Galaxy Digital shares jump 18% after company approves $200 million buyback
CoinDesk
Galaxy Digital shares surged 18% after the company authorized a $200 million share repurchase program over the next year.Summary
Galaxy Digital (GLXY) shares increased by 18% to $19.90 after the company approved a $200 million share repurchase program, allowing it to buy back Class A common stock over the next 12 months. The buybacks can occur via open market or private transactions, though Galaxy retains the right to suspend the program. CEO Mike Novogratz stated the move signals confidence in the firm's strong balance sheet and belief that the stock is undervalued. This positive market reaction followed an earnings report earlier in the week where the company posted a net loss of $482 million for the quarter, though it ended the year with $2.6 billion in cash and stablecoins.
(Source：CoinDesk)