Galaxy Digital Holdings (GLXY) announced Thursday a one-of-a-kind partnership with global media brand TIME.
Galaxy Digital is an asset management firm operating in the digital asset, cryptocurrency, and blockchain technology industry. (See Analysts’ Top Stocks on TipRanks)
Launch of TIME100 Companies Metaverse Category
As part of the Galaxy-TIME partnership, a new TIME100 Companies Metaverse category will be launched, featuring entrepreneurs who are building a more immersive virtual future.
Registration for TIME100 Companies: Metaverse will be open from November 18 until December 31.
Educating Readers About The Metaverse
The Galaxy-TIME partnership will include a new weekly TIME newsletter, Into the Metaverse, written by Andrew Chow. TIME will host additional educational resources on the metaverse through its new TIME for Learning page, scheduled to launch in December as part of the partnership.
CEO Commentary
Galaxy Digital CEO and founder Mike Novogratz said, “Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish.
“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”
Galaxy Digital has funded this partnership with Ethereum (ETH), marking the first time a major media organization has accepted ETH as a payment method. In addition, TIME Magazine will keep ETH on its balance sheet for the first time.
Wall Street’s Take
On November 15, BTIG analyst Mark Palmer maintained a Buy rating on GLXY and raised its price target to C$48 (from C$31). This implies 29% upside potential.
Palmer said Galaxy Digital released a “strong” report in the third quarter that demonstrated the company’s position as a beneficiary of the continued adoption of digital assets, especially by institutions, in both its principal investment portfolio and its fee-based businesses.
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$44.60 implies 30.5% upside potential to current levels.
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