Citi Upgrades Galaxy Digital to Buy, Lifts Price Target to $28

Citi upgraded Galaxy Digital to buy from neutral Tuesday and raised its price target to $28 from $26 as cryptocurrency prices recover and efforts to achieve greater U.S. crypto regulatory clarity gain traction.

Galaxy shares have fallen nearly 52% over the past year. The decline followed cascading liquidations of leveraged digital-asset positions that triggered a crypto downturn in October 2025.

Galaxy’s artificial intelligence data center business could support the company’s shift toward infrastructure. Citi cited Helios I’s better-than-expected economics, increased conviction in Galaxy’s AI infrastructure plans and a potential Helios II tenant announcement within six months.

Citi said continued efforts to establish clearer U.S. crypto regulations could benefit Galaxy over time.

The rating change is broadly aligned with analyst sentiment. Of 16 analysts covering Galaxy Digital, 14 rate the stock buy or strong buy, while two have hold ratings.