Galaxy Digital Inc. (NASDAQ:GLXY) shares are gaining Wednesday, rising in step with Bitcoin as the wider crypto sector trades higher.
- Galaxy Digital stock is among today’s top performers. Why are GLXY shares rallying?
Galaxy Digital Gains as Bitcoin Rises
Crypto stocks are rallying on a rising Bitcoin (CRYPTO: BTC), and Galaxy is among the gainers. Two pieces of news frame the day: exchanges are rolling out prediction markets, and a federal regulator has completed its stablecoin rule.
Galaxy sits close to Bitcoin trading. The company website says it trades the asset actively and supplies trading infrastructure. Its Galaxy Global Markets division runs a large institutional over-the-counter crypto desk with derivatives trading, which the website ranks among the industry’s biggest. The website also points to a $9 billion Bitcoin sale for an estate, which it calls historic.
Crypto Exchanges Rush Into Prediction Markets
Crypto trading platforms are increasingly expanding into prediction markets as they look for new sources of income during a prolonged slowdown in digital asset trading, the Financial Times reported. Blockchain.com recently filed for a U.S. license that would allow it to offer regulated event-based contracts, while Binance US is pursuing a similar approval process, according to a source familiar with the applications. Other major exchanges, including Coinbase, Crypto.com, and Gemini, have already entered the market.
The sector is seeing rapid growth in user activity. Combined trading volume on leading prediction platforms Polymarket and Kalshi climbed from roughly $17 billion at the start of the year to $72 billion by September, according to data from The Block, representing an increase of more than 300%. By contrast, spot cryptocurrency trading volumes declined by 18% during the same period.
OCC Finalizes GENIUS Act Stablecoin Rule
The Office of the Comptroller of the Currency (OCC) finished its GENIUS Act rule on Oct. 21. It spells out what entities under OCC jurisdiction must do to issue payment stablecoins and carry out related activities.
The OCC also reworked the weekly and quarterly reports it first put forward in June. The agency changed them after reading public comments and to match the final rule. Permitted payment stablecoin issuers, along with foreign issuers registered with the OCC, would complete the forms.
The OCC expects the forms to keep issuers in compliance, aid its supervision and give the public a clearer look at issuer finances. The public has 30 days from the notice’s Federal Register publication to comment.
Nothing takes effect until the Office of Management and Budget signs off. If it does, the weekly form starts with the Jan. 25, 2027, report date and the quarterly form with March 31, 2027.
GLXY Shares Are Soaring
GLXY Price Action: Galaxy shares were up 10.34% at $17.39 at the time of publication on Wednesday, according to Benzinga Pro.
Image: Postmodern Studio/Shutterstock.com
