Brokerage firm Benchmark said in a research note on Tuesday that Galaxy Digital (GLXY) is expected to benefit from a recovery in the cryptocurrency market, improved sentiment towards digital assets among U.S. political leaders, and the potential for increased adoption of Bitcoin (BTC) and other cryptocurrencies.
Benchmark has a buy rating on the digital asset platform with a price target of C $19. On Monday, the stock closed up more than 6 percent at C $14.76. The company has a "solid balance sheet, liquidity of $1.50 billion, trading relationships with 1,161 counterparties, and backing over 100 different crypto assets," analyst Mark Palmer wrote.
Benchmark: Galaxy Digital may benefit from improved political sentiment towards cryptocurrencies in the United States
2024-06-04 12:57:27
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