The Globe and Mail reports in its Friday edition that
BTIG analyst Mark Palmer commenced coverage of
Galaxy Digital Holdings ($22.48) with a "buy" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Palmer set a share target of $31. Analysts on average target the shares at $40. Mr. Palmer says Galaxy is a "compelling play on increasing institutional adoption of digital assets." Mr. Palmer says in a note: "CEO Michael Novogratz and his team are building at GLXY a merchant bank, prime brokerage and advisory platform that, aided by its recognizable brand and strong industry relationships, appears poised to realize its potential as the 'Goldman Sachs of cryptocurrency banking.' We believe the company's pending acquisition of cryptocurrency-custody specialist BitGo (Private) announced last month -- a deal that would be the largest ever in the crypto industry at $1.2-billion in cash and stock -- would provide it with a key piece of infrastructure needed for it to become a potent, one-stop crypto shop for institutional investors." The Globe's guest columnist Michael Pe said on Jan. 19 that Galaxy was showing good price momentum. It was then worth $9.96.
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