Galaxy Digital, the crypto-trading bank, announced a $500 million offering of convertible unsecured senior notes due December 15, 2026, according to a press release.<\/p>\n
The securities were purchased by qualified institutional buyers in a private placement.<\/p>\n
The coupon, at a rate of 3% per year, is paid semi-annually \u2014 on June 15 and December 15.<\/p>\n
The proceeds will be used to \u201caccelerate growth initiatives across its business lines and for general corporate purposes.\u201d<\/p>\n
Earlier, the board of directors approved the proposed corporate reorganization in connection with the relocation from Canada to the United States.<\/p>\n
Upon certain events and at specified periods, holders will be able to convert their notes into shares of the Delaware-registered holding company Galaxy Digital, or, at the issuer’s option, into cash or a combination thereof.<\/p>\n
Starting December 15, 2024, the crypto-trading bank may redeem the notes in whole or in part, pursuant to the terms set forth in the notes prospectus.<\/p>\n
In November, announced<\/a> a US-dollar bond issue by the British mining company Argo Blockchain. The firm intends to offer notes bearing a coupon of 8.75% for $57.5 million.<\/p>\n In June, Galaxy Digital provided<\/a> Argo with a loan of \u00a314 million (~$19.4 million) secured by bitcoin.<\/p>\n