Galaxy Digital Sinks After $1 Billion Exchangeable Bond Offer

Shares of Galaxy Digital Inc. plunged in after-hours trading after the company’s operating partnership announced a $1 billion sale of exchangeable bonds.

Galaxy Digital Holdings LP is offering the 5.5-year bonds, which are exchangeable into common shares of Galaxy Digital, with a coupon of 0.5% to 1%, according to people familiar with the matter. The digital asset firm’s shares are traded in New York and Toronto.