Enjoy the $5.00 plus move higher in Galaxy Digital (BRPHF)* $31.50, and then, let’s let the bliss of the moment go. Multiple positive articles and the ones below don’t even cover the outstanding fourth quarter linked here.
We don’t want to get too comfortable, however. Being a bit paranoid about what comes next is a healthy thing in the market. It keeps us looking forward.
Recent News headlines:
BRPHF Stock: The Bitcoin ETF News Sending Galaxy Digital Climbing
Here’s why BRPHF stock is on the move today.
By Chris MacDonald, InvestorPlace, Contributor Apr 12, 2021
Galaxy Digital Asset Management: March 2021 Month End AUM
Yahoo Finance, Mon, April 12, 2021
NEW YORK, April 12, 2021 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital”) announced that its affiliate,
Galaxy Digital Asset Management (“GDAM”) reported preliminary assets under management of $1,275.0 million as of March 31, 2021.
Novogratz’s Galaxy Digital Joins Growing List of Bitcoin ETF Contenders
While the SEC has yet to approve a Bitcoin ETF in the US, there are now eight high-profile firms seeking approval to launch one.
By Mathew Di Salvo April 12, 2021
Galaxy Digital Prepares for US Listing in 2021, Names New CFO
“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift,” said CEO Mike Novogratz.
CoinTelegraph, March 30, 2021 ,
LOTM COMMENT:
Galaxy Digital’s stock is very volatile. They are also a talent rich company. We believe Galaxy can be a core holding for long-term for exposure to Blockchain related activity.
- For one, nowhere else can you and I as modest investors have access to 60 private companies in various stages of development with Blockchain activity. In Q4 2020 Galaxy sold one of its venture positions and brought home, $125 million from the sale. This is Galaxy’s Venture Capital arm at work.
- Galaxy has an investment banking business. They will raise money for blockchain and crypto companies, public and private. Nice business in a hot and emerging industry. There will also be a high volume of Merger and Acquisitions in Blockchain industry for which Galaxy will be the investment banker.
- Galaxy manages crypto currency for others, like Morgan Stanley (MS) $80.18 and CI Financial Corp (CIXX) $15.47. Galaxy just filed in the US, for its own Crypto ETF as well.
- Galaxy has its own trading desk for trading equities and Crypto for its own account and client accounts.
This is the best vehicle to participate in Blockchain and crypto for the foreseeable future that we have found.
Unfortunately, some one, like a Goldman, JP Morgan or Morgan Stanley will likely buy out Galaxy Digital but that would be a good ending for investors in Galaxy when it happens.
Market Cap after today’s price pop is $2.9 Billion.
Enterprise Value is $2.57 Billion.
Share’s outstanding are about 93 million.
We would expect a pull-back after Monday’s move…but hey, it is a bit crazy out there. Anything is possible. We like this company long-term. We would be buyers on corrections.
Our biggest concern is, Will the Coinbase IPO on Wednesday be a high-water mark for Blockchain related companies? We will have to see.
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* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
Please refer to our web site for full disclosure at www.LivingOffTheMarket.com ZTA Capital Group, Inc.
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