Stifel Recommends Galaxy Digital as Core Holding for Digital Asset Investors

According to CoinDesk, investment bank Stifel has resumed coverage of Galaxy Digital with a buy rating and a price target of C$20. The bank suggests that the stock should be a core holding for equity investors seeking exposure to the digital asset ecosystem. Galaxy Digital, founded by Michael Novogratz, is a crypto financial services firm that closed 4.7% lower on Thursday at C$13.11. Analysts Bill Papanastasiou and Suthan Sukumar highlighted the company's asymmetric return profile, significant principle exposure to bitcoin (BTC) and ether (ETH), and diverse revenue-producing businesses across trading, investment banking, and asset management. They also noted Galaxy's long-term growth potential through its infrastructure solutions arm, which focuses on core technologies that power decentralized networks. The authors emphasized Galaxy's institutional-first approach and robust risk management practices, which have allowed it to emerge relatively unscathed from previous crypto implosions. Stifel identified several key catalysts for Galaxy Digital, including exchange-traded fund (ETF) net inflows, the development of GalaxyOne, and a potential Nasdaq listing.

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