Galaxy CEO Buys $9.9M of Company Stock on the Dip, Board Approves Additional $200M Buyback Plan

Odaily: Galaxy Digital CEO Michael Novogratz has purchased 760,000 shares of the company's Class A stock through Galaxy Group Funding ECI U LLC, with a total transaction value of approximately $9.9 million and a blended average purchase price of about $12.98 per share. According to a Form 4 filing submitted to the U.S. Securities and Exchange Commission (SEC), the purchase was made in two tranches: 528,757 shares (weighted average price of $12.694) and 231,243 shares (weighted average price of $13.632).

Previously, Galaxy's stock fell about 7% on the Nasdaq on November 5 to around $13, after declining about 17% the prior trading day, bringing the cumulative decline to roughly 41% from the October 6 closing price. The increased stake comes as Galaxy's board has approved an additional $200 million share repurchase program; the company had repurchased 9.8 million shares as of the date of its third-quarter earnings disclosure. In addition, Galaxy's third-quarter data center business adjusted EBITDA reached $69 million, a significant increase from $11 million in the second quarter. (TheEnergyMag)