Mike Novogratz, founder and CEO of Galaxy Digital, bought 760,000 Class A shares on November 5, 2026, for a total of approximately $9.9 million. The purchase was made at an average price of $12.98 per share, after the stock fell 41% between October 6 and November 5 and traded close to its 52-week low of $11.78. The transaction came amid a broad selloff in crypto and artificial intelligence-related stocks, further pressured by Bitcoin falling below $76,000 and political uncertainty in Texas regarding data centers. Galaxy also authorized a new $200 million share repurchase program after buying back 9.8 million shares as of the third quarter. Its data-center business generated adjusted EBITDA of $69 million in the third quarter, up from $11 million in the second quarter, while Novogratz argues that the market undervalues the company.
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