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Investing.com - Piper Sandler has reiterated its Overweight rating and $36.00 price target on Galaxy Digital (NASDAQ:GLXY), following investor meetings with the company’s leadership team. The stock, currently trading at $34.27, has shown remarkable momentum with a 90.92% gain year-to-date, though InvestingPro analysis indicates the stock is currently trading near Fair Value levels.
The meetings included Galaxy Digital CEO Mike Novogratz, CFO Tony Paquette, and Head of IR Jonathan Goldowsky, according to Piper Sandler analyst Patrick Moley.
Piper Sandler noted that Galaxy Digital expects the CLARITY Act to pass before year-end, which should provide tailwinds to the company’s business and others in the digital asset space.
The firm also reported that Galaxy Digital is optimistic about receiving ERCOT approval for a portion of its pending 2.7 GW at Helios in the coming months, with plans to sign a new AI/HPC tenant within six months of approval.
Galaxy Digital is actively servicing Digital Asset Treasury companies, which are creating positive momentum across both its capital markets and asset management businesses, according to the research note.
In other recent news, Galaxy Digital Inc. has secured a $1.4 billion project financing facility to expand its Helios datacenter campus in West Texas. This development will support the retrofit and expansion of the campus to power artificial intelligence and high-performance computing operations in partnership with CoreWeave Inc. Additionally, Galaxy Digital has launched the first SEC-registered tokenized equity shares, partnering with Superstate to allow stockholders to tokenize and hold GLXY shares on a blockchain. In another strategic move, Soluna Holdings, Inc. has expanded its partnership with Galaxy Digital for a 48 MW deployment at Soluna’s Project Kati 1 in Texas, which is expected to be operational by Q1 2026. Galaxy Digital has also announced the appointment of Matt Friedrich as Chief Legal Officer, effective September 8, 2025. Friedrich will oversee global legal and compliance matters, reporting directly to CEO Mike Novogratz. In Korea, BDACS has selected Galaxy’s GK8 as its digital asset custody technology provider, enhancing its secure custody services. These recent developments highlight Galaxy Digital’s ongoing growth and strategic initiatives in the digital asset and technology sectors.
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