In November 2021, GLXY traded at a 6X forward sales basis and a 7.5X price-to-book ratio. Today it is at a 3X forward sales and a 1.5X price-to-book. A lot of the price differences can be explained by investor enthusiasm from 2021 vs. today. In late 2021, the price of bitcoin rose above its previous all-time high of $20K and hit $70K. Today it is at its previous all-time high of $70K, and so if bitcoin reaches above $70K, there is likely to be more investor enthusiasm as bitcoin reaches 'price discovery'.
GLXY has increased its share count over the past few years, so that does impact share price, but its fundamentals have improved and it is a much more robust company today. As the crypto ecosystem grows, we expect there to be increased investor appetite for crypto stocks like GLXY.