• The firm is seeking to raise capital through an exchangeable debt offering.
• The company, whose shares are trading slightly below its all-time high of $45.92, has a market capitalization of $15.8 billion and 389.9 million outstanding shares.
• Galaxy stock has more than doubled this year, far outpacing both the S & P 500 and the Nasdaq 100 amid its push into AI data centers.

Galaxy Digital (GLXY) stock fell 8.7% in extended trading on Monday after the company announced a private offering of $1 billion in exchangeable notes.

The financial services provider also intends to grant the initial buyers of the bonds an option to purchase up to an additional $150.0 million aggregate principal amount of notes within 13 days of the launch of the offering.

The company, whose shares are trading slightly below its all-time high of $45.92, has a market capitalization of $15.8 billion and 389.9 million outstanding shares.

Why Is It Raising Funds?

The company said it intends to use the net proceeds from the offering to support growth across its core operating businesses and for general corporate purposes, including the repayment of its existing exchangeable senior notes due 2026.

Exchangeable notes allow for conversion into the equity securities of an entity other than the note issuer. This differs from convertible note offerings, where the issuer's own shares are exchanged for the bonds.

The offering comes amid the firm's push into AI data centers. It has already secured the commitment of the cloud infrastructure firm CoreWeave (CRWV) for 800 megawatts of capacity at the firm's Helios data center in Texas.

What Is Retail Thinking?

Retail sentiment on Stocktwits about Galaxy was in the 'extremely bullish' territory at the time of writing.

“Galaxy locks in long-term capital at what will likely be a low single-digit coupon given current market conditions and their credit profile, and they only face dilution if the stock absolutely rips higher,” one user wrote.

“This is an easy buy-the-dip moment. Things have never been more bullish from a company execution standpoint,” another trader said.

How Did Galaxy Stock Perform In 2025?

Galaxy stock has more than doubled this year, far outpacing both the S & P 500 and the Nasdaq 100.  Last week, the company reported earnings per share (EPS) of $1.12, ahead of the consensus forecast of $0.38. Its revenue more than tripled to $28.4 billion, ahead of the estimated $17.25 billion.

As per TheFly, Benchmark analysts stated that while the company's move into AI and high-performance computing through the Helios facility has attracted the attention of more investors and analysts, the third-quarter, the "strongest ever for its digital asset trading operations," is a reminder that the company is "remarkably well positioned" to serve as a leading facilitator of the adoption of crypto by institutional investors.

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