Originally published on: November 08, 2024
The recent victory of Donald Trump in the US presidential election has sent Galaxy Digital’s stock soaring by 25%, with analysts predicting even more significant gains ahead. According to a report by Benchmark fintech analyst Mark Palmer, Trump’s pro-crypto stance and the potential for increased institutional adoption of cryptocurrency have set the stage for further growth in Galaxy’s stock.
Following Trump’s election win on November 5th, Galaxy experienced its biggest trading day of the year, driving its shares to new heights. Palmer has raised his price target for GLXY to 29 CAD per share, up from the previous estimate of 19 CAD, indicating a bullish outlook for the company.
Moreover, Galaxy’s plans to uplist its stock to the Nasdaq exchange are expected to move forward more smoothly under the upcoming Trump administration, as per the analyst’s report. The company’s flagship Helios data center in Texas is also poised for expansion and monetization due to the rising demand for power from AI and HPC projects.
The broader US crypto market has seen substantial gains in the wake of Trump’s win, with hopes for a crypto-friendly policy environment fueling investor optimism. Galaxy’s CEO, Michael Novogratz, emphasized the positive impact of Trump’s victory on the company’s operations, stating that it felt like an affirmation of their efforts thus far.
Trump’s campaign promises to establish the US as a crypto hub and a Bitcoin powerhouse have contributed to the market’s optimism, despite some uncertainties regarding policy directions. With the potential for increased institutional adoption and a supportive regulatory environment, Galaxy Digital appears well-positioned to capitalize on the evolving landscape of the crypto industry.
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