Benchmark: Galaxy Digital may benefit from improved political sentiment towards cryptocurrencies in the United States

According to a research report released on Tuesday by brokerage firm Benchmark, Galaxy Digital (GLXY) is expected to benefit from the recovery of the cryptocurrency market, improved sentiment towards digital assets by US political leaders, and the potential for increased adoption of Bitcoin (BTC) and other cryptocurrencies. Benchmark rates the digital asset platform as a buy with a target price of CAD 19. On Monday, the stock closed up over 6% at CAD 14.76. Analyst Mark Palmer wrote that the company has a "solid balance sheet, with liquidity of $1.5 billion, established trading relationships with 1,161 counterparties, and support for over 100 different crypto assets."