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NEW YORK - Galaxy Digital Inc. (NASDAQ:GLXY) (TSX:GLXY), currently trading near its 52-week high of $32.98 and boasting a market capitalization of $11.9 billion, announced Friday it has executed one of the largest bitcoin transactions in cryptocurrency history, selling more than 80,000 bitcoin valued at over $9 billion for a client. The company’s stock has shown remarkable momentum, gaining over 67% year-to-date.
The transaction was conducted on behalf of what the company described as a "Satoshi-era investor" - referring to someone who invested during the earliest days of bitcoin following its creation by the pseudonymous Satoshi Nakamoto. According to the company’s press release statement, the sale was part of the investor’s estate planning strategy.
The transaction represents one of the most significant exits from the digital asset market by an early bitcoin investor. The 80,000 bitcoin sale is notable for both its size and the historical significance of the holdings, which date back to bitcoin’s earliest days.
Galaxy Digital, which describes itself as a digital assets and data center infrastructure company, provides institutional services including trading, advisory, asset management, and tokenization technology. The company also operates data centers supporting AI and high-performance computing.
The firm maintains headquarters in New York City with additional offices across North America, Europe, the Middle East, and Asia.
In other recent news, Galaxy Digital has been active with several significant developments. The company successfully closed its Galaxy Ventures Fund I, raising over $175 million, surpassing its original target of $150 million. This fund aims to invest in early-stage companies focusing on blockchain infrastructure and applications. Additionally, Galaxy Digital has formed a strategic partnership with K Wave Media to manage and advise on bitcoin treasury strategies, marking a notable step in expanding its asset management services.
In terms of analyst insights, Jefferies initiated coverage on Galaxy Digital with a Buy rating, citing the company’s potential to benefit from a favorable regulatory environment for cryptocurrency and the increasing demand for AI data centers. Piper Sandler also raised its price target for Galaxy Digital to $36 from $34, maintaining an Overweight rating and highlighting the firm’s dual advantage in cryptocurrency adoption and AI power demand. These recent developments underscore Galaxy Digital’s active role in the evolving cryptocurrency and AI sectors.
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