Galaxy Digital shares rise 10.34% as Bitcoin and crypto stocks gain

Benzinga Pro showed Galaxy Digital shares gaining 10.34% to $17.39 at publication time on Wednesday. Bitcoin and the broader crypto sector also advanced. The gains came amid crypto exchanges expanding into prediction markets and a federal regulator completing a stablecoin rule.

Galaxy Digital's website says the company actively trades Bitcoin and provides trading infrastructure. The website describes Galaxy Global Markets as operating a large institutional over-the-counter crypto desk offering derivatives trading. The website ranks the desk among the largest in the industry. The website also highlights a $9 billion Bitcoin sale conducted for an estate.

The Financial Times reported that crypto trading platforms are expanding into prediction markets to find additional revenue during a prolonged slowdown in digital asset trading. A source familiar with the applications said Blockchain.com recently sought a U.S. license to offer regulated event-based contracts. The source said Binance US is seeking similar approval. Coinbase, Crypto.com and Gemini have already entered prediction markets.

The Block's data show combined trading volume at Polymarket and Kalshi increasing from roughly $17 billion at the year's start to $72 billion by September. The increase exceeded 300%. However, spot cryptocurrency trading volumes fell 18% over the same period.

The Office of the Comptroller of the Currency (OCC) completed its GENIUS Act rule on October 21. The rule sets requirements for entities within OCC jurisdiction that issue payment stablecoins or conduct related activities. The OCC also revised weekly and quarterly reporting forms initially proposed in June. The OCC made the revisions in response to public comments and to align the forms with the final rule. Permitted payment stablecoin issuers and foreign issuers registered with the OCC would submit the forms.

The OCC expects the forms to support issuer compliance, assist regulatory supervision and improve public visibility into issuers' finances. The public can submit comments for 30 days after the notice appears in the Federal Register. Implementation depends on approval from the Office of Management and Budget. If approval is granted, weekly reporting begins with the January 25, 2027, report date. Quarterly reporting would begin with the March 31, 2027, report date.