Galaxy Digital falls after stock offering launch

Shares of digital assets and data center infrastructure firm Galaxy Digital GLXY.O fall 8.9% to $19.8 premarket

The company late Tuesday announced stock offering of 29 million shares, wherein it is offering 24.15 million shares, while some existing stockholders are selling the remaining shares

Goldman Sachs, Jefferies and Morgan Stanley are the active joint book-running managers for the offering

Stock closed down 5.3% at $21.74 on Tuesday

GLXY plans to use the proceeds to finance expansion of its AI and high-performance computing infrastructure at its Helios data center campus and for general corporate purposes

Co had 130.9 million shares outstanding as of May 23, per SEC filing

GLXY, which had been listed on the Toronto Stock Exchange since 2020, made its Nasdaq debut earlier this month