Galaxy Digital arranges buyback program for up to $200M

Executive Summary

• Galaxy Digital Inc. has announced a new share repurchase program authorized by its board of directors, allowing for the purchase of up to $200 million of its Class A common stock.
• The program is designed to return capital to shareholders when the stock does not reflect the business's value, with a term of 12 months.
• Repurchases may be executed through open market purchases, privately negotiated transactions, or Rule 10b5-1 trading plans, subject to regulatory and exchange approvals.

Key Details

• Authorization Amount: Up to $200 million of Galaxy Digital Inc.'s Class A common stock.
• Duration: The program has a term of 12 months.
• Discretion: The company is not obligated to acquire any specific amount of stock; the program may be suspended or discontinued at any time.
• Execution Methods:
  • Open market purchases.
  • Privately negotiated transactions.
  • Other means, including Rule 10b5-1 trading plans.
• Regulatory Constraints:
  • Repurchases via the Toronto Stock Exchange (TSX) require a normal course issuer bid application and approval.
  • Purchases on Nasdaq facilities will not exceed 5% of the common stock issued and outstanding at the commencement of the program.
• Pricing: Purchases will be made at prevailing market prices or other prices permitted under applicable laws and exchange requirements.
• Factors Influencing Repurchases: Timing and total amount depend on business, economic, and market conditions, corporate/legal/regulatory requirements, prevailing stock prices, and other considerations.

Notable Quotes

• "We are entering 2026 from a position of strength, with a strong balance sheet and continued investment in Galaxy's growth... That foundation gives us the flexibility to return capital to shareholders when we believe our stock doesn't reflect the value of the business. The share repurchase program also underscores our confidence in Galaxy's long-term prospects." — Mike Novogratz, Founder and CEO