Why Voyager and Galaxy Digital Stock Tumbled up to 16% on Monday

Galaxy (TSX:GLXY) stock and Voyager (TSX:VOYG) stock continue to jump up and down, as investors remain unclear of whether today is an opportunity or not.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

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Published January 24, 2022 12:15 pm EST

| More on: GLXY

Voyager Digital (TSX:VOYG) and Galaxy Digital Holdings (TSX:GLXY) both saw shares tumble on Monday. Voyager stock fell up to 16% in early trading, and Galaxy stock fell up to 10% as of writing.

crypto blockchain — Image source: Getty Images

What happened?

Both Galaxy stock and Voyager stock have been affected by the recent market selloff in the tech and cryptocurrency sector. However, neither have come out with any news that warrants the major selloff. Instead, the companies have been bouncing up and down, as investors decide what to do with them.

Shares of Voyager stock and Galaxy stock both bounced up about 10% last week, only to lose steam this week. It seems those interested in the cryptocurrency sector look to these companies first, causing the fluctuation in share price.

So what?

This causes a pretty volatile situation for investors wanting in long term. But if you’re wanting in on cryptocurrency stocks, there’s a reason why investors seem to gravitate towards Voyager stock and Galaxy stock. Both are digital currency asset managers. They have their hands in a diverse range of crypto-related business ventures. This gives multiple ways to make cash.

Both invest directly in cryptocurrency, but Galaxy stock also provides start-up cash for blockchain technology companies and miners. Further, Voyager stock is a brokerage firm, with a platform for users to buy and sell 35 different cryptocurrencies, including its own cryptocurrency.

Now what?

Either one of these options could be good if you’re looking to get in on cryptocurrency before we hit a market bottom. And as most analysts recommend, you should not wait for a market bottom. Voyager stock and Galaxy stock continue to be in a volatile situation. But if you have some room for a bit of risk in your portfolio, then these could be solid long-term options.

That being said, always talk to your financial advisor and make sure you have a solid portfolio should these companies go south even further. Do your own research to keep your portfolio goals in check.