Galaxy Digital Holdings (NASDAQ:GLXY) shares surged on Friday, driven by a synchronized recovery across cryptocurrency markets and fresh momentum from a new lending partnership with Morgan Stanley Wealth Management.

Key Highlights

  • Galaxy Digital shares rallied as Bitcoin gained 2.30% to trade near $64,160.
  • Morgan Stanley Wealth Management and Galaxy Digital announced a new crypto lending referral capability on June 8.
  • The partnership cuts institutional onboarding times by as much as 75% for referred clients.
  • GLXY trades 17.4% above its 20-day moving average and 26% above its 200-day average.

Galaxy Digital Holdings (NASDAQ:GLXY) shares jumped on Friday as digital asset markets staged a broad recovery, with the move reinforced by continued momentum from the company's expansion into artificial intelligence data center infrastructure. The Nasdaq rose 0.87% and the S&P 500 gained 0.80% as part of a wider risk-on session.

The cryptocurrency market showed synchronized strength, with Bitcoin climbing 2.30% over 24 hours to trade near $64,160, supported by daily trading volume of $29.16 billion and a market capitalization around $1.28 trillion. Ethereum advanced 2.15% to reach approximately $1,682.70, backed by $11.40 billion in daily volume.

A key catalyst behind Friday's move was an announcement on June 8 from Morgan Stanley Wealth Management and Galaxy Digital introducing a new referral capability that allows eligible clients to lend cryptocurrency directly to Galaxy. In return, participating clients receive shares of spot crypto exchange-traded products, including the Morgan Stanley Bitcoin Trust.

The arrangement significantly streamlines institutional access to crypto lending. Traditional onboarding timelines for crypto-to-ETP transactions can exceed four weeks, but the new joint initiative cuts onboarding times by as much as 75% in some cases. Galaxy also lowered its lending transaction minimum from $25 million to $5 million for clients referred through the partnership.

Galaxy Digital Founder and CEO Michael Novogratz also said during a recent media appearance that the company expects its entire 1.6 gigawatt single-campus data center to be fully leased by July 4, or by the end of summer at the latest, underscoring the scale of Galaxy's AI infrastructure ambitions.

From a technical perspective, GLXY is extended to the upside relative to its key moving averages, trading 17.4% above its 20-day simple moving average of $29.54 and 28.3% above its 50-day average of $27.05. The stock also sits 26% above its 200-day average of $27.53, keeping the intermediate trend pointed higher even as shares approach a near-term decision zone. The moving average structure remains mixed but improving, with the 20-day above the 50-day, though the 50-day remains below the 200-day, a longer-term bearish holdover that could matter on any pullback.

Key resistance for GLXY sits near $34.50, while support is positioned around $29.50.