Galaxy Digital Announces $200 Million Buyback, Shares Surge
- Galaxy Digital’s shares rose by 18% following the approval of a $200 million buyback program.
- The company reported a net loss of $482 million for the fourth quarter but generated $426 million in adjusted gross profit for the full year.
- As of now, Galaxy holds $2.6 billion in cash and stablecoins, indicating strong liquidity.
- Bitcoin’s price has climbed back to approximately $70,000, while Ethereum surpassed $2,000 in recent trading.
- Coinbase shares increased over 10%, reaching around $163 amid positive market sentiment.
The buyback may be conducted through various methods, including open market transactions and private negotiations, with Galaxy retaining the right to suspend it based on market conditions. This move reflects investor confidence despite the company’s recent quarterly loss.
Galaxy’s strong liquidity position is underscored by its $2.6 billion in cash and stablecoins, even as it faces challenges like a substantial quarterly loss of $482 million. (Source)
