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Seeking Alpha 2021-06-10 17:48:41

Galaxy Digital gets Buy rating at BTIG on potential to become "Goldman of crypto'

BTIG analyst Mark Palmer initiates coverage of Galaxy Digital Holdings Ltd. ([[BRPHF]] +0.0%) with a Buy rating as Galaxy CEO Michael Novogratz appears poised "to realize its potential as the 'Goldman Sachs of cryptocurrency banking."The company is building a merchant bank, prime brokerage, and advisory platform for crypto banking."We believe the company's pending acquisition of cryptocurrency-custody specialist BitGo announced last month — a deal that would be the largest ever in the crypto industry at ~$1.2B in cash and stock — would provide it with a key piece of infrastructure needed for it to become a potent, one-stop crypto shop for institutional investors," Palmer writes in a note to clients.The company trades under the "GLXY" ticker symbol in Canada.BRPHF gains 1.1% in midafternoon trading.Bitcoin (BTC-USD) slips 04% over the past 24 hours to ~$36.4K, ether (ETH-USD) is down 5.4% to $2,453, and Binance Coin (BNB-USD) falls 6.3% to $349.90.Earlier today, cryptocurrencies rose as the Basel Committee on

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