Galaxy Digital Launches Bloomberg Galaxy Solana Index

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Galaxy Digital Holdings (GLXY) announced Wednesday the launch of the Galaxy Solana Funds; passively managed funds that seek to track the performance of the new Bloomberg Galaxy Solana Index. Galaxy Digital is an asset management firm operating in the digital asset, cryptocurrency, and blockchain technology industry.

Expanding Crypto Capabilities for Customers 

The Galaxy Solana Funds are designed to provide institutional investors with access to returns based on Solana’s performance through simple and secure vehicles that take investors away from the complexity of investing directly in digital assets. The Bloomberg Galaxy Solana Index seeks to measure Solana’s performance. The digital asset benchmark is owned and administered by Bloomberg Index Services Limited, and is co-branded with Galaxy Fund Management. The index is available to Bloomberg clients on the Terminal via the SOL INDEX ticker.

Management Commentary 

“The crypto economy is on an exciting growth trajectory, and we’re meeting the opportunity by thoughtfully expanding our product suite to provide access to the institutional-grade portion of the digital asset class,” said Steve Kurz, Global Head of Asset Management at Galaxy Digital. “Solana has a compelling use case, a strong technological foundation, and is of increasing interest to crypto investors.”

Wall Street’s Take 

On November 20, BMO Capital analyst Deepak Kaushal maintained a Buy rating on GLXY and raised its price target to C$44 (from C$43). This implies 102.5% upside potential. The rest of the Street is cautiously optimistic on GLXY with a Moderate Buy consensus rating based on two Buys and one Hold. The average Galaxy Digital Holdings price target of C$41.38 implies 90.4% upside potential to current levels.
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