Citi sees 41% upside for Galaxy Digital as tokenized assets draw interest

Galaxy Digital could recover alongside crypto prices, according to Citi, which upgraded the stock to buy from neutral and increased its price target to $28 from $26.

The company’s shares have dropped nearly 50% over the past year amid a crypto market downturn that followed a wave of liquidations involving highly leveraged digital asset positions in October 2025.

Citi’s revised target of $28 suggests 41% upside from Monday’s close, according to Yahoo Finance. The stock surged about 3% in premarket trading today.

Citi analyst Peter Christiansen said digital assets were entering earnings season with a stronger outlook than a few months ago, prompting the bank to remain positive on businesses tied to tokenization and market infrastructure while maintaining its preference for AI-enabled infrastructure companies.

Citi expects companies such as Galaxy to benefit if investors increasingly value the infrastructure behind stablecoins and other tokenized assets.

Galaxy’s AI data center operations are central to its shift toward an infrastructure business, with Citi pointing to stronger-than-expected economics at Helios I and the prospect of a Helios II tenant announcement over the next six months as potential catalysts for improving long-term earnings visibility.

The bank added that progress toward clearer US crypto regulations could provide further support.

Wall Street analysts are already largely positive on the stock, with 14 of the 16 analysts covering Galaxy rating it buy or strong buy and the remaining two assigning hold ratings, according to LSEG data.

Galaxy Digital will publish its Q3 2026 earnings on October 27, 2026, based on updates to its investor relations portal.