Galaxy Digital slides after increased $1.15 bln exchangeable bonds sale
Shares of digital assets and data center infrastructure firm Galaxy Digital GLXY.O down 9.9% at $36.54 premarket after capital raise news
New York City-based GLXY announces pricing private offering of $1.15 bln 0.50% exchangeable notes due May 31, 2031
Offering size boosted from $1 bln
Initial exchange price set at $55.76, 37.5% above stock's last sale of $40.55 on Mon
Co plans to use net offering proceeds to support growth, and for general corporate purposes, including repayment of its existing exchangeable notes due 2026
GLXY has about $15.8 bln market cap, per LSEG data
Stock ended up 1.8% on Mon, up ~37% over the past three months
Founded by Mike Novogratz, GLXY began trading on the Toronto Stock Exchange in 2020 and made its Nasdaq debut in May of this year
All 11 analysts covering GLXY are bullish; median PT of $61.69 up from $49.09 a month ago - LSEG
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