Jefferies is optimistic about Galaxy, initiating a "Buy" rating with a target price of $35

ChainCatcher news, according to Coindesk, Jefferies has given Galaxy Digital (GLXY) a "Buy" rating for the first time in its latest research report, with a target price of $35.

The report points out that the U.S. has improved the crypto regulatory environment through the GENIUS Act, providing a favorable market structure for Galaxy. Galaxy is also expected to benefit from the growing demand for AI data centers by leasing a 393-megawatt data center located in Texas. Currently, about two-thirds of its company value comes from the data center business. On Tuesday, GLXY closed up over 6% at $29.11, and rose another 3% in pre-market trading to $30.