Galaxy Digital Holdings Ltd. has announced plans to repurchase approximately 10.6 million common shares, representing about 10% of the company’s public float.
The financial services and digital asset firm disclosed the plan in a press release on Wednesday.
According to the company, whose shares are publicly traded on the Toronto Stock Exchange (TSX), the repurchase program has been approved by the board of directors. Notice of the repurchase will now be submitted to the TSX.
The repurchase program will run for up to one year or end earlier if the targeted amount of shares is acquired. Galaxy Digital said it has not repurchased any common shares in the past twelve months.
On Monday, the crypto-focused company reported first-quarter 2022 results showing a net loss of $111.7 million. The company attributed the loss to weakness in crypto markets and related investments. In the same quarter a year earlier, Galaxy Digital posted net income of $858.2 million.
On Tuesday, GLXY shares closed at CA$10.52.