Jefferies Initiates Coverage on Galaxy with a 'Buy' Rating and Sets Target Price at $35

According to ChainCatcher, citing a Coindesk report, Jefferies has given Galaxy Digital (GLXY) a “Buy” rating for the first time in its latest research report, with a target price of $35.

The report notes that the GENIUS Act passed in the United States has improved the regulatory environment for cryptocurrencies, providing Galaxy with a favorable market structure. Galaxy is also expected to benefit from the growing demand for AI data centers by leasing a 393-megawatt data center in Texas. Currently, about two-thirds of the company’s value comes from its data center business. On Tuesday, GLXY closed up more than 6% at $29.11, and rose another 3% in pre-market trading to $30.