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Leading US bank Morgan Stanley is set to provide bitcoin exposure to its asset management clients. Galaxy Digital Holdings Ltd. (TSX:GLXY) is one of these wealth funds that will get access to this exclusive offer.
Stocks of Galaxy Digital jumped over 28 per cent on Wednesday, March 17, on the back of the above development. As of last month, the company held AUM worth US$ 1,051.9 million.
Meanwhile, Bitcoin gained over US$ 4,000 or 7+ per cent to US$ 58,856 per token in the wake of Morgan Stanley’s decision to embrace crypto assets. The digital gold’s price has risen over 102 per cent this year. It has a market cap of US$ 1.10 trillion.
Let us have a look at the rising Digital Galaxy’s stock performance:
Galaxy Digital Holdings Ltd. (TSX:GLXY)
The brokerage service provider’s share price soared to an all-time high of C$ 23.64 yesterday, and 1.5 million shares changed hands. It is up over a whopping 3295 per cent in one year, led by the crypto trading-boom amid lockdowns.
It has grown nearly 115 per cent year-to-date, outperforming the S&P/TSX Asset Management and Custody Banks Index that has risen 97.94 per cent in the same period.
The digital stock’s revival from its COVID-low of C$ 0.56 per share to the current stock price of C$ 23.43 is extraordinary. It represents a surge of ~4084 per cent.
Its market cap at the end of trading close on Wednesday stands at C$ 2.17 billion.
The New York-headquartered company holds almost 78 investments via 55 portfolios, including blockchain-based payments, institutional custody, cybersecurity and blockchain surveillance, retail consumer services platforms, advanced contract digitization services, etc.
Galaxy Digital's One-Year Stock Performance Chart. (Source: Refinitiv)
In the fourth quarter of 2020, the crypto asset firm recorded a comprehensive income of US$ 325 million, an eye-popping surge of 650 per cent quarter-over-quarter (QoQ).
Galaxy Digital Asset Management swelled almost 100 per cent in Q4 2020. The asset management segment launched its two crypto funds in February, namely the CI Galaxy Bitcoin ETF and Galaxy Ethereum Funds.
