Citi starts Galaxy Digital at Neutral amid ‘complexity’ from breadth

Citi analyst Peter Christiansen initiated coverage of Galaxy Digital (GLXY) with a Neutral rating and $25 price target The company’s breadth is a strategic strength but also creates complexity and “dampens torque” in fast-moving markets, the analyst tells investors in a research note. The stock may lag sharper, single-engine beneficiaries during periods when crypto markets rally on narrative catalysts rather than on sustained institutional flow or balance-sheet-driven intermediation, the firm added. Citi further states however that over time, as regulatory clarity translates into sustained institutional wallet share gains, deeper derivatives and structured product demand, Galaxy could potentially be better positioned relatively.