Galaxy Digital Inc. (Nasdaq: GLXY) has authorized a share repurchase program of up to $200 million, allowing the company to buy back its Class A common stock over the next 12 months.
According to a company announcement, the repurchases may be conducted on the open market or through privately negotiated transactions, including under Rule 10b5-1 trading plans, and remain subject to applicable securities laws and exchange rules. The program does not obligate Galaxy to repurchase any shares and may be suspended or discontinued at any time.
The buyback program has a term of 12 months and, if conducted on the Toronto Stock Exchange, remains subject to regulatory approval under a normal course issuer bid. Purchases made on Nasdaq would be capped at 5% of Galaxy’s outstanding shares at the start of the program, according to the announcement.
Galaxy is listed on the Nasdaq and the Toronto Stock Exchange and operates across digital asset trading, asset management, staking, custody and data center infrastructure. The company did not disclose how much of the $200 million authorization it expects to use, or when repurchases might begin.
Mike Novogratz, founder and CEO of Galaxy, said the company is “entering 2026 from a position of strength,” adding that its balance sheet and ongoing investments give it flexibility to return capital when management believes the stock is undervalued.
The news comes three days after Galaxy reported a net loss of $482 million for the fourth quarter of 2025 and a $241 million loss for the full year, citing lower digital asset prices and about $160 million in one-time costs.
At the time of writing, shares of Galaxy were up about 17% over 24 hours, but remained down about 25% for the month, according to Yahoo Finance.
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Market downturn impacts crypto stocks
Galaxy’s recent share-price decline reflects a broader pullback across crypto-related equities, as Bitcoin has fallen over the past month from January highs above $97,000 to to a low of about $60,300 on Thursday.
Shares of Coinbase Global (COIN) were down about 36% over the past month, while Circle Internet Group (CRCL) fell about 34% over the same period and about 65% over six months.
Strategy (MSTR), the largest public holder of Bitcoin with 713,502 BTC on its balance sheet, has fallen about 20% over the past month and nearly 68% over six months. Cointelegraph reported Thursday that the company posted a $12.4 billion net loss in the fourth quarter of 2025.
Bitcoin mining stocks have also declined, with MARA Holdings (MARA) down about 27% over the past month and about 52% over the past six months, while IREN Limited (IREN) is down about 8% on the month.
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