Galaxy Digital Holdings Ltd. has announced plans to repurchase approximately 10.6 million common shares, representing about 10% of the company’s publicly traded common stock.
The financial services and digital asset firm disclosed the move in a press release on Wednesday.
According to the company, whose shares trade on the Toronto Stock Exchange (TSX), the repurchase plan has received board approval and the notice has been filed with the TSX.
The repurchase program will remain in effect for up to one year or until the targeted amounts are acquired, whichever occurs first. Galaxy Digital stated in its release that it has not repurchased any common shares during the past twelve months.
On Monday, the crypto-focused company published its first quarter 2022 financial results, reporting a net loss of $111.7 million, which it attributed to declines in cryptocurrency markets and related investments. By contrast, Galaxy Digital reported net income of $858.2 million in the same quarter a year earlier.
On Tuesday, GLXY closed at €7.70.