Key Takeaways
- • Chardan Capital Markets has initiated coverage of Galaxy Digital (GLXY) with a buy rating, attributing approximately $25 per share to the digital asset segment and $35+ to the data center operations under a sum-of-the-parts valuation framework.
- • Galaxy Digital has expanded strategic investments and partnerships, including a $72 million investment in Canaan Inc. alongside Brevan Howard and Weiss Asset Management, positioning the firm as a major institutional player in crypto mining infrastructure.
- • Chardan has served as placement agent and strategic advisor on multiple institutional crypto-backed financings totaling over $770 million, including Eyenovia's $50 million PIPE for HYPE token acquisition, Lion Group's $600 million facility for decentralized finance infrastructure, and VivoPower's $121 million private placement.
- • Galaxy Digital launched consumer-facing digital asset trading through its GalaxyOne app, offering commission-free trading across 2,000+ stocks, ETFs, Bitcoin, Ethereum, and other major digital assets, bridging retail and institutional demand.
- • Galaxy Digital partnered with Superstate to enable tokenization of GLXY shares through the Opening Bell platform, allowing stockholders to instantly tokenize their equity holdings.
Summary
Chardan Capital Markets has initiated research coverage on Galaxy Digital (GLXY) with a buy-equivalent rating, establishing the digital asset and data center operator as a core holding recommendation for institutional investors. The valuation framework deployed by Chardan reflects a sum-of-the-parts methodology, ascribing approximately $25 per share to Galaxy Digital's digital asset operations and $35 or greater per share to its data center segment, underscoring the dual-revenue model that underpins the company's investment thesis in the institutional crypto space.
Galaxy Digital's strategic positioning in the digital asset ecosystem has been reinforced through major institutional capital commitments. Most notably, the firm co-led a $72 million straight equity investment into Canaan Inc., a bitcoin mining and high-performance computing infrastructure developer, alongside Brevan Howard's BH Digital division and Weiss Asset Management. This investment, executed through the purchase of American depositary shares with no derivative instruments attached, signals institutional confidence in Canaan's technology and disciplined growth strategy while expanding Galaxy Digital's exposure to mining infrastructure at scale.
Building on its institutional momentum, Chardan—operating as a strategic advisor and placement agent—has facilitated over $770 million in crypto-backed capital raises throughout the digital asset ecosystem. The firm acted as sole placement agent for Eyenovia Inc.'s $50 million PIPE financing to acquire over 1 million HYPE tokens on the Hyperliquid blockchain, positioning Eyenovia as a top validator and the first U.S.-listed public company to hold HYPE treasury. Chardan also structured Lion Group Holding's $600 million facility supporting strategic accumulation of HYPE, Solana (SOL), and Sui (SUI) as reserve assets, alongside VivoPower's $121 million private placement focused on XRP treasury strategy.
On the consumer-facing side, Galaxy Digital launched GalaxyOne, a commission-free retail trading application offering access to over 2,000 stocks and ETFs alongside major digital assets including Bitcoin and Ethereum. Concurrently, Galaxy Digital partnered with Superstate to launch tokenized GLXY shares through the Opening Bell platform, enabling shareholders to instantly convert equity holdings into blockchain-based tokens—a structural innovation reflecting the convergence of traditional equity markets and digital asset infrastructure. These initiatives collectively position Galaxy Digital at the intersection of institutional crypto finance, mining infrastructure investment, and retail digital asset accessibility.
Galaxy Digital's strategic positioning in the digital asset ecosystem has been reinforced through major institutional capital commitments. Most notably, the firm co-led a $72 million straight equity investment into Canaan Inc., a bitcoin mining and high-performance computing infrastructure developer, alongside Brevan Howard's BH Digital division and Weiss Asset Management. This investment, executed through the purchase of American depositary shares with no derivative instruments attached, signals institutional confidence in Canaan's technology and disciplined growth strategy while expanding Galaxy Digital's exposure to mining infrastructure at scale.
Building on its institutional momentum, Chardan—operating as a strategic advisor and placement agent—has facilitated over $770 million in crypto-backed capital raises throughout the digital asset ecosystem. The firm acted as sole placement agent for Eyenovia Inc.'s $50 million PIPE financing to acquire over 1 million HYPE tokens on the Hyperliquid blockchain, positioning Eyenovia as a top validator and the first U.S.-listed public company to hold HYPE treasury. Chardan also structured Lion Group Holding's $600 million facility supporting strategic accumulation of HYPE, Solana (SOL), and Sui (SUI) as reserve assets, alongside VivoPower's $121 million private placement focused on XRP treasury strategy.
On the consumer-facing side, Galaxy Digital launched GalaxyOne, a commission-free retail trading application offering access to over 2,000 stocks and ETFs alongside major digital assets including Bitcoin and Ethereum. Concurrently, Galaxy Digital partnered with Superstate to launch tokenized GLXY shares through the Opening Bell platform, enabling shareholders to instantly convert equity holdings into blockchain-based tokens—a structural innovation reflecting the convergence of traditional equity markets and digital asset infrastructure. These initiatives collectively position Galaxy Digital at the intersection of institutional crypto finance, mining infrastructure investment, and retail digital asset accessibility.
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