Galaxy Digital stock slides despite Benchmark initiating at Buy

Galaxy Digital (OTCPK:BRPHF) shares dipped as much as 9% in Tuesday morning trading, even after Benchmark analyst Michael Legg started coverage of the cryptocurrency asset manager with a Buy rating. Bear in mind that BRPHF's intraday slump comes on the heels of a hotter-than-expected inflation report, sending risk assets to negative territory, including major cryptos such as bitcoin (BTC-USD) -4.8% and ethereum (ETH-USD) -7.2%.Meanwhile, Legg pointed out that Mike Novogratz's Galaxy Digital (OTCPK:BRPHF), in the wake of a crypto bear market, has a strong balance sheet as well as a first mover advantage as a sector specific financial platform, noting its hundreds of venture investments that provide a competitive advantage over both new and traditional competition. The company is "aiming to be the 'Goldman Sachs' of digital assets," said Legg, who expects the broader digital asset industry to grow at 20% annually "as the use cases for digital assets, including DeFi, NFTs and payments proliferate."Over the past year, BRPHF (-70%), as is the case for a slew of crypto-related stocks, has gotten beaten down more than bitcoin (BTC-USD) (-53%) and ether (ETH-USD) (-51%), as seen in this chart. In mid-August, Galaxy Digital ends agreement to acquire BitGo.