Professional Newswire Style (Reuters/Bloomberg tone)
Galaxy Digital Shares Drop 7.6% After Expanding Exchangeable Debt Sale to $1.15B
October 28, 2025
Galaxy Digital (GLXY), led by Mike Novogratz, is raising $1.15 billion through a private sale of exchangeable notes, increasing the size of the offering from the $1 billion announced earlier.
The company expects to receive net proceeds of about $1.127 billion, or $1.274 billion if the $150 million over-allotment option is fully exercised. The notes, due May 1, 2031, will bear 0.50% annual interest and are exchangeable at $55.76 per share, representing a 37.5% premium to Galaxy’s October 27 closing price.
Proceeds will go toward expanding Galaxy’s core business operations and may also be used to repay its 2026 exchangeable notes, the company said. The notes cannot be redeemed before November 6, 2028, and will only become redeemable if the share price exceeds 130% of the exchange price for a sustained period.
The offering remains subject to Toronto Stock Exchange approval, expected on October 30. Galaxy shares fell 7.6% to $37.46 in New York after the announcement, though they remain up 110% year to date.
