Cryptocurrency-related US stocks, including Galaxy Digital (GLXY), MARA Holdings (MARA), and GameStop (GME), are under pressure after recording significant losses yesterday.
GLXY, a Nasdaq-listed company, dropped more than 6% following its initial public offering announcement. Despite reporting record earnings due to a BTC surge, MARA declined nearly 10%. Meanwhile, GME fell over 10% after announcing the purchase of 4,710 BTC worth approximately $510.2 million, with the market showing little interest in this move.
Galaxy Digital (GLXY)
Galaxy Digital (GLXY), a Nasdaq-listed company, officially launched its initial public offering, issuing 29 million Class A common shares.
Of these, 24.15 million shares are directly provided by Galaxy, and 4.85 million shares come from existing shareholders.
The company plans to use the proceeds to acquire newly issued LP units from its operating subsidiary, Galaxy Digital Holdings LP. The funds will be used to expand AI and high-performance computing infrastructure at the Helios Data Center in West Texas.
Major investment banks including Goldman Sachs, Jefferies, and Morgan Stanley are leading this offering, awaiting full SEC approval before the shares are officially sold.
GLXY stock closed down 6.26% yesterday but showed a slight recovery, rising 1.08% in pre-market trading. Analysts' opinions are very optimistic. According to TradingView, all 9 analysts covering the stock rate it as a "strong buy", predicting a 35.95% upside potential with a target price of $27.71.
If the downward trend continues, the stock price could slide to the support level of $18.80. However, if a momentum change occurs, GLXY could test the resistance at $21.20, and a successful breakthrough could open the path to $23.42.
MARA Holdings (MARA)
MARA Holdings, the world's largest publicly listed BTC mining company, recorded its most profitable day on May 27th, reaching annual revenue of $752 million.
The company's focus on vertical integration and BTC financial expansion has strengthened its strategic position in the mining sector, as BTC surpasses $112,000.
The stock surged nearly 10% on May 27th but gave back those gains, falling 9.61% yesterday. However, it shows signs of recovery, rising 2.76% in pre-market trading.
If the correction continues, MARA could retest the support level at $14.77, with additional downside risk to $12.63. If an upward trend emerges, the stock price could again surpass $16.50, with resistance near $16.70.
According to TradingView, 13 analysts predict an average one-year upside of nearly 38%, with a target price of $20.50. Of the 17 analysts covering MARA, 7 rate it as a "strong buy", 9 as "hold", and 1 as a "strong sell".
GameStop Corporation (GME)
GameStop (GME) made headlines by purchasing 4,710 BTC worth approximately $510.2 million, becoming the 13th largest public BTC holder worldwide.
This move represents an important step in the company's digital asset transformation, building on its previous ventures into Non-Fungible Tokens and self-custody wallets.
However, the announcement did not have a positive impact on the stock, which fell 10.85% yesterday. This suggests the market has already factored in the decision from previous disclosures.
The company's limited communication about the acquisition has been criticized, with some demanding transparency similar to MicroStrategy's approach.
GME declined an additional 0.32% in pre-market trading. If the correction continues, the stock price could test the support level at $29.38. A persistent downward trend could potentially lower the price to $25.65 in the short term.
Despite the strategic shift to BTC, investor sentiment appears cautious, focusing more on price movements than long-term vision.
