GLXY stock soared 10% to a record high after the company reported strong financial results and increased optimism about its artificial intelligence business.
summary
- GLXY stock rose to an all-time high following the strong financial results announcement.
- The company's market revenue and assets under management soared.
- Technical analysis suggests that Galaxy stock has further upside potential.
Galaxy Digital has soared to a high of $44.3, an increase of 420% from its April lows. This growth has brought the company's market capitalization to over $15 billion.
GLXY stock soared after financial results showed the business was growing overall. Net income increased to $515 million and EBITDA increased to $629 million.
Galaxy's Global Markets business saw a 140% increase in digital asset trading volume, generating gross profit of $295 million. After the launch of GalaxyOne, this growth is likely to accelerate in the coming quarters.
GalaxyOne is a retail-focused platform offering high-yield accounts and commission-free stock and crypto trading solutions. Asset Management and Infrastructure Solutions generated $23 million in gross profit with $9 billion in assets under management. Its staking assets increased to $7 billion.
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Another major factor in the GLXY stock price surge is the company's continued pivot into the artificial intelligence industry. The company is currently building its Helios data center, which will deliver 133 MW of significant IT load in the first half of next year.
Galaxy has already secured $70 billion company Coreweave as a customer. CoreWeave includes top blue chip companies such as OpenAI and Microsoft. Additionally, Galaxy has already secured funding for the first phase of Helios.
The data center solutions company is gaining attention among investors after several blockbuster deals. For example, CoreWeave recently announced a $14 billion deal with Meta Platforms, and Nebius signed a $14 billion deal with Microsoft.
Top cryptocurrency companies offering similar services like Bitfarms, IREN and more, Cipher and Cipher continue to soar as investors look forward to big deals from AI companies.
GLXY Stock Price Technical Analysis
Galaxy Stock Chart |Source: TradingView
The daily chart shows that Galaxy's stock price has been on a strong upward trend over the past few months. Following the results, the stock soared from an April low of $8.30 to a record high of $45.90.
GLXY stock is trading above all moving averages, indicating that the bulls remain in control. The stock also invalidated the developing double top pattern at $44.25.
Technical analysis suggests that the stock has further upside potential, with ultimate resistance at the Murray Mathematical Line at $50. Above that level would indicate further upside and could reach the extreme overbought point at $62.5.
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