Galaxy Digital Holdings Ltd. announced its intention to repurchase approximately 10.6 million ordinary shares, representing 10% of the company’s public float.
The financial services and digital asset company said this on Wednesday in a statement from press .
According to the company, whose shares are listed on the Toronto Stock Exchange (TSX), the takeover plans have received the approval of the board of directors. The notice of purchase will now be sent to the TSX.
The purchase program will continue for the next year or will end earlier if the company reaches the targeted shares. Galaxy Digital has not made any repurchases of common shares in the past twelve months, the company said in the press release.
On Monday, the crypto-focused company announced declared its results for the first quarter of 2022, showing a net loss of $111.7 million. The company attributed the loss to the decline in the crypto market and related investments. In the same quarter a year ago, Galaxy Digital made a profit of $858.2 million.
On Tuesday, the GLXY price closed at C$10.52.