Galaxy Digital's stock is on the rise following Donald Trump's victory in the U.S. presidential election, with shares jumping 25% on election day. Trump's pro-crypto stance has fueled hopes for increased institutional adoption, according to a report by Benchmark analyst Mark Palmer. Palmer has raised his price target for Galaxy to 29 CAD per share, up from 19 CAD, as the stock currently trades around 23 CAD.

The election outcome also boosts Galaxy's efforts to list its stock on the Nasdaq, despite previous SEC hesitations. Trump's administration is expected to be more supportive of such moves. Galaxy's Helios data center in Texas is poised to benefit from rising demand in AI and high-performance computing, adding to the company's growth prospects.