Crypto Industry Style (CoinDesk/The Block tone)
Galaxy Digital Drops 7.6% After Expanding Exchangeable Notes Raise to $1.15B
October 28, 2025
Galaxy Digital (GLXY), the crypto investment firm founded by Mike Novogratz, has increased its private exchangeable notes offering to $1.15 billion, up from the previously planned $1 billion.
The notes will carry a 0.50% annual interest rate, maturing on May 1, 2031, and are exchangeable into Galaxy shares at a price of $55.76 — a 37.5% premium to the October 27 close. The company expects net proceeds of roughly $1.127 billion, or $1.274 billion if the full $150 million greenshoe is exercised.
Funds raised will be directed toward strategic growth and potential repayment of Galaxy’s 2026 notes. Redemption will only be permitted after November 6, 2028, provided the stock trades 130% above the conversion price for a sustained period.
The deal is pending TSX approval, anticipated on October 30. Following the announcement, Galaxy shares slid 7.6% to around $37.46, though they remain up 110% year to date.
