Mike Novogratz’s Galaxy Digital (GLXY) is selling $1.15 billion in exalterable 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), stated the company. The notes, carrying an annual interest rate of 0.50% and maturing May 1, 2031, are exalterable at an initial rate of 17.9352 shares per $1,000 principal amount—equivalent to an exalter price of about $55.76, a 37.5% premium to the stock’s Oct. 27 closing price.
Proceeds will support growth across Galaxy’s core businesses and may be utilized to repay its 2026 exalterable notes. The notes cannot be redeemed before November 6, 2028, and become redeemable afterward if Galaxy’s share price trades 130% above the exalter 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.
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