Galaxy appoints Doug Deason to board of directors

NEW YORK - Galaxy Digital Inc. (NASDAQ:GLXY) (TSX:GLXY), a digital assets company with a market capitalization of $11.1 billion, announced Tuesday the appointment of Doug Deason as an independent director to its Board of Directors, effective immediately. According to InvestingPro data, the company’s stock has delivered an impressive 63% return year-to-date, reflecting strong investor confidence.

Deason, who serves as president of Deason Capital Services, will also join the firm’s Nominating and Corporate Governance Committee.

The digital assets and data center infrastructure company said Deason brings decades of experience across financial services, real estate, and public markets. He has led investment firm Deason Capital Services since 2011 and previously served as CEO of Precept Builders and Nasdaq-listed Precept Business Services.

"Doug combines entrepreneurial grit with a strategic understanding of how capital, policy and markets move," said Mike Novogratz, Founder and CEO of Galaxy, in the press release statement. The appointment comes as Galaxy Digital prepares for its next earnings release on August 13, with InvestingPro analysis showing analysts maintain a Strong Buy consensus on the stock.

Deason currently serves on several corporate boards including Great American Media (as Chairman), Ryan, LLC, and Park Cities Financial Group. He also holds civic and advisory roles with organizations including MD Anderson Cancer Center and the Texas Public Policy Foundation.

He chairs the Advisory Boards for both the Deason Institute for Cybersecurity and the Deason Center for Criminal Justice Reform at Southern Methodist University, where he serves on the Executive Board of the Bobby Lyle School of Engineering.

Galaxy Digital describes itself as a global leader in digital assets and data center infrastructure that delivers solutions in finance and artificial intelligence. The company is headquartered in New York City with offices across North America, Europe, the Middle East and Asia. Trading at $29.61, InvestingPro analysis indicates the stock is currently trading above its Fair Value, with over 15 additional ProTips available to subscribers, covering everything from profitability metrics to market performance indicators.

In other recent news, Galaxy Digital Inc. executed a landmark $9 billion bitcoin transaction for an early investor, marking one of the largest in cryptocurrency history. This sale was part of the investor’s estate planning strategy and involved over 80,000 bitcoin. Additionally, Galaxy Digital has caught the attention of investment firms, with Jefferies initiating coverage with a Buy rating, citing the company’s potential in cryptocurrency and AI sectors. Piper Sandler also adjusted its outlook, raising the price target for Galaxy Digital to $36 while maintaining an Overweight rating, highlighting the firm’s dual focus on cryptocurrency and AI-driven demand.

The company has also entered into a strategic partnership with K Wave Media, where Galaxy Digital will manage K Wave’s bitcoin strategy and make an investment in the media company. Furthermore, Galaxy Asset Management, an affiliate of Galaxy Digital, successfully closed its Galaxy Ventures Fund I, raising over $175 million, surpassing its initial target. The fund aims to invest in early-stage companies focused on blockchain infrastructure and applications. These developments indicate Galaxy Digital’s expanding influence in the cryptocurrency and blockchain sectors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.