Galaxy Digital Inc: BTIG cuts target price to $45 from $50

BTIG has revised its price target for Galaxy Digital Inc. (NASDAQ: GLXY) to $45 from $50, while maintaining a "Buy" rating. The adjustment reflects the firm's ongoing assessment of Galaxy Digital's exposure to AI infrastructure and digital assets, as well as its expanding product offerings and infrastructure developments. Galaxy Digital's existing colocation contract with CoreWeave is valued at approximately $14 per share, and the company has secured ERCOT approval for an additional 830 megawatts of gross capacity, with power expected to become available in 2028.

The stock currently trades at $18.87, significantly below its 52-week high of $46.41. Despite a 57% decline over the past six months, the stock has delivered a 43% return. Analysts highlight the company's potential to leverage its power infrastructure for stable cash flows, which can be redeployed to grow its data center business and digital asset platforms.

Galaxy Digital has also made strides in expanding its digital asset ecosystem, including the launch of its retail product GalaxyOne and the initiation of Solana staking. The company recently announced the initial closing of its debut tokenized collateralized loan obligation (CLO) on the Avalanche blockchain, with $75 million financed to date.

With a beta of 3.64, Galaxy Digital's stock remains highly volatile. The company is set to report earnings on April 21, offering further insight into its financial performance and strategic direction.