HomeCryptocurrencyGalaxy Digital rated a new buy at Canaccord. Consider investing in crypto...

Galaxy Digital rated a new buy at Canaccord. Consider investing in crypto stock.

Canaccord Genuity Research Coverage on Galaxy Digital

Canaccord Genuity Initiates Coverage on Galaxy Digital with a Buy Rating

Canaccord Genuity has started research coverage on Galaxy Digital (BRPHF) with a Buy rating and a one-year price target of C$17. This implies an upside of more than 28% from the last closing price.

Galaxy Digital Represents a Diversified Way to Play Digital Assets

Galaxy Digital, with exposure in its balance sheet and operations to the cryptocurrency ecosystem, represents one of the most diversified ways to play digital assets, according to analysts at Canaccord. They believe that Galaxy is well positioned against an improving landscape for digital assets in 2024.

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Positive Catalysts for Galaxy’s Institutional Trading Business

Canaccord sees Galaxy’s institutional trading business as a “share gainer,” citing several positive catalysts. The segment is expected to capitalize on 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, which are expected to push spot prices upwards.

Galaxy’s Balance Sheet and Influence of Cryptocurrency Spot Prices

The analysts also pointed out that GLXY’s balance sheet is highly influenced by underlying cryptocurrency spot prices, which are adjusted on a quarterly basis. They expect to see a Q4 book value for Galaxy to be appreciably higher than what it was exiting Q3.

These developments indicate a positive outlook for Galaxy Digital, and the company is well positioned to benefit from the evolving landscape of digital assets.

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As the cryptocurrency market continues to evolve, Galaxy Digital’s strategic positioning and diverse ways to play digital assets make it an interesting prospect for investors.

Investors should keep a close eye on Galaxy Digital as it navigates the changing landscape of digital assets and potentially reaps the rewards of its institutional trading business and balance sheet adjustments.

With Canaccord Genuity’s positive outlook and Buy rating, Galaxy Digital is poised for a potentially bright future in the digital assets space.

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