Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) shares are surging on Tuesday amid gains in the broader cryptocurrency market.

Investor sentiment improved after BTIG reiterated its Buy rating on the stock. The firm maintained a price target of $50, according to Benzinga Pro.

Bitcoin Reclaims Key Levels

The broader market is providing a massive tailwind. Bitcoin (CRYPTO: BTC) recently reclaimed the $74,000 level, trading near $75,236. The total crypto market cap has climbed 3.54% to $2.53 trillion. Ethereum (CRYPTO: ETH) also gained over 7% in the last 24 hours.

AI Infrastructure Ambitions

Galaxy is pivoting toward digital infrastructure. CEO Mike Novogratz recently highlighted the multi-hundred-billion-dollar potential of AI assets.

The company's Helios flagship data center in West Texas represents a projected $15 billion investment. “Demand for compute is not a cycle,” Novogratz stated in the annual report.

Short Interest Pressure

Data shows rising short interest for GLXY, increasing from 23.62 million to 25.74 million shares. With 15.35% of the float short, it would take over four days for bears to cover.

Technical Analysis

Galaxy Digital is sitting well above its April swing low and is now working back into the middle of its 52-week range, $16.43 to $45.92.

The stock is trading 19.8% above its 20-day simple moving average (SMA) and 1.2% above its 100-day SMA.

Even with the bounce, the stock is still trading 10.1% below its 200-day SMA, and the 50-day SMA remains below the 200-day SMA.

  • Key Resistance: $24.50
  • Key Support: $19.50

GLXY Stock Price Activity: Galaxy Digital shares were up 6.67% at $24.00 at the time of publication on Tuesday, according to Benzinga Pro data.

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