Galaxy Digital Inc (NASDAQ:GLXY) shares are surging on Friday. The stock is riding a wave of renewed optimism across the digital asset ecosystem.

The Nasdaq is up 1.38% while the S&P 500 has gained 1.40%.

Middle East Peace Fuels Risk-On Sentiment

The primary catalyst is a sector-wide crypto rally. Markets reacted to signs of progress toward a Middle East ceasefire. Iran's Foreign Minister Abbas Araghchi declared the Strait of Hormuz open to commercial vessels on Friday.

"In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open," Araghchi posted on X.

Crypto Prices Bounce On Geopolitical Relief

Bitcoin (CRYPTO: BTC) gained nearly 5% over 24 hours. It is currently trading near $77,989.

Ethereum (CRYPTO: ETH) followed suit, rising over 5.7%. This movement provided a strong tailwind for crypto-heavy names like Galaxy Digital.

Short Interest Creates Upward Pressure

Short interest in Galaxy Digital rose to 25.74 million shares. This represents 15.35% of the company's float. It would take over four days for short positions to cover at average volumes.

Upcoming Earnings

Investors are also looking ahead to the end of the month. Galaxy Digital will report first-quarter 2026 earnings on April 28.

Technical Analysis

Galaxy Digital is sitting in the middle of its 52-week range of $16.43 to $45.92.

The stock is trading 28.8% above its 20-day simple moving average (SMA) and 10.1% above its 100-day SMA.

Over the past 12 months, the stock has been up 15.13%. The key tension is the long-term trend filter: the stock is still 2.5% below its 200-day SMA.

  • Key Resistance: $30.50
  • Key Support: $22.50

GLXY Stock Price Activity: Galaxy Digital shares were up 9.54% at $26.76 at the time of publication on Friday, according to Benzinga Pro data.

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