Crypto Mainstream Adoption Has Increased in Recent Months, Canaccord Says

As a researcher with a background in the crypto and digital asset market, I’m excited about the latest developments at Galaxy Digital (GLXY). Based on my analysis of the market trends and company fundamentals, I believe that Galaxy is well-positioned to benefit from the continued adoption of digital assets.

As an analyst, I would express it this way: I believe Galaxy Digital (GLXY) is advantageously situated due to its substantial institutional backing, making it primed to capitalize on the persistent structural growth of digital assets, according to Canaccord Genuity’s latest research report released on Monday. They have upgraded their price target for Galaxy Digital as a result.

Canaccord increased its recommended price for Galaxy from $17 to $23, keeping its recommendation as a buy for the stock. The shares ended the week at $16.25.

As a research analyst, I’ve reevaluated the current state of digital assets reaching new highs, considered the potential impact of regulatory advancements, recognized strong business performance by GLXY, and revised my sum-of-the-parts (SOTP) valuation. Consequently, I’m raising my price target.

As a researcher, I’ve noticed an intriguing development in the digital asset sector: there’s been a gradual yet consistent uptick in acceptance and integration over the past few months. Notably, the SEC took us all by surprise with their approval of no less than eight ether spot Exchange-Traded Funds (ETFs) last month.

A cryptocurrency financial services company holds a strong position in the Exchange-Traded Fund (ETF) market through collaborations with major industry names such as Invesco, DWS, Itau, according to Canaccord’s assessment.

As an analyst, I’d rephrase it this way: I’ve identified a few positive factors that may boost Galaxy Digital’s growth. Firstly, Galaxy acted as the exclusive financial advisor for Robinhood’s acquisition of Bitstamp, demonstrating its investment banking capabilities in the crypto space. Secondly, Galaxy owns Helios, a mining facility in west Texas, which could gain value if energy-intensive AI companies continue to form partnerships with bitcoin miners, as we’ve seen with Core Scientific.