BTIG analyst Mark Palmer reiterates a Buy rating on Galaxy Digital with a C$10 price target after the company announced it had won an auction to acquire GK8. The acquisition would represent a relatively inexpensive way for Galaxy add an in-house custody option without the extensive approval process that the BitGo deal required, Palmer tells investors in a research note. He believes the acquisition represents a means through which Galaxy "can fill a gap in its anticipated crypto prime brokerage platform, dubbed Galaxy Prime One, which it is planning to launch next year."
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