Jefferies gives Galaxy Digital a 'buy' rating with a target price of $35

According to CoinDesk, Jefferies stated in its latest research report that Galaxy Digital (GLXY) is expected to gain more benefits with a favorable cryptocurrency regulatory environment. Jefferies cited the GENIUS Act passed in the United States as an example, believing that it provided a favorable market structure for Galaxy's business and gave the company a "buy" rating for the first time, with a target price of $35. The report also points out that Galaxy has the potential to benefit from the growing demand for artificial intelligence data centers by leasing CoreWeave's 393 megawatt data center in western Texas. Currently, about two-thirds of Galaxy's company value comes from its data center business. On Tuesday, GLXY's stock price closed up over 6% at $29.11, and rose another 3% before trading to $30.