According to Beepre, Michael Novogratz, CEO of Galaxy Digital, purchased 760,000 shares of the company’s Class A stock through Galaxy Group Funding ECI U LLC, for a total transaction value of approximately $9.9 million, with an average purchase price of about $12.98 per share. According to the Form 4 filing submitted to the U.S. Securities and Exchange Commission (SEC), the purchase was made in two tranches: 528,757 shares at a weighted average price of $12.694 and 231,243 shares at a weighted average price of $13.632.
Previously, Galaxy’s stock price fell approximately 7% on November 5 on Nasdaq to around $13, following a decline of about 17% on the previous trading day, resulting in a cumulative drop of approximately 41% since the close on October 6. At the time of this increased stake purchase, Galaxy’s board had approved an additional $200 million stock repurchase program, and the company had already repurchased 9.8 million shares as of its third-quarter earnings disclosure date. Additionally, Galaxy’s adjusted EBITDA from its data center business in the third quarter reached $69 million, a significant increase from $11 million in the second quarter. (TheEnergyMag)