Citizens analyst Devin Ryan reiterated a bullish call on Galaxy Digital after the company launched an institutional OTC prediction markets desk, arguing the new business adds another growth channel to its expanding digital asset platform.

Ryan’s $55 price target implies about 75% upside from Galaxy’s recent trading level near $31.48. The rating keeps Citizens among the more bullish firms covering the stock, even as broader analyst expectations remain more conservative.

Galaxy launched the desk on June 2 through its Global Markets unit, offering institutions a way to execute large event driven trades through structured OTC transactions. The debut included a $10 million bilateral trade with crypto native hedge fund Arca tied to the CLARITY Act, a major US digital asset market structure bill.

The launch gives Galaxy a new foothold in a market that has been gaining institutional attention as investors look for ways to express views on regulation, elections, macro policy, and other real world outcomes.

Galaxy’s Nasdaq listing in 2025 was part of that same strategy. A US listing gave the company broader investor access and helped reposition it as more than a crypto trading business.

Citizens had previously initiated coverage with a $60 target in December 2025 before later trimming the target to $55. The June reiteration suggests Ryan sees the OTC desk as confirmation of Galaxy’s diversification strategy rather than a reason to raise estimates.