Hut 8 can be considered more of a bitcoin miner, whereas GLXY is a mix of institutional services, trading, asset management, crypto investment banking, and a bit of mining operations. GLXY's operations are well-diversified and benefit when the entire crypto ecosystem performs well. HUT has bitcoin mining operations but has also recently expanded into high-performance computing (HPC) for AI. This type of strategy is still new for bitcoin miners, and it is yet to be seen how well it works for them, but it has some main proponents, such as resilient margins during events like the halving and a recurring revenue stream.
HUTs valuation is close to its bitcoin holdings, and we feel this effectively means the market is either pricing in bitcoins price to decline or its operations to be worth near-zero. We think it looks interesting here as a value play. Overall, we would prefer GLXY due to its strong leadership, diverse operations, and history of success across crypto 'bull markets'.