Galaxy Digital Investors’ Concerns About LUNA Exposure Are Overblown, Says BTIG

In its recent management discussion and analysis filing for the quarter ending March 31, Galaxy said the largest contributor in the quarter to its $355 million in net realized gains on its digital assets came from sales of LUNA. Galaxy had previously said in its fourth-quarter earnings release that it held $407.6 million worth of LUNA as of Dec. 31.