Canadian financial services firm Canaccord Genuity has initiated coverage of billionaire Mike Novogratz’s Galaxy Digital (GLXY.TO) with a buy rating and a price target of C$17, CoinDesk reported. Analyst Joseph Vafi said Galaxy is one of the most diverse ways to participate in the digital asset space, and its price target implies a 30% upside from the current price of 13 Canadian dollars. Vafi believes that Galaxy’s institutional trading business is a “share grower” and mentioned the upcoming cryptocurrency prime brokerage platform Galaxy One. Combined with the upcoming halving and trading performance, Vafi expects fourth-quarter earnings to be released and that the cryptocurrency’s strong performance during this period will see its book value rise “significantly” from the third quarter. As of the end of last week, the Invesco Galaxy Bitcoin ETF (BTCO) had accumulated more than 6,000 Bitcoins and its assets under management exceeded US$315 million. Shares fell slightly to C$12.95 in trading on Tuesday.