Reports emerged today that Galaxy Digital CEO Michael Novogratz put $9.86 million of his own money into the company's stock on November 5, buying 760,000 shares at an average price of $12.98 — the same day the stock tumbled 7% toward its 52-week low. Shares responded, jumping 6.0% to $13.76 on November 6, even as Bitcoin slid roughly 5–6% to around $75,500, meaning crypto prices alone cannot explain the bounce.
The CEO Is Buying While the Stock Sits Near Its Floor
Novogratz picked up the shares after GLXY lost more than 40% of its value in about a month amid a crypto and AI selloff.
He framed the purchase as a bet on generational shifts in onchain finance and AI infrastructure, pointing to what he called a gap between how the market prices Galaxy and what the business is actually worth. In plain terms: he thinks the stock is drastically cheap. The buys were split across two tranches — 528,757 shares at $12.694 and 231,243 at $13.632.
A Fresh $200 Million Buyback Backs Up the Signal
On October 26, 2026, Galaxy's board authorized repurchases of up to $200 million in stock.
A prior $200 million buyback program, announced in February, was completed on October 15 after roughly 9.8 million shares were retired. Combined with Novogratz's personal purchase, the company is layering two forms of downside support — corporate cash and the CEO's own wallet.
The Business Behind the Bet Is Swinging Wildly
Galaxy posted $323 million in net profit in Q3, reversing an $85 million loss in Q2, with adjusted gross profit of $569 million. But earnings are heavily crypto-dependent: Q3 net profit still trailed the $505 million recorded a year earlier. Meanwhile, Novogratz noted that Phase I of Galaxy's Texas Helios data-center campus has 800 megawatts of capacity already leased under long-term contracts — a recurring revenue anchor that could cushion future crypto downturns.
Analyst Targets Still Imply Big Upside — With a Catch
H.C. Wainwright trimmed its price target to $36 from $40 but kept a Buy rating, while Compass Point cut its target to $30 from $36.
Across 14 analysts, the consensus is "Moderate Buy" with an average target of $35.29 — more than double today's price. The gap is seductive, but Bitcoin around $75,500 and a stock with a beta of 5.39 mean volatility cuts both ways. Novogratz is betting the floor is in; the market has yet to agree.