Galaxy Digital (GLXY) Shares Slide 5% Following Upsized Public Offering Announcement

Shares of Galaxy Digital Inc GLXY fell 5.65% to $18.49 during Friday trading after the company announced an increase in the size of its underwritten public offering.

What To Know: The digital asset and infrastructure firm priced 31.6 million Class A common shares at $19.00 each, up from a previously announced 29 million shares. The offering includes 26.4 million shares from Galaxy and 5.2 million from existing shareholders.

Underwriters have a 30-day option to purchase up to 4.74 million additional secondary shares. The offering is expected to close on June 3, pending customary conditions.

Proceeds from Galaxy's portion of the sale will be used to acquire newly issued units from its operating subsidiary, Galaxy Digital Holdings LP, which will allocate the funds toward expanding its AI and high-performance computing infrastructure at the Helios data center in West Texas, along with general corporate purposes. Galaxy will not receive proceeds from shares sold by existing shareholders.

Goldman Sachs, Jefferies and Morgan Stanley lead the joint book-running efforts for the offering, with multiple additional financial firms acting as co-managers.

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How To Buy GLXY Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Galaxy Digital’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, GLXY has a 52-week high of $35.30 and a 52-week low of $11.27.

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