Galaxy Digital Inc. (Nasdaq: GLXY) has approved a share repurchase program authorizing up to $200 million to buy back Class A common stock over the next 12 months. The company said purchases may be made on the open market or through privately negotiated transactions, including under Rule 10b5-1 trading plans, and will follow applicable securities laws and exchange rules. The program is discretionary and may be suspended or ended at any time.
Repurchases on the Toronto Stock Exchange would require regulatory approval under a normal course issuer bid, while purchases on Nasdaq would be limited to 5% of Galaxy’s outstanding shares as of the program’s start. Galaxy, which lists on both Nasdaq and the Toronto Stock Exchange, operates businesses across digital-asset trading, asset management, staking, custody and data center infrastructure. The company did not specify how much of the $200 million it intends to deploy or when buybacks might commence.
Founder and CEO Mike Novogratz said Galaxy is “entering 2026 from a position of strength,” noting the firm’s balance sheet and ongoing investments give management flexibility to return capital when they believe the stock is undervalued.
The buyback plan comes after Galaxy reported a $482 million net loss in the fourth quarter of 2025 and a $241 million loss for the full year, which the company attributed to weaker digital-asset prices and about $160 million in one-time costs. At the time of the announcement, Galaxy’s shares were up roughly 17% over 24 hours but remained about 25% lower for the month, according to Yahoo Finance.
Broader market weakness has pressured crypto-related equities as Bitcoin retreated from January highs above $97,000 to about $60,300. Coinbase Global (COIN) fell roughly 36% over the past month; Circle Internet Financial (CRCL) was down about 34% month‑over‑month and roughly 65% over six months. MicroStrategy (MSTR), the largest public holder of Bitcoin with 713,502 BTC, dropped about 20% over the past month and nearly 68% over six months and reported a $12.4 billion net loss in Q4 2025.
Bitcoin mining stocks also weakened: MARA Holdings (MARA) fell about 27% over the past month and roughly 52% over six months, while IREN Limited (IREN) was down about 8% on the month.
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