Share this article
Galaxy Digital Slips 7% on $1.15B Exchangeable Debt Raise
The company is selling $1.15 billion in exchangeable notes in a private offering.
Updated Oct 28, 2025, 2:02 p.m. Published Oct 28, 2025, 2:00 p.m.
Make us preferred on Google
What to know:
- Galaxy Digital (GLXY) is raising $1.15 billion via exchangeable senior notes due 2031.
- The notes carry a 0.50 annual interest and an exchange price of about $55.76, with proceeds expected to support expansion and possibly repay existing 2026 notes.
- Shares are lower by 7.6% in early trading Tuesday.
Mike Novogratz's Galaxy Digital (GLXY) is selling $1.15 billion in exchangeable notes in a private deal, upsizing from last night's originally offered $1 billion.
Estimated net proceeds of $1.127 billion (or $1.274 billion if the full $150 million greenshoe option is exercised), said the company. The notes, carrying an annual interest rate of 0.50% and maturing May 1, 2031, are exchangeable at an initial rate of 17.9352 shares per $1,000 principal amount—equivalent to an exchange price of about $55.76, a 37.5% premium to the stock’s Oct. 27 closing price.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Proceeds will support growth across Galaxy’s core businesses and may be used to repay its 2026 exchangeable notes. The notes cannot be redeemed before November 6, 2028, and become redeemable afterward if Galaxy’s share price trades 130% above the exchange price for a sustained period.
The transaction remains subject to TSX approval, expected on Oct. 30, 2025.
Shares of Galaxy Digital are down 7.6% in New York following the announcement, though they remain up 110% year to date, currently trading around $37.46.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto Markets Today: Largest tokens decline, with derivatives signaling caution ahead
Even though the Fed's decision to hold interest rates was widely expected, geopolitical tensions and a rotation into haven assets left crypto traders facing a sea of red.
What to know:
- Bitcoin fell and the CoinDesk 20 index dropped as a risk-off shift pushed investors into safe-haven assets.
- Crypto derivatives showed falling open interest, muted volatility and a growing bias toward protective puts and short positions.
- Optimism’s community approved a 12-month plan to use about half of its Superchain revenue for OP token buybacks starting in February. Still, the token fell.
Top Stories
