Galaxy Digital Stock Falls 7.6% as Firm Upsizes Exchangeable Debt Offering to $1.15B
28 October 2025

Mike Novogratz’s Galaxy Digital (GLXY) announced it is raising $1.15 billion through a private sale of exchangeable notes, increasing the size of the offering from the initially proposed $1 billion.

The company expects net proceeds of about $1.127 billion, or $1.274 billion if underwriters exercise the full $150 million greenshoe option, according to a statement. The notes carry an annual interest rate of 0.50% and will mature on May 1, 2031. They are exchangeable at an initial rate of 17.9352 shares per $1,000 principal amount, representing an exchange price of roughly $55.76 — a 37.5% premium to Galaxy’s closing share price on October 27.

Galaxy said the funds will be used to support growth across its core businesses and may also be deployed to repay its 2026 exchangeable notes. The new notes cannot be redeemed before November 6, 2028, but may become redeemable afterward if the company’s shares trade at least 130% above the exchange price for a sustained period.

The transaction remains subject to approval by the Toronto Stock Exchange, which is expected on October 30, 2025.

Shares of Galaxy Digital fell 7.6% in New York following the announcement, though they remain up 110% year to date, trading near $37.46.