Galaxy Digital Has Strong Momentum Across All Business Lines: Canaccord

As a crypto investor with a few years of experience under my belt, I’m always keeping an eye on the latest developments in the industry. When I saw the news that Galaxy Digital’s net income had risen by 40% in the first quarter, I was intrigued.

As a crypto investor, I’d interpret Canaccord Genuity’s report on Galaxy Digital (GLXY) as follows: The regulatory environment may be complex, but my view is that Galaxy’s strategic evolution and strong competitive positioning continue to present attractive opportunities.

As a crypto investor following the latest developments in the industry, I’m excited to share that Toronto-based crypto firm led by CEO Mike Novogratz reported a substantial increase in net income. Specifically, we witnessed a 40% jump from the previous quarter, reaching an impressive $422 million. Moreover, our broker is optimistic and anticipates this positive trend to persist.

Analysts led by Joseph Vafi anticipate noticeable advancement and development in all three business divisions of the company within the upcoming quarters.

As a researcher studying the Bitcoin market, I’ve discovered that approved Bitcoon Exchange-Traded Funds (ETFs) have significantly boosted counterparty involvement. Traditional asset managers and hedge funds, who were once hesitant or had exited the scene, are now re-entering the space.

As a crypto investor, I’m thrilled to be part of GalaxyOne’s growing community. The latest update reveals an impressive milestone with over 75 institutional clients and over a billion dollars in assets under management. This expansive clientele presents a significant opportunity for the company to provide its comprehensive range of services, such as custody, lending, spot trading, hedging, and derivatives.

As an analyst, I’ve observed a robust growth trend in the asset-management sector, which culminated in managing a total of $7.8 billion worth of assets by the end of the recent quarter. This represents a substantial 50% expansion from the previous quarter’s figure.

As a crypto investor following Galaxy’s progress, I’m excited to note that their infrastructure and business, including the recently acquired self-custody platform GK8, have experienced remarkable growth. Specifically, their assets under management have surged by an impressive 100% from one quarter to the next, reaching a total of $486 million. This significant expansion comes after Galaxy’s acquisition of GK8 for $44 million back in February last year.

The company also boosted its exclusive mining power, and the Helios facility offers Galaxy a chance to delve into mining as well as AI hosting in the future, according to Canaccord. Canaccord maintains a buy recommendation for Galaxy’s stock, with a predicted price of C$17. The stock ended at C$12.41 on Tuesday.