JWCA advises Galaxy Digital on its upsized $1,300 million exchangeable issuance

October 2025 | read press release

Transaction Background

Galaxy Digital Holdings LP (“Galaxy” or the “Company”) successfully raised $1,300mm (inclusive of greenshoe) in the convertible market at very attractive terms (0.50% coupon and 37.5% exchange premium)

Galaxy’s objectives included:

  • Capitalize on recent strong share performance (stock hit an all-time high in the week leading up to execution and up ~125% year to date)

  • Raise attractively priced capital to support growth across its core operating businesses

  • Avoid the market risk with a traditional 1-day marketing period

The Company engaged J. Wood Capital Advisors to assist in structuring, negotiation, documentation and on market execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

  • Ran a competitive RFP (request for proposal) process to drive favorable economics and execution strategy

  • Analysis of benefits / considerations of a derivative overlay

  • Exchangeable documentation to ensure maximum value and future efficiency/flexibility for the company

  • Syndicate structure and precedent data, execution timing, and shareholder messaging

JWCA provided advice, support and analysis throughout the execution process

Results

Galaxy’s exchangeable transaction was very well received by investors:

  • The transaction was multiple times oversubscribed, reflecting strong investor interest and demand in the Company’s exchangeable bond offering, leading to the issue being upsized by $150mm (15% of original $1.0bn launch size)

  • The 0.50% coupon represented the low end of the marketed coupon range

  • The 37.5% exchange premium represented the midpoint of the marketed exchange premium range

JWCA supported the management team on the entirety of the offering, providing advice and ensuring a high-quality execution