Cryptocurrency

Investing firm Canaccord suggests buying Galaxy Digital stock, boosting crypto market confidence.

Canaccord Genuity Starts Research Coverage on Galaxy Digital with a Buy Rating

Canaccord Genuity Sees Upside Potential in Galaxy Digital

Canaccord Genuity recently initiated research coverage on Galaxy Digital with a Buy rating and a one-year price target of C$17. This target suggests an upside of more than 28% from the last closing price, indicating the firm’s optimism about the stock’s potential.

Galaxy Digital: A Diversified Play in the Cryptocurrency Ecosystem

Analysts at Canaccord highlighted Galaxy Digital as a diversified way to invest in the digital assets space, given its exposure in both balance sheet and operations to the cryptocurrency ecosystem. They believe that Galaxy Digital represents a well-positioned investment against an improving landscape for digital assets in 2024.

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Positive Catalysts for Galaxy’s Institutional Trading Business

Canaccord is particularly bullish on Galaxy’s institutional trading business, citing several positive catalysts that could drive the stock’s performance. They anticipate that the widespread launch of Galaxy One, its unique crypto prime brokerage platform, along with the approval of various spot BTC ETFs in the U.S. and the forthcoming Bitcoin halving, will contribute to pushing spot prices upwards and benefit Galaxy’s trading business.

Impact of Cryptocurrency Spot Prices on Galaxy’s Balance Sheet

Canaccord also pointed out that Galaxy’s balance sheet is highly influenced by underlying cryptocurrency spot prices, which are adjusted on a quarterly basis. This suggests that Galaxy’s Q4 book value could be appreciably higher than its Q3 value, reflecting the potential impact of cryptocurrency price movements on the company’s financials.

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