Summary
Galaxy Digital’s financial results show significant growth across all operating units due to improved crypto market conditions and anticipation of spot bitcoin ETF approvals. Stifel analyst recommends buying the stock with a price target of C$20. The company is expected to perform well in 2024 with strong market sentiment and potential for growth.
Key Points
1. Galaxy Digital’s financial results showed significant sequential growth across its three operating units, driven by improved crypto market conditions and anticipation of spot bitcoin ETF approvals.
2. Stifel Canada analyst Bill Papanastasiou has a buy rating on Galaxy Digital with a C$20 price target, citing strong performance in the current quarter and potential for new pools of capital with the ETF launch approvals.
3. Galaxy Digital is seen as a core holding for equity investors seeking exposure to the digital asset ecosystem, with strong performance expected for the full year 2024 following improved crypto market sentiment and other tailwinds such as SEC approval of spot bitcoin ETFs.