Galaxy Digital unveils $200M buyback amid crypto slump

Galaxy Digital approved a $200M share buyback over 12 months, signaling confidence in its long-term outlook despite recent declines in crypto-linked stocks.

Galaxy Digital has announced a share repurchase program of up to $200 million in Class A common shares, to be executed over the next 12 months. The buyback may occur through open market purchases, privately negotiated transactions, or other approved methods, subject to market conditions and regulatory approvals. Notably, buybacks on the Toronto Stock Exchange require regulatory clearance, while Nasdaq purchases are capped at 5% of outstanding shares at the program’s start. This initiative offers Galaxy Digital flexibility, allowing the company to suspend or discontinue repurchases at any time. The move comes as crypto-linked stocks have faced declines, and is widely interpreted as a sign of confidence in Galaxy Digital’s long-term strategy and financial stability. Following the announcement, Galaxy Digital’s stock price surged. However, technical indicators suggest the stock remains in a bearish trend and is currently oversold.