05/11/2022 | Press release | Distributed by Public on 05/11/2022 05:48
NEW YORK, May 11, 2022/CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" or "the Company"), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, today announced that the Company has received approval from its Board of Directors to commence a normal course issuer bid (a "Bid") and intends to submit a notice to the Toronto Stock Exchange ("TSX" or the "Exchange") for the Bid to purchase up to approximately 10.6 million ordinary shares (10% of the Company's public float).
The Company may use the program opportunistically at times when it believes that the current market price of its shares does not reflect their intrinsic value and that purchasing its own ordinary shares is consistent with the objective of creating long term shareholder value. Galaxy Digital intends to continue driving long-term value for shareholders by (i) investing in its business lines and growing its capabilities, (ii) supplementing its capabilities through disciplined strategic investments and acquisitions, and (iii) opportunistically optimizing its capital resources, amongst others. The Company has ample liquidity to execute on its objective.
Additionally, in light of recent market conditions, the Company confirmed that year-to-date:
This update is intended to provide visibility to shareholders, counterparties, and clients regarding GDT's operational resilience during the recent period of significant volatility in digital asset prices.
Additional information regarding the Bid:
Galaxy Digital (TSX: GLXY) is a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem. Galaxy Digital operates in the following businesses: Trading, Asset Management, Investment Banking, Mining and Principal Investments. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, Jersey City, London, Amsterdam, Tokyo, Hong Kong, and the Cayman Islands (registered office).
Additional information about the Company's businesses and products is available on www.galaxydigital.io.
The TSX has not approved or disapproved of the information contained herein.
Certain information in this press release, including, but not limited to, statements regarding the Bid and strategy to drive long-term shareholder value, may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" (or the negatives) or other similar variations. Because of various risks and uncertainties, including those referenced below, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Factors that could cause actual outcomes related to the Bid or strategy to differ materially from those described in such forward-looking statements include, but are not limited to, a change in the price of the Company's ordinary shares or in the digital asset market or general economic conditions or regulatory approvals. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: the TSX may not approve the Bid on the timeline expected, or at all; the Company may decide not to repurchase any ordinary shares pursuant to the Bid; the Company's ordinary shares may experience price and trading volume volatility; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; the risk that our business will not grow in line with our expectations or continue on its current trajectory; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; and those other risks contained in the Annual Information Form for the year ended December 31, 2021 available on the Company's profile at www.sedar.com. In connection with the forward-looking statements contained in this press release, the Company has made assumptions that no significant events occur outside of the Company's normal course of business. Forward-looking statements are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and Galaxy Digital undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
SOURCE Galaxy Digital Holdings Ltd.