Galaxy Digital (GLXY) is well positioned to benefit from resurgent crypto markets, U.S. political leaders' improving sentiment towards digital assets, and the potential for increased adoption of bitcoin (BTC) and other cryptocurrencies, broker Benchmark said in a research report on Tuesday.
Improving political sentiment towards crypto, as evidenced by the bipartisan passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) last month, improves Galaxy's operating outlook in the U.S. but also increases the likelihood that the company will be able to list on Nasdaq, the report said.
The approval of 11 spot bitcoin exchange-traded funds (ETFs) in the U.S. in was another major boost for the company, the note said, and it will likely also see tailwinds from bitcoin price appreciation arising from the recent halving event and from increased institutional demand.
With institutional adoption of digital assets about to take off, 'Galaxy is positioned to secure a meaningful share of that market opportunity with GalaxyOne,' the prime brokerage business it launched last November, Palmer wrote.
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