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Some new details about Galaxy Digital, ticker GLXY, current and future operations
Over the past week I gleaned some new information about Galaxy Digital and the GLXY stock. I read some articles, watched some YouTube videos, and listened to a few podcasts. Each one of those interviews with Mike Novogratz gave me some new insight into the company operations and future plans.
Galaxy Digital Getting Into Retail?
I think the most interesting piece of information that I learned is that Galaxy Digital wants to get into the retail side of crypto. Retail meaning you and I, the individual. Right now Galaxy Digital focuses on corporate clients, family offices, and the big money. However, the individual investor is also throwing lots of money into crypto and Galaxy has missed out on that over the years.
According to Mike Novogratz on the Odd Lots podcast, he admits to screwing up with retail. He says that he should of included a retail side of the business from the start. And it looks like he wants to correct that now. He said that he would like to, “Build or buy a retail outlet.”
Galaxy Digital is already well diversified and involved in many aspects of the crypto markets. But this would complete things. They truly are building the next JP Morgan, or Goldman, type of investment bank. They are involved in all sorts of businesses and serve a large variety of clients. I am not sure anyone else actually is servicing as many types of clients, or offering as many financial services, as they are. Especially if they go ahead and add retail offerings to the company operations.
I am really excited for them to have some sort of retail exposure. If they can do it right, there is a lot of potential. Some companies that they could potentially purchase would be wallets like Exodus, or exchanges like ShapeShift. Those are not too big but have solid foundations. I don’t even know if those companies are for sale. I am just saying there are many paths into the retail side of crypto.
New Details About Galaxy Mining Operations
Mike Novogratz has now launched his own podcast. While listening to the first few episodes with his head of mining, Amanda Fabiano, I got some new details about their mining operations.
Some of the highlights from the episode are:
- Galaxy Digital is launching what they call MiFi, or mining financing for other companies.
- They are doing their own mining operations.
- They are creating derivatives, options, for mining companies.
- So far they have held discussion with approximately 55 other mining companies.
GLXY Crypto Holdings
On the Alpha Trader podast. Mike talked about holdings on Galaxy’s balance sheet. He basically said the mix was 70% Bitcoin, 25% Ethereum, and 5% DeFi tokens. It is good to hear that Ethereum is at least 25% of the holdings. I would like to see it even higher, like 30%. But it is great that they have a more diversified balance sheet, as opposed to the bitcoin only maximalists. Of course, it is not a surprise that ETH makes up a good portion of the holdings. Mike’s roomate from back in the day is Joseph Lubin, one of Ethereum’s largest contributors and adopters.
GLXY Price Action and Outlook
GLXY and BRPHF have been having a great year. Galaxy Digital is up nicely for gains and remains bullish. Again, a reminder, those are the same stock. One is the US ticker and one is the TSX ticker.
Once again, I am not an expert. I am no different than anyone else out there. I have shared my GLXY price predictions many times on this website, my old targets have all been hit. If I was asked though for my personal thoughts on where GLXY price could go, then here is my outlook.
- In 2021 GLXY stock price could possibly go as high as $50 CAD.
- GLXY stock in the future could go as high as $150 CAD or more.
How do I reach those price conclusions? My thinking is pretty simple:
- Galaxy Digital has a first mover advantage.
- GLXY is well diversified and rapidly growing.
- The stock is still not on most radars, and lacks coverage.
- GLXY has yet to uplist on a US exchange. It currently is still an OTC stock under the BRPHF ticker. Uplisting will move this stock.
- My belief that crypto will keep growing and adoption will grow exponentially in the coming years.
- The CEO has the knowledge, experience, and network to be at the top of this new sector.
So there you have my latest Galaxy Digital update. As you know this is my favorite stock and one of my largest positions. There is always the risk of a crypto pullback, which of course would affect the stock price. But I have been in this stock since 2019 and am holding long.
What do you think about Galaxy Digital? Where do you think the price could go and why? Leave a comment if you want.
As always, nothing is advice. I am not a professional. This is my own opinion, do your own research.
Great write up! This one has done wonders for me and I just get more and more optimistic!
Glad to hear it. Hopefully Galaxy uplists and becomes a leading crypto sector stock.
I do agree. Galaxy has massive potential. I will continue to invest. Please keep sharing your thoughts on Galaxy, and thank you so much for your great insights.
This should make us Galaxy Digital holders happy:
As expected, some outstanding numbers.
“The Company expects to report Comprehensive Income1 for the quarter ended December 31, 2020 to exceed $325 million, representing a sequential quarter-over-quarter increase of over 650%.”
They will apparently announce it at the end of March.
Yes, waiting on the full release and really can’t wait to see Q1 of this year!