Galaxy approves up to $200M buyback of Class A shares

Galaxy has approved a $200 million buyback of Class A shares over the next 12 months. This decision comes in response to the recent downturn in cryptocurrency markets, particularly the decline in Bitcoin prices, which has impacted Galaxy's stock and other crypto-related stocks. The buyback is expected to support the stock price and signal confidence to investors. By reducing the number of outstanding shares, the company can improve earnings per share (EPS), potentially boosting investor confidence and leading to future stock price increases. However, investors should remain cautious of ongoing market volatility, especially regarding Bitcoin price trends, which may significantly influence investor sentiment.