Galaxy Digital Stock Is Moving Higher Monday: What’s Going On?

Galaxy Digital Inc GLXY shares are hitting new highs on Monday after the company announced a strategic partnership with K Wave Media KWM to accelerate its Bitcoin BTC/USD treasury strategy.

What Happened: Galaxy will serve as an asset manager and strategic advisor to K Wave Media and invest in the company.

Galaxy will provide guidance on structuring and making Bitcoin purchase, risk management and long-term institutional-grade infrastructure.

The news comes after K Wave recently acquired 88 Bitcoin as part of its Bitcoin treasury strategy. The company is planning to “aggressively” scale its Bitcoin reserves. The company said it now has access to more than $1 billion in institutional capital to support its strategic plans.

“Corporate adoption of Bitcoin is evolving from theory to action, and K Wave Media is at the forefront of that shift. Their commitment to a Bitcoin-native treasury model reflects a growing movement among forward-looking public companies,” said Steve Kurz, global head of asset management at Galaxy.

Galaxy Digital shares also appear to be getting a boost on Monday after Piper Sandler analyst Patrick Moley maintained an Overweight rating and raised the price target from $34 to $36.

Galaxy has traded on the Toronto Stock Exchange and OTC markets since 2020. The company was uplisted to the Nasdaq in May.

Rosenblatt analyst Chris Brendler initiated coverage on Galaxy in June with a Buy rating and set a price target of $25. Canaccord Genuity maintained a Buy rating on Galaxy at the beginning of July with a price target of $33. Galaxy has a consensus target of $31.33, according to Benzinga analyst data.

GLXY Price Action: Galaxy Digital shares were up 15.2% at $31.25 at the time of publication Monday, according to Benzinga Pro.

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