Cryptocurrency watch: Insider buying last week at Galaxy Digital Holdings
With Bitcoin and other cryptocurrencies ripping higher over the weekend, we thought it was interesting to see some recent insider buying at Galaxy Digital Holdings (GLXY). The stock traded between $2.02 and $2.30 last week to close at $2.12. Richard Tavoso bought 32,400 shares in the public market when the stock traded at the low point of that range.
Mr. Tavoso is a manager at the operating company Galaxy Digital Holdings LP. The public company GLXY has about a 23.1% exposure to the business of the LP as of March 31, 2019. We are tracking Galaxy Digital closely because it is one of the few, if not the only, public company vehicles in Canada that can provide some broad exposure to the cryptocurrency and blockchain space. In our June Top 20 Gold Report (available to Canadian Insider Club members, click here to join), we summarized the digital asset investments held by the LP as of March 31, 2019.
I first wrote about insider buying in GLXY on New Year's day. The stock has doubled since that time, but it has spent the last couple of months consolidating around current levels. With the latest rush higher in Bitcoin, perhaps it will soon try and break out of that range.
A version of this post first appeared on INKResearch.com.
Disclosure: I hold GLXY.