Key Takeaways
- • Citi upgraded Galaxy Digital (GLXY) to Buy from Neutral and raised its price target to $28 from $26, implying about 41% upside from Monday's close, according to Yahoo Finance.
- • Shares have fallen nearly 50% over the past year following a crypto market downturn that began with a wave of liquidations of highly leveraged digital asset positions in October 2025.
- • Citi analyst Peter Christiansen said digital assets enter earnings season with a stronger outlook than a few months ago, and the bank favors businesses tied to tokenization and market infrastructure.
- • Citi cites stronger-than-expected economics at Helios I and a possible Helios II tenant announcement within six months as catalysts for Galaxy's AI data center infrastructure business.
- • Galaxy is scheduled to publish its Q3 2026 earnings on October 27, 2026; 14 of 16 covering analysts rate the stock buy or strong buy, per LSEG data.
Summary
Citi has upgraded Galaxy Digital to Buy from Neutral and raised its price target to $28 from $26, arguing the crypto-exposed firm could recover alongside digital asset prices. The revised target implies roughly 41% upside from Monday's close, according to Yahoo Finance, and the shares rose about 3% in premarket trading.
The stock has dropped nearly 50% over the past year amid a crypto market downturn that followed a wave of liquidations of highly leveraged digital asset positions in October 2025. Citi analyst Peter Christiansen said digital assets are entering earnings season with a stronger outlook than they had a few months ago. The bank remains positive on companies tied to tokenization and market infrastructure, while maintaining its preference for AI-enabled infrastructure providers.
Citi expects firms such as Galaxy to benefit if investors place greater value on the infrastructure supporting stablecoins and other tokenized assets. Galaxy's AI data center operations are central to its transition toward an infrastructure business. Citi pointed to stronger-than-expected economics at Helios I and the prospect of a Helios II tenant announcement over the next six months as potential drivers of improved long-term earnings visibility. The bank also said progress toward clearer US crypto regulation could provide further support.
Sell-side sentiment is already favorable. According to LSEG data, 14 of the 16 analysts covering Galaxy rate the stock buy or strong buy, with the remaining two at hold. Galaxy will publish its Q3 2026 earnings on October 27, 2026.
The stock has dropped nearly 50% over the past year amid a crypto market downturn that followed a wave of liquidations of highly leveraged digital asset positions in October 2025. Citi analyst Peter Christiansen said digital assets are entering earnings season with a stronger outlook than they had a few months ago. The bank remains positive on companies tied to tokenization and market infrastructure, while maintaining its preference for AI-enabled infrastructure providers.
Citi expects firms such as Galaxy to benefit if investors place greater value on the infrastructure supporting stablecoins and other tokenized assets. Galaxy's AI data center operations are central to its transition toward an infrastructure business. Citi pointed to stronger-than-expected economics at Helios I and the prospect of a Helios II tenant announcement over the next six months as potential drivers of improved long-term earnings visibility. The bank also said progress toward clearer US crypto regulation could provide further support.
Sell-side sentiment is already favorable. According to LSEG data, 14 of the 16 analysts covering Galaxy rate the stock buy or strong buy, with the remaining two at hold. Galaxy will publish its Q3 2026 earnings on October 27, 2026.
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