Galaxy Digital slides after increased $1.15 bln exchangeable bonds sale

Galaxy Digital

28/10/2025 11:36

** Shares of digital assets and data center infrastructure firm Galaxy Digital GLXY.O down 9.9% at $36.54 premarket after capital raise news

** New York City-based GLXY announces pricing private offering of $1.15 bln 0.50% exchangeable notes due May 31, 2031

** Offering size boosted from $1 bln

** Initial exchange price set at $55.76, 37.5% above stock's last sale of $40.55 on Mon

** Co plans to use net offering proceeds to support growth, and for general corporate purposes, including repayment of its existing exchangeable notes due 2026

** GLXY has about $15.8 bln market cap, per LSEG data

** Stock ended up 1.8% on Mon, up ~37% over the past three months

** Founded by Mike Novogratz, GLXY began trading on the Toronto Stock Exchange in 2020 and made its Nasdaq debut in May of this year

** All 11 analysts covering GLXY are bullish; median PT of $61.69 up from $49.09 a month ago - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))