Galaxy Digital Inc. (Nasdaq: GLXY), the digital asset and infrastructure company led by Mike Novogratz, saw its shares climb sharply in recent trading, closing up 8.34% at $22.35 on March 13, 2026, amid a broader cryptocurrency market rebound and optimism around its expanding data center operations.

The stock opened at $21.61 and ranged between $21.51 and $22.39 during the session, with volume reaching 7,055,805 shares—above the average of about 6.4 million. After-hours trading saw a slight dip to $22.25. The gain followed a volatile period, with the shares trading around $20.63 the previous close and reflecting sensitivity to Bitcoin’s price movements and institutional crypto adoption trends.

Galaxy Digital, founded in 2018 and headquartered in New York, operates across digital assets trading, asset management, principal investments and increasingly data center infrastructure. The company’s Helios campus in Texas has become a key growth driver, with recent expansions positioning it to capitalize on demand for high-performance computing tied to artificial intelligence and blockchain.

On January 15, 2026, Galaxy announced ERCOT approval for an additional 830 megawatts of power at Helios, doubling the site’s total approved capacity to 1.6 gigawatts. The expansion supports hosting agreements, including a deal to deliver 133 megawatts of IT load to CoreWeave in the first half of 2026 under Phase I. CEO Mike Novogratz has described the convergence of Bitcoin and AI as “the single most important macro trend of 2026,” highlighting stable revenue streams from data center hosting as a hedge against crypto volatility.

The stock’s recent performance also ties to a significant corporate restructuring. On March 3, 2026, Galaxy announced it would voluntarily delist its Class A common stock from the Toronto Stock Exchange (TSX), where it previously traded under GLXY.TO. The delisting took effect at the close of markets on March 19, 2026, leaving Nasdaq as the sole listing venue. The move streamlines operations following the company’s 2025 reorganization and domestication as a Delaware-incorporated entity.

To support shareholder value amid the transition, the board approved a $200 million share repurchase program in early February 2026. The initiative signals confidence in the company’s fundamentals despite a challenging 2025, when Galaxy reported a net loss of $241 million—partly due to restructuring costs—and a steeper $482 million net loss in the fourth quarter alone, contributing to a share price drop of over 14% in early February.

Analysts remain largely bullish. Coverage initiations and updates in early 2026 included a new “buy” rating from Citizens with a $60 price target, while the average analyst target sits around $43-44, implying significant upside from current levels. Wall Street forecasts for 2026 earnings vary, with some projecting continued losses tied to market conditions, but optimism centers on revenue diversification.

Galaxy’s fourth-quarter and full-year 2025 results, released February 3, 2026, underscored the shift toward infrastructure. While trading and principal investments faced headwinds from crypto market fluctuations, data center revenue showed promise. The company highlighted progress in tokenized assets, including a landmark J.P. Morgan-arranged short-term bond issuance on the Solana blockchain in 2025, and ongoing efforts in crypto ETFs and institutional services.

Bitcoin’s performance has heavily influenced GLXY shares, given Galaxy’s exposure through trading desks, mining (via Helios) and asset management. The cryptocurrency’s rally in early 2026—pushing it toward new highs in some periods—lifted sentiment across crypto-related equities. Galaxy’s beta of 3.68 reflects its high volatility relative to broader markets, making it a leveraged play on digital assets.

The 52-week range for GLXY spans $8.20 (hit in April 2025) to $45.92 (October 2025), illustrating the stock’s sensitivity to crypto cycles. Market capitalization stands at approximately $8.73 billion, with a price-to-book ratio around 2.20 and a negative trailing P/E due to recent losses.

Novogratz has been vocal on regulatory and market developments. In interviews, he expressed skepticism about near-term passage of major U.S. crypto legislation like the CLARITY Act, warning that odds diminish without swift committee action in 2026. He also noted the end of crypto’s “age of speculation,” advocating for more mature, utility-driven growth.

Looking ahead, Galaxy’s May 12, 2026, earnings report is expected to provide updates on Q1 performance, with consensus EPS forecasts around -$0.28. Investors will watch for progress on Helios expansions, hosting revenue realization and any new partnerships in AI or tokenized finance.

The delisting from TSX and focus on Nasdaq aim to attract more U.S. institutional investors, aligning with Galaxy’s strategic pivot toward stable, high-margin infrastructure amid volatile trading conditions. As Bitcoin stabilizes and AI demand surges, Galaxy positions itself as a bridge between traditional finance, crypto and emerging tech.

For now, the March 13 surge underscores renewed investor enthusiasm, though the stock’s path will likely remain tied to broader crypto trends and execution on data center ambitions.

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Kevin Hassett, the veteran economist and current Director of the White House National Economic Council, has emerged as one of President Donald Trump’s most visible economic voices in 2026, frequently defending administration policies amid escalating global tensions and domestic debates over tariffs, spending and growth forecasts.

Hassett, 64, appeared on CBS’s “Face the Nation” on March 15, 2026, where he addressed the ongoing U.S. military conflict with Iran, now in its third week. He told host Margaret Brennan that the Pentagon estimates the operation would last four to six weeks, with forces “ahead of schedule” as of mid-March. On funding, Hassett said the war had cost approximately $12 billion so far—slightly higher than an earlier figure of $11.3 billion—and emphasized that existing resources suffice for now.

“Right now, we’ve got what we need,” Hassett stated, noting that any supplemental funding request would depend on assessments by Office of Management and Budget Director Russ Vought. He described rising oil prices triggered by the conflict as a “temporary shock,” predicting a swift resolution and a subsequent “big positive shock” to the global economy once hostilities end.

The comments drew immediate attention amid concerns over inflationary pressures from energy costs and the broader fiscal implications of military engagement. Hassett’s appearance followed a Fox News segment where he similarly downplayed long-term economic risks from the conflict, reinforcing the administration’s message of resilience.

Born March 20, 1962, Hassett has built a career blending academic rigor with high-level policy roles. He earned a bachelor’s degree from Swarthmore College and master’s and doctoral degrees in economics from the University of Pennsylvania. Early in his career, he served as a senior economist at the Federal Reserve Board of Governors in the 1990s and as an associate professor of economics and finance at Columbia University’s Graduate School of Business.

Hassett gained wider recognition as a senior fellow at the American Enterprise Institute, where he focused on tax policy, fiscal issues and economic modeling. He co-authored the 1999 book “Dow 36,000,” which controversially predicted a dramatic rise in stock market values based on lower risk premiums—a forecast that drew criticism when markets later corrected sharply.

Politically, Hassett advised Republican presidential campaigns, including those of George W. Bush in 2004, John McCain in 2008 and Mitt Romney in 2012. He joined the Hoover Institution at Stanford University as a distinguished fellow in 2019, following his first stint in the Trump administration.

During Trump’s first term, Hassett chaired the Council of Economic Advisers from 2017 to 2019, playing a key role in advocating for the 2017 Tax Cuts and Jobs Act. He argued the corporate rate reduction would boost investment, wages and growth—claims that remain debated among economists. He briefly returned to the White House in 2020 as a senior advisor coordinating the economic response to the COVID-19 pandemic.

After leaving government, Hassett held positions including vice president at The Lindsey Group, economic contributor at CNN, and senior advisor to Capital Matters at National Review. He also served as Global Director of Research for Affinity Partners, a Miami-based private equity firm.

President Trump tapped Hassett again in November 2024 to lead the National Economic Council in his second administration, a role he assumed on January 20, 2025. As NEC Director, Hassett coordinates domestic and international economic policy, serving as a close advisor to the president on trade, tariffs, monetary issues and fiscal strategy. He speaks with Trump daily, positioning him as a central figure in shaping the administration’s economic agenda.

In recent months, Hassett has been a vocal proponent of Trump’s tariff policies, dismissing Federal Reserve research suggesting consumers bear much of the cost. In a February 2026 briefing, he criticized New York Fed economists and called for “discipline” over their findings, sparking concerns about potential pressure on independent institutions.

Speculation peaked late in 2025 that Hassett might succeed Jerome Powell as Federal Reserve Chair when Powell’s term ends in May 2026. Prediction markets and reports frequently listed him as the frontrunner, given his alignment with Trump’s preference for lower interest rates and faster cuts. Hassett himself said he would cut rates aggressively if leading the Fed, citing data supporting easing.

However, in January 2026, Trump publicly expressed a desire to keep Hassett in his current White House role. “I actually want to keep you where you are,” Trump told him at a White House event, praising his performance. Trump ultimately nominated former Fed Governor Kevin Warsh for the Fed chair position, a choice Hassett endorsed as “a great choice” in subsequent interviews.

Hassett has remained optimistic about the U.S. economy’s trajectory. In a mid-March 2026 interview with Australian superfunds, he predicted growth exceeding 4% in 2026, driven by artificial intelligence productivity gains, lower corporate taxes for domestic manufacturers and industrial policy initiatives. He highlighted recent strong jobs reports, record labor force participation and declining federal employment shares as evidence of policy success.

Critics argue Hassett’s close alignment with Trump raises questions about institutional independence, particularly regarding the Fed and economic forecasting. Supporters praise his data-driven approach and loyalty to pro-growth policies.

As the Iran conflict continues and economic pressures mount from energy prices and global uncertainty, Hassett’s role positions him to shape responses on funding, inflation mitigation and recovery planning. His frequent media appearances underscore his status as a key defender of the administration’s economic narrative.

With the 2026 midterm elections approaching and debates over tariffs, spending and monetary policy intensifying, Hassett’s influence shows no signs of waning. Whether advocating for post-war economic rebounds or pushing domestic priorities, the economist remains a pivotal figure in Trump’s second-term White House.

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At Touchstone Investments, we recognize that not all mutual fund companies are created equal. Our commitment to being Distinctively Active means the employment of a fully integrated and rigorous process for identifying and partnering with asset managers who sub-advise our mutual funds and advocating a robust approach to portfolio construction that either uses standalone active strategies or serves as a complement to passive strategies. That is the power of Distinctively Active.

Touchstone Funds are offered nationally through intermediaries including broker-dealers, financial planners, registered investment advisors and institutions by Touchstone Securities, Inc. For more information please call 800.638.8194 or visit www.touchstoneinvestments.com

Specialties
Touchstone Investments helps investors achieve their financial goals by providing access to a distinctive selection of institutional asset managers who are known and respected for proficiency in their specific area of expertise.

Touchstone Securities Inc. is a registered broker-dealer and member FINRA and SIPC Note: This account is not managed or monitored by Touchstone Investments, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Touchstone Investments’s official channels.

Calamos Investments is a diversified global investment firm offering innovative investment strategies including U.S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco.  For more information, please visit www.calamos.com.