Galaxy Digital Sold Notes for $500M

Galaxy Digital announced the successful closure of a $500 million Exchangeable Senior Notes offering. 

The Notes were only offered and sold to individuals who are both “Qualified Institutional Buyers” and “Qualified Buyers”.

The money received from the sale of Notes, Galaxy Digital intends to use for further development in various business areas and for corporate purposes.

According to the document, under certain circumstances and during designated periods, bondholders will be able to convert them into shares of the Galaxy Digital holding company, registered in Delaware, into cash, or both, at the discretion of the issuer.

Holders will also be paid 3% per annum every six months – June 15 and December 15.

Beginning December 15, 2024, Galaxy Digital may fully or partially redeem the bonds in accordance with the terms specified in the prospectus.

In August, Galaxy Digital Holdings released a financial report for the second quarter of 2021 as of June 30, which indicated a loss of $175.8 million. But Galaxy Digital founder and CEO Mike Novogratz wasn’t worrying about that, as he said the increase in counterparties, the partnership with Goldman Sachs, strategic investments and recruitment of new employees will help increase profits in the future.

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