Galaxy Digital Stock Slides 7% on Plans to Raise $1.15 Billion via Exchangeable Debt

Analytical Style (Institutional finance tone)

Galaxy Digital Expands Debt Offering to $1.15B; Stock Pulls Back 7.6%
28 October 2025

Galaxy Digital Holdings (GLXY) has upsized its exchangeable notes issuance to $1.15 billion, citing strong institutional demand. The private deal, initially targeted at $1 billion, is expected to deliver net proceeds of $1.127 billion, or $1.274 billion with the greenshoe option fully exercised.

The 0.50% exchangeable notes, due May 1, 2031, are convertible at $55.76 per share, representing a 37.5% premium over Galaxy’s last close. Proceeds will be allocated to growth investments and refinancing of 2026 obligations, the company said.

The notes cannot be redeemed before November 6, 2028, and redemption afterward will be conditional on the share price exceeding 130% of the exchange price over a set period. Toronto Stock Exchange approval is expected on October 30.

Shares fell 7.6% to $37.46 following the announcement, though the stock remains up more than 110% in 2025, reflecting continued investor optimism around Galaxy’s expansion in digital asset markets.