Galaxy Digital founder and CEO Mike Novogratz bought 760,000 Class A shares of his company for approximately $9.9 million on November 5, 2026, according to the company. The purchase came after the stock lost more than 40% of its value in about a month.
Purchase details
Novogratz paid an average of $12.98 per share for the 760,000 shares of Galaxy Digital Inc. (NASDAQ: GLXY), putting the total at roughly $9.9 million. On the day of the purchase, Galaxy shares fell 7% to $12.98, close to a 52-week low of $11.78.
The broader decline has been steep. Galaxy’s stock dropped about 41% between October 6 and November 5, and one measure put the monthly decline at 43.5%.
Novogratz described the buy as a wager on generational shifts in onchain finance and AI infrastructure. He also pointed to what he called a gap between how the market prices Galaxy and what the business is actually worth, calling it a “Massive disconnect.”
Why Galaxy stock fell
The selloff was not unique to Galaxy. It came as part of a wider retreat from high-beta stocks tied to crypto and artificial intelligence. Galaxy sits at the intersection of both themes, with deep roots in digital assets and a growing data-center business tied to AI demand.
Bitcoin’s weakness added to the pressure. The largest crypto asset slipped below $76,000, weighing on companies whose fortunes track the digital asset market.
Political uncertainty in Texas around data-center operations also contributed to the decline, a meaningful concern for a company leaning into data-center growth.
Buyback backdrop and data-center performance
Novogratz isn’t the only one buying. Galaxy’s board recently approved an additional $200 million share repurchase program. That comes on top of earlier buybacks; as of Q3 earnings, the company had already repurchased 9.8 million shares from the market.
The operating numbers give them some ammunition. Galaxy’s data-center business posted adjusted EBITDA of $69 million in Q3, up from $11 million in Q2. So the picture is a little odd: the stock fell sharply while one of the company’s key growth businesses reported its strongest quarter in the comparison.
What this means for Galaxy and its shareholders
Novogratz’s purchase, paired with the new $200 million authorization, may encourage some long-term investors to take a second look at GLXY.
The Texas question is worth tracking closely. Galaxy’s data-center growth story depends on being able to operate and expand facilities, so any regulatory or political shift there could affect the segment that produced that $69 million EBITDA figure.
The 52-week low of $11.78 is another reference point. Novogratz bought near $12.98, meaning the stock was not far from that floor when he stepped in.
For now, Novogratz has made his position plain. He thinks Galaxy is worth considerably more than the market says, and he has roughly $9.9 million riding on being right.
