Nvidia among investors in xAI’s $20 bln capital raise- Bloomberg
Galaxy Digital Inc. stock reached a significant milestone, hitting a 52-week high of 35.86 USD. The company, now valued at $12.8 billion, shows characteristic high volatility with a beta of 3.89, according to InvestingPro data. This marks a notable achievement for the company, reflecting a robust performance over the past year. The stock has experienced an impressive 1-year change of 191.1%, underscoring strong investor confidence and growth in the company’s market position. With a current ratio of 1.34 and annual revenue of $3.2 billion, the company maintains a solid financial foundation despite its high price-to-book ratio of 6.93. This surge in stock price aligns with the broader positive trends in the digital asset and cryptocurrency sectors, where Galaxy Digital continues to expand its influence and operations. The company’s strategic initiatives and market developments have evidently resonated well with investors, propelling its stock to new heights. InvestingPro analysis suggests the stock is currently slightly undervalued, with 10+ additional ProTips available to subscribers.
In other recent news, Galaxy Digital has secured a substantial $1.4 billion project financing facility to develop its Helios datacenter campus in West Texas. This financing will aid in the retrofit and expansion of the campus to support artificial intelligence and high-performance computing operations in collaboration with CoreWeave Inc. Additionally, Galaxy Digital has launched the first SEC-registered tokenized equity shares in partnership with Superstate, allowing stockholders to tokenize and hold shares on a blockchain. This innovative move marks the first time a public company has tokenized its SEC-registered equity directly on a major blockchain.
In another development, Piper Sandler has raised its price target for Galaxy Digital to $42.00 from $36.00, maintaining an Overweight rating on the stock. This adjustment follows an updated analysis that factors in the company’s mining expansion. Piper Sandler had previously reiterated its Overweight rating and $36.00 price target after meetings with Galaxy Digital’s leadership team. Furthermore, GK8, a Galaxy company, has been selected by Korean custodian BDACS as its digital asset technology provider. This partnership will enable BDACS to offer secure and compliant custody services to Korean institutions.
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