Galaxy Digital Stock Rated Buy by H.C. Wainwright with 36% Upside

H.C. Wainwright has initiated coverage on Galaxy Digital Holdings stock, offering a Buy rating and a price target of C$24.

Analyst Insights on Galaxy Digital Holdings

Analyst Mike Colonnese notes that the U.S.-based digital asset-focused financial services firm’s shares provide the diversified exposure that investors seek when exploring new positions. Galaxy’s business model suggests several near-term catalysts, including fundamental growth driven by the anticipated 2025 cryptocurrency bull market. The current price of GLXY stock does not yet reflect the full pricing of a bull market, according to Colonnese.

Key Factors Influencing Galaxy Digital

Factors such as institutional adoption, regulatory clarity in the United States, and a potential Nasdaq uplisting in 2025 are all bullish for Galaxy Digital. H.C. Wainwright forecasts a 36% upside for the stock, with the price at the time hovering around C$17.63.

Colonnese also highlights that Galaxy Digital shares have historically outperformed crypto prices during bull markets. This outlook on the four-year price cycle in the digital assets market shows GLXY having approximately a 70% year-to-date return in 2024, compared to about 50% for Bitcoin.

“We believe we are just in the third inning of the current bull market,” the analyst noted, adding that they expect BTC and other crypto assets to rally sharply in Q4 2024 and run at least until Q4 2025.

About Galaxy Digital

Founded in 2018, Galaxy Digital offers a comprehensive suite of digital asset services and products across global markets. These include asset management and digital infrastructure solutions, such as BTC mining and network validator services.

In a recent update, Galaxy noted it expects digital assets to grow from the current $2.3 trillion market amid rapid adoption.

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