s Deep Basin and Duvernay plays. The Canadian stock is doing something rare in oil and gas right now: growing fast. Q1 2025 production hit 38,328 BOE/d, with crude oil production climbing an incredible 196%. Adjusted funds flow came in steady at $45.6 million, while Spartan kept net debt low at $81.9 million.
What’s fueling that growth? Spartan is drilling aggressively in the Duvernay, where early well results have been very promising. The company now controls about 320,000 net acres and is focused on building infrastructure, including new water reservoirs to support future development. It also hedged a good chunk of 2025 production, 45% of oil and condensate, at nearly $100 per barrel – giving it breathing room in today’s volatile market.
Unlike Galaxy, Spartan is about tangible barrels and disciplined expansion. The outlook is tied more closely to commodity prices, which remain unpredictable thanks to the Organization of Petroleum Exporting Countries (OPEC+) moves, U.S. tariffs, and global demand concerns. But with operational flexibility, and a solid balance sheet, Spartan is positioning itself for efficient, cash-flow-focused growth.
Bottom line
So where does this leave investors? Galaxy is a long-term moonshot on crypto infrastructure and AI compute, while Spartan is a grounded play on Western Canada’s energy riches. One offers high volatility and explosive potential, the other delivers steady production and a path to shareholder returns.
Both come with risk, but they’re tackling very different futures. And for investors with a diversified portfolio and a sharp eye on the next five years, not just the next five months, this pair of Canadian stocks could play a valuable role.
