Galaxy Digital (GLXY) Jumps 11% as Bitcoin Seen to Hit $200K

We recently published 10 Stocks With 10-60% Upside. Galaxy Digital Ltd. (NASDAQ:GLXY) is one of the top performers on Monday.

Galaxy Digital rebounded on Monday, jumping 10.97 percent to finish at $34.29 apiece as investors mimicked the company’s optimism for Bitcoin hitting $200,000.

In an interview posted on YouTube, Galaxy Digital Ltd. (NASDAQ:GLXY) Chief Executive Officer Mike Novogratz said that he expects Bitcoin to crack past the $200,000 level if a more dovish Federal Reserve chairman gets appointed.

Galaxy Digital (GLXY) Jumps 11% as Bitcoin Seen to Hit $200K

Optimism was further supported by the company’s series of investments in digital assets, including in K Wave Media—a Korean cultural innovation and digital asset firm—which earlier announced plans to develop a tokenization platform for facilitating fractional ownership and automated royalty distribution for films, concerts, and other creative works.

According to K Wave, it secured a $1 million investment from Galaxy Digital Ltd. (NASDAQ:GLXY), funds of which will be used to transform how entertainment projects raise capital and how fans engage with their favorite stars and creative works. The platform will also accept Bitcoin as a means of payment and investment.

Aside from K Wave, Galaxy Digital Ltd. (NASDAQ:GLXY) also raised its stake in Solana to a total of $1.55 billion following the acquisition of $306 million worth of tokens in just one day.

While we acknowledge the risk and potential of GLXY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GLXY and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.