Shares of digital asset financial services firm Galaxy Digital Inc (NASDAQ:GLXY) are trading higher on Wednesday, continuing a rally sparked by news earlier in the week. The momentum follows Monday’s announcement of a strategic partnership and bullish analyst reports.
What To Know: On Monday, Galaxy revealed a partnership with K Wave Media to accelerate the latter’s Bitcoin (CRYPTO: BTC) treasury strategy. Galaxy will act as an asset manager and strategic advisor as K Wave, which has access to over $1 billion in institutional capital, scales its corporate Bitcoin reserves.
Adding to the positive sentiment, analysts at Piper Sandler on Monday maintained an Overweight rating on Galaxy and increased its price target from $34 to $36. The valuation highlighted the potential of Galaxy’s Helios data center in Texas. Earlier Wednesday, Jefferies initiated coverage on the stock with a Buy rating and announced a price target of $35.
The report noted that if the company secures full approval for its planned 2.5 gigawatts of power capacity at the site, the stock could be worth as much as $43 per share.
The combination of a high-profile operational partnership and analyst commentary spotlighting upside potential in its infrastructure assets continues to fuel investor interest in the company’s shares.
GLXY Price Action: According to data from Benzinga Pro, Galaxy shares are trading higher by 6.70% to $31.06 on Wednesday at publication. The stock has a 52-week high of $31.75 and a 52-week low of $17.40.
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How To Buy GLXY Stock
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, Galaxy Digital is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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