Analysts were congratulating cryptocurrency merchant bank Galaxy Digital CEO Mike Novogratz March 28 after share performance rocketed.
Galaxy Among ‘Best Crypto-Related Performers’
Data from Bloomberg and other sources confirm something of a renaissance for Galaxy, which as recently as the end of last year had seen its fortunes decline dramatically.
At press time, GLXY was trading at around $2.50, a 4.6 percent rise on the day and increasingly towards its annual high of $3.18.
By contrast, November saw shares hit a low of just $0.89, part of the knock-on effect of the Bitcoin market downturn, which saw the cryptocurrency lose almost half its value during that month.
A short-lived bull run November 28 failed to restore sentiment immediately, Galaxy seeing further losses before an abrupt U-turn began this year.
Now, both the bank and CEO Novogratz are receiving admiration from analysts, who note the upturn in performance came directly after he increased his stake in the company to 80 percent.
Galaxy, they note, is one of…