Originally published on: November 08, 2024
Following Donald Trump’s win in the United States presidential election, Galaxy Digital’s stock is poised for further growth. An analyst report shared with Cointelegraph on Nov. 8 suggests that Trump’s victory sets the stage for increased institutional cryptocurrency adoption.
Galaxy shares surged by 25% on Nov. 5 after Trump’s election win, marking the firm’s most successful trading day of the year. The rally was driven by the anticipation of Trump’s pro-crypto stance and the potential for greater institutional adoption of digital assets.
According to Benchmark fintech analyst Mark Palmer, the price target for GLXY has been revised to 29 CAD per share, up from the previous estimate of 19 CAD. Currently trading around 23 CAD per share, Galaxy is positioned for further gains in the market.
Trump’s victory also bodes well for Galaxy’s plans to uplift its stock, GLXY, to the Nasdaq exchange. Despite the SEC’s previous hesitations toward cryptocurrencies, the report suggests that Galaxy’s Nasdaq listing is more likely to happen under the incoming Trump Administration.
Galaxy is gearing up to leverage the high-voltage power capacity at its Helios data center in Texas, with plans to expand and monetize the facility. As the demand for power from AI and HPC projects grows, Helios is expected to benefit significantly from this trend.
The US crypto market witnessed significant growth following Trump’s win, fueling hopes for a pro-crypto policy overhaul in the country. Galaxy’s CEO, Michael Novogratz, expressed confidence in the company’s operations and noted a surge in trading activities post-election day.
Trump’s promise to make the US the “crypto capital of the planet” and his policy proposals, such as establishing a Strategic Bitcoin Stockpile and a Crypto Presidential Advisory Council, have further fueled optimism in the cryptocurrency industry.
With the landscape of digital assets evolving rapidly, Galaxy Digital remains at the forefront of this transformative market. Stay updated on industry trends and investment opportunities by subscribing to our Markets Outlook newsletter for exclusive insights every Monday. Subscribe now to refine your trading strategies and maximize your returns.
