Galaxy Digital Holdings Ltd. (GLXY), an asset management firm operating in the digital asset, cryptocurrency, and blockchain technology industry, has launched a decentralized finance (DeFi) index fund.
The Galaxy DeFi Index Fund is a passively managed fund that seeks to track the performance of the newly launched Bloomberg Galaxy DeFi Index. (See Galaxy Digital Holdings Ltd. stock charts on TipRanks)
The Bloomberg Galaxy DeFi Index is designed to measure the performance of the largest DeFi protocols by market capitalization. DeFi is a fast-growing sector in crypto that replicates financial functions such as borrowing, lending, and asset trading.
Steve Kurz, partner and head of asset management at Galaxy Digital said, “Galaxy continues to pioneer inroads for institutions seeking exposure to the innovation happening within the crypto ecosystem. The blockchain-based infrastructure behind DeFi is maturing at an accelerating rate and clear examples of how this new technology can disrupt financial services are emerging in real-time.
“Our unique DeFi Index Fund provides investors with institutional-grade exposure to the future of financial services.”
NZ Funds, a wealth management company that manages over $2 billion in New Zealand savings, is seeding the fund.
On August 17, BTIG analyst Mark Palmer maintained a Buy rating on GLXY with a price target of C$31.00. This implies 43% upside potential.
The rest of the Street is cautiously optimistic on GLXY with a Moderate Buy consensus rating based on one Buy and one Hold. The average Galaxy Digital Holdings price target of C$28.11 implies 29.7% upside potential to current levels. Shares have almost doubled in value year-to-date.
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