Originally published on: November 08, 2024
Galaxy Digital is poised for significant gains following the 25% surge in its stock price after Donald Trump’s presidential election win on Nov. 5. An analyst report shared with Cointelegraph highlights the potential for increased institutional adoption of cryptocurrency, setting the stage for further growth.
According to Benchmark fintech analyst Mark Palmer, the stock price jump was a direct response to President-Elect Trump’s pro-crypto stance during his campaign. Palmer has revised his price target for GLXY to 29 CAD per share, up from the previous estimate of 19 CAD, indicating positive momentum in the market.
The favorable outcome of the US election also bodes well for Galaxy’s efforts to uplist its stock to the Nasdaq exchange. Despite regulatory challenges, the incoming Trump administration is expected to be more supportive of Galaxy’s listing aspirations, according to the report.
Additionally, Galaxy’s plans to expand and monetize its Helios data center in Texas are expected to drive further growth. The demand for power from AI and HPC projects presents a lucrative opportunity for Galaxy to capitalize on its high-voltage power capacity.
The surge in US crypto stocks following Trump’s victory signals a positive outlook for the industry, with hopes of a pro-crypto policy overhaul under the new administration. Galaxy’s CEO, Michael Novogratz, expressed optimism about the future, emphasizing the company’s commitment to advancing the crypto market.
With Trump’s vision to establish the US as a global crypto hub, Galaxy Digital is well-positioned to benefit from the evolving landscape of digital assets. Stay updated on market trends and investment opportunities by subscribing to our Markets Outlook newsletter for exclusive insights every Monday. Join us in navigating the dynamic world of cryptocurrency and blockchain technology.
