Galaxy Digital (TSX:GLXY) shares jumped 5.5% Wednesday as the company announced plans to buy up to 10% of its stock.
- The board of the cryptocurrency-focused financial services company approved a plan to buy up to 10.6 million common shares over the next 12 months, according to a press release. The company will file a notice to that effect with the Toronto Stock Exchange, where its shares are listed.
- Galaxy Digital may avail itself of the share buyback program if it "believes that the current market price of its shares does not reflect their intrinsic value," the company said.
- The company stressed that Galaxy Digital Trading has experienced "no operational or execution disruptions" and that there have been no loan defaults, deteriorations or liquidations in its credit and yield portfolio.
- GLXY shares have lost about a fifth of their value on the Toronto Stock Exchange since Friday's close, when they were trading at CAD$13.53. On Monday, the company reported a quarterly loss of $111.7 million for the first quarter, compared with a profit of $858.2 million in the first quarter of 2021.