Galaxy Digital Holdings Ltd. has announced its intention to repurchase approximately 10.6 million common shares, representing 10% of the company’s public float.
The digital asset and financial services firm said Wednesday in a press release that the share buyback program has been approved by its board of directors.
According to the company, whose shares are listed on the Toronto Stock Exchange (TSX), the notice of intention to purchase will now be filed with the TSX.
The repurchase program will continue for up to one year or will end sooner if the company acquires the targeted number of shares. Galaxy Digital noted in the press release that it has not repurchased any common shares in the past twelve months.
On Monday, the crypto-focused firm reported first-quarter 2022 results, showing a net loss of $111.7 million. The company attributed the loss to the decline in the cryptocurrency market and related investments. In the same quarter a year earlier, Galaxy Digital reported net income of $858.2 million.
On Tuesday, GLXY closed at CA$10.52.