Galaxy Digital Stock Drops 7% After $1.15 Billion Exchangeable Debt Offering

Galaxy Digital shares declined 7% following the company's announcement of a $1.15 billion exchangeable debt offering. The cryptocurrency financial services firm revealed plans to raise capital through senior exchangeable notes, causing immediate market reaction. This substantial debt issuance represents one of Galaxy Digital's largest capital raises to date, signaling strategic moves to strengthen its financial position amid evolving crypto market conditions. The exchangeable notes are expected to provide flexibility for future growth initiatives while potentially diluting existing shareholders upon conversion.