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Jefferies is optimistic about the prospects of Galaxy Digital and has issued a buy rating for the first time.
[Chain News] On July 23, it was reported that Jefferies stated in its latest research report that Galaxy Digital (GLXY), thanks to the favourable encryption currency regulatory environment, is expected to gain more favourable information. Jefferies took the U.S. passing the GENIUS Act as an example, believing that this provides a favourable market structure for Galaxy's business, and for the first time gave the company a "buy" rating with a target price of $35. The report also pointed out that Galaxy has the potential to benefit from the rise in demand for artificial intelligence data centers by leasing a 393-megawatt data center located in West Texas from CoreWeave. Currently, about two-thirds of Galaxy's company value comes from its data center business. On Tuesday, GLXY's stock price rose over 6%, closing at $29.11, and rose another 3% in pre-market to $30.