Galaxy Digital’s $9B Bitcoin Trade Ignites Wall Street Optimism
Galaxy Digital, led by billionaire investor Mike Novogratz, delivered a record-breaking third quarter that has caught the attention of Wall Street.
Galaxy’s Q3 results (Source: X)
The firm’s robust performance, partly driven by a massive $9 billion Bitcoin trade linked to a Satoshi-era wallet, has prompted several major brokers to boost their price targets on the stock.
Broker Cantor Fitzgerald highlighted the trade in a research report, noting that it was a key contributor to Galaxy’s standout results. The firm reaffirmed its overweight rating on Galaxy Digital shares and lifted its price target from $45 to $53, citing a stronger outlook for the company’s rapidly expanding data center business.
Brokers Lift Galaxy Digital Targets on Expanding AI and Crypto Growth
Following Cantor’s bullish stance, Canaccord Genuity also raised its target on Galaxy Digital to $50 from $34, maintaining a buy rating.
Analysts led by Joseph Vafi described Galaxy as “a solid diversified play across two of the most exciting growth sectors out there — crypto-related financial services and AI hosting.”
Benchmark joined the chorus of upgrades, boosting its price target to $57 from $40 while reaffirming a buy rating.
Analyst Mark Palmer said the firm’s revised valuation accounts for Galaxy’s multiple revenue drivers — including trading, lending, staking, asset management, and digital asset holdings — along with its fast-growing AI data center business.
Palmer called Benchmark’s valuation “conservative,” noting it only factors in the 800 megawatts (MW) of capacity already contracted to AI computing firm CoreWeave, leaving an additional 2.7 gigawatts (GW) still under regulatory review unaccounted for in the analysis.
Digital Asset and AI Infrastructure Synergy
Cantor’s report showed Galaxy’s “operating on all cylinders” performance, with its digital asset unit benefiting from renewed institutional engagement in the crypto ecosystem. The firm’s growing synergy between digital asset management and AI infrastructure appears to be a central driver behind the bullish outlook shared by multiple Wall Street analysts.
As Galaxy continues to diversify its operations across both crypto financial services and AI data centers, analysts expect the firm to be well-positioned to capture value in two of the fastest-growing sectors in global finance and technology.
