Crypto Adoption Is Coming ‘Slow And Steady,’ Research Report Says
by Murtuza Merchant, Benzinga Staff Writer, June 10, 2024 Full Story Linked here
EXCERPT of Benzinga Article: A new research report indicates a significant uptick in the mainstream adoption of digital assets, driven by recent regulatory advancements and strategic industry moves.
This shift towards mainstream acceptance is anticipated to benefit key players like Galaxy Digital Holdings (BRPHF), according to Canaccord Genuity.
According to the research firm, the approval of eight 19b-4 filings by the SEC in May to launch Ethereum
“This SEC move would not have been done if we weren’t on the path to ETH ETFs approvals,” the report notes, highlighting the growing institutional acceptance of cryptocurrency assets that is coming “slow and steady.”
This regulatory nod is seen as a precursor to further approvals, setting the stage for increased adoption.
Galaxy Digital Holdings is well-positioned to capitalize on this trend, thanks to its strategic partnerships with leading financial service providers such as Invesco, DWS, Itau and CI. – LOTM Note: Galaxy also added a fifth strategic partnership with State Street Global Advisors on June 26th. See link here State Street is the fourth largest asset manager globally, with $4.34 Trillion under management.
The company is expected to garner significant assets in the ETF space globally.
The report elevates Galaxy Digital Holdings’ price target from CA$17.00 to CA$23.00 (US$16.50), reflecting this positive outlook. Full Benzinga Story Linked here
Finance – CoinDesk
Galaxy Digital Should Be a ‘Core Holding’ for Digital Asset Investors – Stifel Canada Says
There are a number of key catalysts for the company, and these include ETF net inflows, the development of GalaxyOne and a potential Nasdaq listing, the report said. By Will Canny – Mar 15, 2024 Story at CoinDesk Linked here
- Stifel resumed coverage of Galaxy Digital with a buy rating and a price target of C$20.
- The investment bank says the stock should be a core holding for digital asset investors, highlighting a potential Nasdaq listing as a key catalyst.
Galaxy Digital (GLXY) should be a core holding for equity investors looking to gain exposure to the digital asset ecosystem, investment bank Stifel Canada said in a research report on Wednesday.
Stifel resumed coverage of Michael Novogratz’s crypto financial services firm with a buy rating and a price target of C$20. Galaxy closed 4.7% lower on Thursday at C$13.11.
“The company offers an asymmetric return profile with significant principle exposure to bitcoin (BTC) and ether (ETH); a diverse group of revenue-producing businesses across trading, investment banking and asset management; and longer-term outsized growth potential through its infrastructure solutions arms, which focuses on core technologies that power decentralized networks,” analysts Bill Papanastasiou and Suthan Sukumar wrote.
“Galaxy has always taken an institutional-first approach with robust risk management practices, making it one of the few centralized operators to emerge relatively unscathed following the crypto implosions in the previous cycle,” the authors wrote.
There are a number of key catalysts for the company, Stifel said, and these include exchange-traded fund (ETF) net inflows, the development of GalaxyOne and a potential Nasdaq listing.
Finance – CoinDesk
Galaxy Digital Is One of the ‘Most Diversified’ Ways to Play Crypto, Analyst Says
Investment bank Canaccord started research on the stock with a buy rating and C$17 per share price target, implying 30% upside.
By Lyllah Ledesma – Feb 20, 2024 at 9:47 a.m. CST – Updated Mar 8, 2024 at 3:48 p.m. CST
EXCERPT: Billionaire Mike Novogratz’s Galaxy Digital (GLXY.TO) has new coverage at Canaccord Genuity, which initiated the stock with a buy rating at C$17 price target.
Galaxy “represents one of the most diversified ways to play digital assets,” wrote analyst Joseph Vafi, whose price target suggests 30% upside from the current C$13.
Galaxy’s institutional trading business is a “share gainer,” said Vafi, citing the upcoming launch of its crypto prime brokerage platform, Galaxy One. Combine that with the price gains surrounding the spot ETFs and the upcoming halving and trading should do well, according to Vafi.
With fourth quarter earnings soon to be announced, Vafi took note of crypto’s strong performance during that period and expects to see an “appreciably higher” book value versus the third quarter.
The Invesco Galaxy Bitcoin ETF (BTCO) as of the end of last week had accumulated more than 6,000 bitcoins representing over $315 million in assets under management.
Shares are modestly lower to C$12.95 in Tuesday trade. Full story linked here at CoinDesk
LOTM: The five Digital Transformation ETFs all hold top ten positions in Galaxy Digital. It is our belief that as a “core holding” and “most diversified” way to own digital assets, Galaxy will find its way into many traditional ETFs over the next few years. This is a giant in the making. Look at who their partners are and you see a glimpse at that.
#galaxydigital #bitcoine #crypto #blockchain
Accounts Related to LOTM hold a position in Galaxy Digital.
LOTM Research & Consulting Service* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
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