Billionaire Mike Novogratz's Galaxy Digital (GLXY.TO) has new coverage at Canaccord Genuity, which initiated the stock with a buy rating at C$17 price target.

Galaxy “represents one of the most diversified ways to play digital assets," wrote analyst Joseph Vafi, whose price target suggests 30% upside from the current C$13.

Galaxy's institutional trading business is a "share gainer,” said Vafi, citing the upcoming launch of its crypto prime brokerage platform, Galaxy One. Combine that with the price gains surrounding the spot ETFs and the upcoming halving and trading should do well, according to Vafi.

With fourth quarter earnings soon to be announced, Vafi took note of crypto's strong performance during that period and expects to see an "appreciably higher" book value versus the third quarter.

The Invesco Galaxy Bitcoin ETF (BTCO) as of the end of last week had accumulated more than 6,000 bitcoins representing over $315 million in assets under management.

Shares are modestly lower to C$12.95 in Tuesday trade.