Galaxy Digital reported a 5.5% share jump on Wednesday when the company announced plans to offset 10% of its public float.
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The firm announced that its board of directors has entered into a consensus to bid about 10.6 million in ordinary shares in the next year. The galaxy will reportedly file a notice with the Toronto Stock Exchange, where its shares are currently listed.
The company will reportedly opt for a stock buyback program when it thinks that the market price of its shares does not reflect their intrinsic value. It added that it has no issues around operations.
GLXY shares on the Toronto exchange had seen a fifth of their value wiped off since the market closed on Friday when they exchanged for CAD$13.53.
Galaxy reported a loss of $111.7 million in the first quarter of 2022 compared to a $858.2 million in profit in the same period of last year.