GLXY$13.97▼ 17.0%Novogratz's entities sold Galaxy at about $18.10 and $36. On Nov. 5 one paid about $13
Galaxy founder Mike Novogratz bought about $9.9 million of its stock on Nov. 5, his filing shows, the day he posted he was "buying more stock." It was the first purchase in his Galaxy filings, which start in May 2025.
KeyVex News··5 min readFact-checked against 9 public recordsKeyVex News··5 min readFact-checked against 9 public recordsGLXY$13.97▼ 17.0%Close, Nov. 4. Prices from Tiingo.The short versionTap to readTap to close
- Since Galaxy listed on Nasdaq in May 2025, Novogratz's Galaxy filings had shown no purchases. His entities sold 10.75 million shares in 2025, at $19 (about $18.10 after the underwriters' cut) and $36.
- On Nov. 5 his company bought 760,000 shares at about $13. The day before, Galaxy closed at its lowest since listing, down 17%.
- He wrote that "the blue wave has weighed on companies like ours." Texas had just elected a governor who has promised to pause data center approvals. Galaxy's data center business is anchored in Texas.
- The new shares equal about 0.4% of the 190 million his company held in May. Galaxy itself bought back about 9.8 million shares in 2026, for $200 million.
- Gina Hinojosa takes office as governor on Jan. 19, the Texas Tribune reported. Her promised pause would last until the Legislature passes new laws.
The purchase: Galaxy Digital founder and chief executive Mike Novogratz bought 760,000 Galaxy shares on Nov. 5, at $12.34 to $13.87 each, his Form 4 shows. That is the filing insiders make when they trade their company's stock. The shares cost about $9.9 million and are held by a company wholly owned by Galaxy Group Investments, which Novogratz controls. The filing does not check the box for a Rule 10b5-1 plan, a schedule of trades set up in advance.Form 4
His post: At 1:57 p.m. that day, he wrote on X that "the blue wave has weighed on companies like ours."X "I see a massive disconnect between where $GLXY trades and what I believe this company is worth," he wrote. "That's why I'm buying more stock, starting today."X
Why it matters: It is the first purchase in his Galaxy filings with the SEC, which begin with its Nasdaq listing in May 2025.EDGAR Before it, those filings show his entities selling 10.75 million shares in 2025, for about $248 million after the underwriters' cut.Form 4Form 4Form 4 The new shares equal about 0.4% of the 190 million his company held in May.Form 4
Galaxy Digital's stock since its Nasdaq listingDaily close, May 16, 2025 to Nov. 4, 2026 ▼ 38.7%Show chartHide chart
- 1May 29, 2025 Novogratz's company sells in a $19 offering. Galaxy Group Investments sells 7.75 million shares in the offering, counting a second sale on June 9.
- 2Oct. 10, 2025 A $460 million investment at $36 a share. An asset manager agrees to buy new Galaxy shares and 3.75 million from executives, 3 million of them from Novogratz's entities.
- 3Oct. 21, 2025 Galaxy's record close. $42.86.
- 4Oct. 15, 2026 Galaxy finishes a $200 million buyback. About 9.8 million shares since February, its third-quarter release says.
- 5Oct. 27, 2026 Third-quarter results and a new $200 million buyback. Net income of $323 million. Galaxy closes at $17.18.
- 6Nov. 4, 2026 The day after Texas elects Gina Hinojosa. She has promised a pause on data center approvals. Galaxy closes down 17% at $13.97, its lowest since listing.
View the data (370 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-11-04 | $13.97 | −17.0% |
| 2026-11-03 | $16.83 | +15.4% |
| 2026-11-02 | $14.59 | −8.8% |
| 2026-10-30 | $16.00 | −11.7% |
| 2026-10-29 | $18.13 | −5.0% |
| 2026-10-28 | $19.09 | +11.1% |
| 2026-10-27 | $17.18 | +9.6% |
| 2026-10-26 | $15.68 | +6.8% |
| 2026-10-23 | $14.68 | −4.0% |
| 2026-10-22 | $15.29 | −9.7% |
| 2026-10-21 | $16.93 | +7.4% |
| 2026-10-20 | $15.76 | +0.3% |
| 2026-10-19 | $15.72 | −2.6% |
| 2026-10-16 | $16.14 | −11.6% |
| 2026-10-15 | $18.25 | +1.8% |
| 2026-10-14 | $17.93 | −9.0% |
| 2026-10-13 | $19.71 | −0.8% |
| 2026-10-12 | $19.87 | −2.3% |
| 2026-10-09 | $20.33 | +1.2% |
| 2026-10-08 | $20.09 | −6.1% |
| 2026-10-07 | $21.40 | −3.4% |
| 2026-10-06 | $22.15 | −2.2% |
| 2026-10-05 | $22.65 | −1.8% |
| 2026-10-02 | $23.06 | +0.2% |
| 2026-10-01 | $23.02 | +1.2% |
| 2026-09-30 | $22.74 | −1.4% |
| 2026-09-29 | $23.07 | −0.6% |
| 2026-09-28 | $23.21 | −4.2% |
| 2026-09-25 | $24.24 | −3.8% |
| 2026-09-24 | $25.19 | −2.3% |
| 2026-09-23 | $25.79 | −5.1% |
| 2026-09-22 | $27.17 | +4.2% |
| 2026-09-21 | $26.07 | +5.6% |
| 2026-09-18 | $24.69 | +10.8% |
| 2026-09-17 | $22.28 | 0.0% |
| 2026-09-16 | $22.27 | −0.1% |
| 2026-09-15 | $22.29 | −7.6% |
| 2026-09-14 | $24.13 | −1.1% |
| 2026-09-11 | $24.40 | +1.1% |
| 2026-09-10 | $24.13 | −4.1% |
| 2026-09-09 | $25.15 | −7.0% |
| 2026-09-08 | $27.05 | +2.7% |
| 2026-09-04 | $26.33 | −0.6% |
| 2026-09-03 | $26.50 | +10.1% |
| 2026-09-02 | $24.06 | +2.7% |
| 2026-09-01 | $23.43 | −4.8% |
| 2026-08-31 | $24.60 | +6.0% |
| 2026-08-28 | $23.21 | −8.2% |
| 2026-08-27 | $25.29 | +2.6% |
| 2026-08-26 | $24.64 | −0.6% |
| 2026-08-25 | $24.79 | +8.5% |
| 2026-08-24 | $22.84 | −3.4% |
| 2026-08-21 | $23.64 | +0.7% |
| 2026-08-20 | $23.47 | +7.2% |
| 2026-08-19 | $21.90 | +7.2% |
| 2026-08-18 | $20.43 | −6.6% |
| 2026-08-17 | $21.87 | +1.0% |
| 2026-08-14 | $21.66 | +3.4% |
| 2026-08-13 | $20.95 | −0.6% |
| 2026-08-12 | $21.08 | +4.7% |
| 2026-08-11 | $20.13 | +3.1% |
| 2026-08-10 | $19.52 | −3.2% |
| 2026-08-07 | $20.17 | +3.2% |
| 2026-08-06 | $19.54 | +2.5% |
| 2026-08-05 | $19.07 | −13.9% |
| 2026-08-04 | $22.14 | +1.2% |
| 2026-08-03 | $21.88 | +4.1% |
| 2026-07-31 | $21.01 | −2.4% |
| 2026-07-30 | $21.52 | +17.9% |
| 2026-07-29 | $18.26 | −12.8% |
| 2026-07-28 | $20.94 | −7.8% |
| 2026-07-27 | $22.70 | +0.1% |
| 2026-07-24 | $22.68 | −6.7% |
| 2026-07-23 | $24.32 | −1.9% |
| 2026-07-22 | $24.79 | −2.4% |
| 2026-07-21 | $25.41 | +7.4% |
| 2026-07-20 | $23.66 | +9.4% |
| 2026-07-17 | $21.63 | −3.0% |
| 2026-07-16 | $22.31 | −9.2% |
| 2026-07-15 | $24.58 | +1.5% |
| 2026-07-14 | $24.22 | +3.7% |
| 2026-07-13 | $23.35 | −6.1% |
| 2026-07-10 | $24.88 | −0.9% |
| 2026-07-09 | $25.10 | +1.0% |
| 2026-07-08 | $24.86 | +0.5% |
| 2026-07-07 | $24.73 | −2.6% |
| 2026-07-06 | $25.40 | +3.3% |
| 2026-07-02 | $24.59 | −4.9% |
| 2026-07-01 | $25.86 | −5.4% |
| 2026-06-30 | $27.34 | −4.2% |
| 2026-06-29 | $28.53 | −2.5% |
| 2026-06-26 | $29.26 | +3.5% |
| 2026-06-25 | $28.26 | −1.1% |
| 2026-06-24 | $28.58 | −8.8% |
| 2026-06-23 | $31.35 | −5.3% |
| 2026-06-22 | $33.12 | −3.2% |
| 2026-06-18 | $34.20 | +3.5% |
| 2026-06-17 | $33.04 | −0.4% |
| 2026-06-16 | $33.18 | −1.3% |
| 2026-06-15 | $33.63 | +0.8% |
| 2026-06-12 | $33.36 | +0.3% |
| 2026-06-11 | $33.27 | +10.3% |
| 2026-06-10 | $30.15 | −7.7% |
| 2026-06-09 | $32.68 | +7.1% |
| 2026-06-08 | $30.51 | +21.4% |
| 2026-06-05 | $25.14 | −11.5% |
| 2026-06-04 | $28.41 | −0.3% |
| 2026-06-03 | $28.49 | −2.0% |
| 2026-06-02 | $29.06 | −5.7% |
| 2026-06-01 | $30.81 | +4.2% |
| 2026-05-29 | $29.58 | −1.8% |
| 2026-05-28 | $30.13 | +0.5% |
| 2026-05-27 | $29.97 | +1.2% |
| 2026-05-26 | $29.62 | +3.4% |
| 2026-05-22 | $28.65 | −3.1% |
| 2026-05-21 | $29.57 | +6.5% |
| 2026-05-20 | $27.77 | +0.8% |
| 2026-05-19 | $27.55 | −1.1% |
| 2026-05-18 | $27.87 | −5.9% |
| 2026-05-15 | $29.61 | −7.6% |
| 2026-05-14 | $32.04 | +4.0% |
| 2026-05-13 | $30.81 | −1.8% |
| 2026-05-12 | $31.38 | −0.9% |
| 2026-05-11 | $31.68 | +4.8% |
| 2026-05-08 | $30.23 | +3.2% |
| 2026-05-07 | $29.30 | −5.8% |
| 2026-05-06 | $31.12 | +2.6% |
| 2026-05-05 | $30.32 | +3.9% |
| 2026-05-04 | $29.17 | +3.8% |
| 2026-05-01 | $28.11 | +2.4% |
| 2026-04-30 | $27.44 | +7.9% |
| 2026-04-29 | $25.42 | −3.6% |
| 2026-04-28 | $26.36 | +5.2% |
| 2026-04-27 | $25.05 | −3.7% |
| 2026-04-24 | $26.00 | −1.0% |
| 2026-04-23 | $26.28 | −1.9% |
| 2026-04-22 | $26.80 | +7.4% |
| 2026-04-21 | $24.95 | −6.9% |
| 2026-04-20 | $26.80 | +3.7% |
| 2026-04-17 | $25.84 | +5.8% |
| 2026-04-16 | $24.43 | +1.6% |
| 2026-04-15 | $24.04 | +1.3% |
| 2026-04-14 | $23.72 | +5.4% |
| 2026-04-13 | $22.50 | +3.9% |
| 2026-04-10 | $21.66 | +2.4% |
| 2026-04-09 | $21.15 | +11.3% |
| 2026-04-08 | $19.00 | +2.0% |
| 2026-04-07 | $18.63 | +1.9% |
| 2026-04-06 | $18.28 | +3.6% |
| 2026-04-02 | $17.64 | +1.6% |
| 2026-04-01 | $17.37 | −5.9% |
| 2026-03-31 | $18.45 | +7.6% |
| 2026-03-30 | $17.15 | −4.7% |
| 2026-03-27 | $18.00 | −8.2% |
| 2026-03-26 | $19.61 | −8.1% |
| 2026-03-25 | $21.33 | +0.1% |
| 2026-03-24 | $21.30 | −1.8% |
| 2026-03-23 | $21.70 | +4.7% |
| 2026-03-20 | $20.72 | −1.6% |
| 2026-03-19 | $21.05 | −2.5% |
| 2026-03-18 | $21.58 | −8.2% |
| 2026-03-17 | $23.50 | +1.7% |
| 2026-03-16 | $23.10 | +3.4% |
| 2026-03-13 | $22.35 | +8.3% |
| 2026-03-12 | $20.63 | −3.9% |
| 2026-03-11 | $21.46 | −1.7% |
| 2026-03-10 | $21.83 | +1.6% |
| 2026-03-09 | $21.50 | +4.6% |
| 2026-03-06 | $20.55 | −9.6% |
| 2026-03-05 | $22.73 | −6.6% |
| 2026-03-04 | $24.34 | +17.7% |
| 2026-03-03 | $20.68 | −4.8% |
| 2026-03-02 | $21.73 | +5.5% |
| 2026-02-27 | $20.59 | −6.2% |
| 2026-02-26 | $21.94 | −3.9% |
| 2026-02-25 | $22.83 | +6.0% |
| 2026-02-24 | $21.54 | +5.9% |
| 2026-02-23 | $20.34 | −4.1% |
| 2026-02-20 | $21.20 | −2.0% |
| 2026-02-19 | $21.63 | −0.5% |
| 2026-02-18 | $21.73 | +2.0% |
| 2026-02-17 | $21.30 | −1.7% |
| 2026-02-13 | $21.66 | +7.5% |
| 2026-02-12 | $20.15 | −1.2% |
| 2026-02-11 | $20.40 | −3.7% |
| 2026-02-10 | $21.19 | +0.2% |
| 2026-02-09 | $21.15 | +7.0% |
| 2026-02-06 | $19.76 | +17.3% |
| 2026-02-05 | $16.84 | −16.5% |
| 2026-02-04 | $20.16 | −8.3% |
| 2026-02-03 | $21.98 | −16.9% |
| 2026-02-02 | $26.44 | −6.4% |
| 2026-01-30 | $28.26 | −5.7% |
| 2026-01-29 | $29.96 | −6.1% |
| 2026-01-28 | $31.90 | −3.9% |
| 2026-01-27 | $33.18 | +6.1% |
| 2026-01-26 | $31.28 | −1.9% |
| 2026-01-23 | $31.90 | +3.2% |
| 2026-01-22 | $30.92 | −4.7% |
| 2026-01-21 | $32.45 | +1.1% |
| 2026-01-20 | $32.10 | −6.4% |
| 2026-01-16 | $34.31 | +7.3% |
| 2026-01-15 | $31.99 | +13.5% |
| 2026-01-14 | $28.19 | +5.1% |
| 2026-01-13 | $26.82 | +5.2% |
| 2026-01-12 | $25.49 | +2.2% |
| 2026-01-09 | $24.94 | −2.2% |
| 2026-01-08 | $25.50 | 0.0% |
| 2026-01-07 | $25.51 | −2.2% |
| 2026-01-06 | $26.08 | −0.8% |
| 2026-01-05 | $26.30 | +6.3% |
| 2026-01-02 | $24.75 | +10.7% |
| 2025-12-31 | $22.36 | −1.8% |
| 2025-12-30 | $22.78 | −1.6% |
| 2025-12-29 | $23.16 | −1.0% |
| 2025-12-26 | $23.40 | −4.2% |
| 2025-12-24 | $24.43 | −0.7% |
| 2025-12-23 | $24.59 | −0.1% |
| 2025-12-22 | $24.61 | +2.5% |
| 2025-12-19 | $24.00 | +6.6% |
| 2025-12-18 | $22.51 | −1.3% |
| 2025-12-17 | $22.81 | −6.2% |
| 2025-12-16 | $24.31 | −0.9% |
| 2025-12-15 | $24.54 | −8.3% |
| 2025-12-12 | $26.75 | −10.4% |
| 2025-12-11 | $29.86 | +1.2% |
| 2025-12-10 | $29.52 | +0.2% |
| 2025-12-09 | $29.45 | +12.9% |
| 2025-12-08 | $26.09 | +2.3% |
| 2025-12-05 | $25.51 | −7.5% |
| 2025-12-04 | $27.57 | +1.9% |
| 2025-12-03 | $27.05 | +6.7% |
| 2025-12-02 | $25.36 | +2.3% |
| 2025-12-01 | $24.80 | −6.7% |
| 2025-11-28 | $26.59 | +1.3% |
| 2025-11-26 | $26.24 | +3.0% |
| 2025-11-25 | $25.48 | +2.8% |
| 2025-11-24 | $24.78 | +5.8% |
| 2025-11-21 | $23.42 | −2.5% |
| 2025-11-20 | $24.03 | −6.7% |
| 2025-11-19 | $25.76 | +0.7% |
| 2025-11-18 | $25.58 | +2.2% |
| 2025-11-17 | $25.04 | −4.9% |
| 2025-11-14 | $26.34 | −3.3% |
| 2025-11-13 | $27.24 | −12.9% |
| 2025-11-12 | $31.27 | +1.7% |
| 2025-11-11 | $30.74 | −3.3% |
| 2025-11-10 | $31.79 | +0.7% |
| 2025-11-07 | $31.56 | +3.9% |
| 2025-11-06 | $30.38 | −3.4% |
| 2025-11-05 | $31.44 | +0.9% |
| 2025-11-04 | $31.17 | −10.6% |
| 2025-11-03 | $34.88 | −0.4% |
| 2025-10-31 | $35.01 | +2.6% |
| 2025-10-30 | $34.13 | −6.3% |
| 2025-10-29 | $36.43 | −2.3% |
| 2025-10-28 | $37.29 | −8.0% |
| 2025-10-27 | $40.55 | +1.8% |
| 2025-10-24 | $39.82 | +3.2% |
| 2025-10-23 | $38.60 | +3.4% |
| 2025-10-22 | $37.34 | −12.9% |
| 2025-10-21 | $42.86 | +8.1% |
| 2025-10-20 | $39.65 | +4.9% |
| 2025-10-17 | $37.78 | −5.3% |
| 2025-10-16 | $39.91 | −4.8% |
| 2025-10-15 | $41.92 | +1.9% |
| 2025-10-14 | $41.14 | −0.2% |
| 2025-10-13 | $41.23 | +4.7% |
| 2025-10-10 | $39.38 | −6.7% |
| 2025-10-09 | $42.22 | +2.0% |
| 2025-10-08 | $41.39 | +4.6% |
| 2025-10-07 | $39.58 | +1.9% |
| 2025-10-06 | $38.84 | +7.4% |
| 2025-10-03 | $36.16 | −1.0% |
| 2025-10-02 | $36.52 | +1.9% |
| 2025-10-01 | $35.83 | +6.0% |
| 2025-09-30 | $33.81 | −1.4% |
| 2025-09-29 | $34.29 | +11.0% |
| 2025-09-26 | $30.90 | −3.8% |
| 2025-09-25 | $32.12 | −6.3% |
| 2025-09-24 | $34.29 | +3.5% |
| 2025-09-23 | $33.14 | −1.6% |
| 2025-09-22 | $33.69 | +2.5% |
| 2025-09-19 | $32.87 | −0.6% |
| 2025-09-18 | $33.08 | +0.2% |
| 2025-09-17 | $33.01 | +3.7% |
| 2025-09-16 | $31.83 | +3.4% |
| 2025-09-15 | $30.77 | +3.6% |
| 2025-09-12 | $29.70 | +2.9% |
| 2025-09-11 | $28.87 | +10.7% |
| 2025-09-10 | $26.08 | −1.9% |
| 2025-09-09 | $26.58 | +9.7% |
| 2025-09-08 | $24.22 | +3.1% |
| 2025-09-05 | $23.49 | +2.5% |
| 2025-09-04 | $22.91 | −6.1% |
| 2025-09-03 | $24.39 | +1.0% |
| 2025-09-02 | $24.16 | +2.9% |
| 2025-08-29 | $23.49 | −4.2% |
| 2025-08-28 | $24.51 | +0.4% |
| 2025-08-27 | $24.41 | −1.3% |
| 2025-08-26 | $24.72 | +0.7% |
| 2025-08-25 | $24.55 | −4.0% |
| 2025-08-22 | $25.57 | +7.0% |
| 2025-08-21 | $23.89 | −2.5% |
| 2025-08-20 | $24.51 | +1.7% |
| 2025-08-19 | $24.09 | −10.1% |
| 2025-08-18 | $26.79 | +2.7% |
| 2025-08-15 | $26.09 | −8.7% |
| 2025-08-14 | $28.57 | +0.8% |
| 2025-08-13 | $28.34 | +1.6% |
| 2025-08-12 | $27.90 | −2.0% |
| 2025-08-11 | $28.48 | +2.5% |
| 2025-08-08 | $27.78 | −1.1% |
| 2025-08-07 | $28.09 | +2.7% |
| 2025-08-06 | $27.34 | −1.2% |
| 2025-08-05 | $27.68 | −4.2% |
| 2025-08-04 | $28.89 | +7.5% |
| 2025-08-01 | $26.88 | −5.4% |
| 2025-07-31 | $28.41 | −1.7% |
| 2025-07-30 | $28.90 | +8.0% |
| 2025-07-29 | $26.76 | −9.6% |
| 2025-07-28 | $29.60 | −3.2% |
| 2025-07-25 | $30.59 | −4.1% |
| 2025-07-24 | $31.89 | +2.8% |
| 2025-07-23 | $31.03 | +6.6% |
| 2025-07-22 | $29.11 | +6.0% |
| 2025-07-21 | $27.45 | +1.2% |
| 2025-07-18 | $27.13 | +4.2% |
| 2025-07-17 | $26.04 | +6.9% |
| 2025-07-16 | $24.36 | +16.8% |
| 2025-07-15 | $20.86 | −2.8% |
| 2025-07-14 | $21.45 | +4.0% |
| 2025-07-11 | $20.63 | +1.1% |
| 2025-07-10 | $20.41 | +1.2% |
| 2025-07-09 | $20.17 | +3.6% |
| 2025-07-08 | $19.46 | −1.2% |
| 2025-07-07 | $19.69 | −9.5% |
| 2025-07-03 | $21.75 | −2.1% |
| 2025-07-02 | $22.22 | +4.3% |
| 2025-07-01 | $21.31 | −2.7% |
| 2025-06-30 | $21.90 | +9.7% |
| 2025-06-27 | $19.97 | −2.5% |
| 2025-06-26 | $20.48 | +5.6% |
| 2025-06-25 | $19.40 | −1.6% |
| 2025-06-24 | $19.71 | +6.7% |
| 2025-06-23 | $18.47 | −2.1% |
| 2025-06-20 | $18.86 | −0.9% |
| 2025-06-18 | $19.04 | +3.0% |
| 2025-06-17 | $18.49 | −4.5% |
| 2025-06-16 | $19.37 | +2.8% |
| 2025-06-13 | $18.84 | −3.0% |
| 2025-06-12 | $19.42 | +0.5% |
| 2025-06-11 | $19.33 | −3.4% |
| 2025-06-10 | $20.00 | −4.4% |
| 2025-06-09 | $20.93 | +4.8% |
| 2025-06-06 | $19.98 | +4.8% |
| 2025-06-05 | $19.07 | −5.0% |
| 2025-06-04 | $20.08 | +5.0% |
| 2025-06-03 | $19.13 | +3.3% |
| 2025-06-02 | $18.52 | +2.0% |
| 2025-05-30 | $18.15 | −7.4% |
| 2025-05-29 | $19.60 | −3.8% |
| 2025-05-28 | $20.38 | −6.3% |
| 2025-05-27 | $21.74 | −5.3% |
| 2025-05-23 | $22.95 | −6.2% |
| 2025-05-22 | $24.46 | +9.0% |
| 2025-05-21 | $22.44 | +2.4% |
| 2025-05-20 | $21.91 | −7.4% |
| 2025-05-19 | $23.65 | +3.7% |
| 2025-05-16 | $22.80 |
Galaxy fell 67% from its record close to Nov. 4. Source: Tiingo end-of-day closes, as traded, via KeyVex.KeyVex
What the shares sold for in 2025
In May and June 2025, Galaxy Group Investments sold 7.75 million Galaxy shares as a selling shareholder in an underwritten offering. The public price was $19.00 a share. After the underwriters' cut, his company got $18.0975, his filings show.Form 4Form 4
On Oct. 10, 2025, Galaxy agreed to a $460 million investment from what it called "one of the world's largest and most respected asset managers." The investor bought 9.03 million new shares from Galaxy and 3.75 million from executives, including Novogratz, all at $36 a share.8-K Three million of those shares were his: 2.48 million through Galaxy Group Investments and about 523,000 through Novofam Macro LLC, his Form 4 shows.Form 4 Galaxy said its own proceeds would go to general corporate purposes and the buildout of Helios.8-K
View the data
| Trade | Price a share | Note |
|---|---|---|
| Oct. 10, 2025 (Novogratz's entities sell to an asset manager) | $36.00 | 3,000,000 shares, $108.0 million |
| May 29 and June 9, 2025 (His company sells in an offering) | $18.10 | 7,753,842 shares at the $19 offering price, $18.0975 after the underwriting discount |
| February to Oct. 15, 2026 (Galaxy buys back its own stock) | $20.40 | About 9.8 million shares for $200 million; the average, about $20.40, is KeyVex's math |
| Nov. 5, 2026 (Novogratz's company buys) | $12.98 | 760,000 shares, about $9.9 million; weighted average of two lines on his Form 4, KeyVex's math |
Two figures are KeyVex's math: the buyback average ($200 million divided by about 9.8 million shares) and the Nov. 5 price (the weighted average of the two lines on his Form 4). Sources: Novogratz's Form 4s; Galaxy's Oct. 10, 2025 and Oct. 27, 2026 releases.
Galaxy itself has been buying too. It finished a $200 million buyback on Oct. 15, having bought about 9.8 million shares since February, its third-quarter release says. On Oct. 26 its board approved another $200 million.Q3 release
What happened in Texas
Galaxy's Nov. 4 close of $13.97 was 67% below its record of $42.86, set Oct. 21, 2025.KeyVex In the Nov. 3 election, Texas voters chose Democrat Gina Hinojosa as governor. She campaigned for tougher limits on data center development, CNBC reported.CNBC In an Oct. 22 video, she promised a moratorium on "all data center approvals until laws can be passed by the Legislature to protect Texans," the Texas Tribune reported. That goes beyond Gov. Greg Abbott's freeze on environmental permits and grid connections for data centers during an audit, which the Tribune said was expected to end this year.Texas Tribune Neither CNBC nor the Tribune mentioned Galaxy.CNBCTexas Tribune
Galaxy's data center business is anchored by its Helios campus in Texas, its release says. Galaxy had delivered all 133 megawatts of computing load in the campus's first phase to CoreWeave by the end of June, and a second phase is under construction.Q3 release In its June-quarter report, filed Aug. 10, Galaxy warned that the audit, which the governor ordered in August for data centers awaiting grid approval, "may impact the power approval timelines for certain of our data center sites."10-Q
Novogratz wrote that Galaxy has worked with Texas legislators and communities "for years," and that "800 MW is already leased under long-term contract."X As of its Oct. 27 release, Galaxy was still talking with possible tenants for 830 megawatts of approved capacity at a further expansion, Helios II, and said it saw market dynamics as "increasingly favorable."Q3 release
Dan Ives of Yorkville Ives & Co. said in a note that the midterm elections will slow the pace of data center buildouts across the U.S., CNBC reported. He called Texas the "biggest worry" of the night for the AI trade.CNBC Jess Heck of the Data Center Coalition, an industry group, said in a statement that it looks forward to working with state leaders on "responsible data center growth," the Texas Tribune reported.Texas Tribune
What is left open: His filings say how many shares he bought and what he paid; they do not say whether he will buy more.Form 4 Galaxy's new $200 million buyback has no fixed end date and does not oblige it to buy any shares, its release says.Q3 release
What to watch
Galaxy's quarterly report for the three months ended Sept. 30, which it had not filed as of Nov. 5. Its June-quarter report came five days after its results.
Gina Hinojosa takes office as governor of Texas, the Texas Tribune reported.
Data hall deliveries from the second phase of Helios I, now under construction, are scheduled to begin, Galaxy's third-quarter release says.
The paper trail
The filings behind this story, May 2025 through Nov. 5, 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| June 2, 2025, 5:43 p.m. | Form 4 | Michael Novogratz | Galaxy Group Investments sells 3,372,875 shares on May 29 in the $19 offering, at $18.0975 after the discount. |
| June 10, 2025, 5:05 p.m. | Form 4 | Michael Novogratz | 4,380,967 more shares on June 9, when the underwriters bought additional shares. |
| Oct. 14, 2025, 4:30 p.m. | 8-K | Galaxy Digital | The $460 million investment at $36 a share, 3.75 million shares of it from executives. |
| Oct. 14, 2025, 4:39 p.m. | Form 4 | Michael Novogratz | 3,000,000 shares sold at $36 on Oct. 10: 2,477,055 through Galaxy Group Investments and 522,945 through Novofam Macro. |
| May 14, 2026, 5:24 p.m. | Form 4 | Michael Novogratz | A gift of 1.65 million Class B shares; Galaxy Group Investments holds 190,465,103 after it. |
| Aug. 10, 2026, 5:03 p.m. | 10-Q | Galaxy Digital | Risk factor: Texas's data center audit may affect power approval timelines. |
| Oct. 27, 2026, 7:04 a.m. | 8-K | Galaxy Digital | Third-quarter results; $200 million buyback completed Oct. 15; a new $200 million approved Oct. 26. |
| Nov. 5, 2026, 4:46 p.m. | Form 4 | Michael Novogratz | 760,000 shares bought on Nov. 5 at weighted averages of $12.694 and $13.632. No trading plan indicated. |
Sources
14 sources, 9 of them public records
Public records
- Michael Novogratz, Form 4 for Galaxy Digital Inc. (purchase of Nov. 5, 2026)SEC EDGAR · Nov. 5, 2026
- Michael Novogratz, Form 4 for Galaxy Digital Inc. (sale of Oct. 10, 2025)SEC EDGAR · Oct. 14, 2025
- Michael Novogratz, Form 4 for Galaxy Digital Inc. (sale of May 29, 2025)SEC EDGAR · June 2, 2025
- Michael Novogratz, Form 4 for Galaxy Digital Inc. (sale of June 9, 2025)SEC EDGAR · June 10, 2025
- Michael Novogratz, Form 4 for Galaxy Digital Inc. (gift of May 13, 2026; Class B shares held)SEC EDGAR · May 14, 2026
- Michael Novogratz's Form 4 filings, all issuersSEC EDGAR · through Nov. 5, 2026
- Galaxy Digital Inc., Form 8-K, Exhibit 99.1: "Galaxy Announces $460 Million Strategic Investment from a Leading Asset Management Firm"SEC EDGAR · Oct. 14, 2025
- Galaxy Digital Inc., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 27, 2026
- Galaxy Digital Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 10, 2026
Reporting
- Mike Novogratz (@novogratz), post on XX · Nov. 5, 2026
- "AI data center stocks and Musk's SpaceX decline as Texas governor result raises risks of a slowdown"CNBC · Nov. 4, 2026
- "Gina Hinojosa won the governor's race. What happens to Texas data centers now?"The Texas Tribune · Nov. 4, 2026
Data
- End-of-day prices for GLXY, and SPY and QQQ on the chart (Tiingo)KeyVex · through Nov. 4, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for GLXYKeyVex · through Nov. 4, 2026
How we got these numbers
- The header image was generated for KeyVex by an image model. It is an illustration of a West Texas data center campus, not a photograph of Helios.
- Prices are end-of-day closes as traded, not adjusted for dividends, through the Nov. 4, 2026 close, the last in KeyVex when this story was written; Galaxy's Nov. 5 close was not yet in KeyVex. Daily moves are close to close: $16.83 on Nov. 3 to $13.97 on Nov. 4 is a fall of 17.0%; $42.86 to $13.97 is 67.4%. "Lowest close since its listing" compares every close in KeyVex since Galaxy's first Nasdaq close on May 16, 2025. The Nasdaq 100 and S&P 500 lines follow QQQ and SPY, rebased to Galaxy's close at the start of the range shown. The Filings switch shows a selection of filing markers from KeyVex's Galaxy stock page, not every filing and not only those tied to this story.
- Dollar amounts are shares times the price on each Form 4: Nov. 5, 2026, 528,757 x $12.694 plus 231,243 x $13.632 = $9,864,346, a weighted average of about $12.98; 2025 sales, 3,372,875 and 4,380,967 shares x $18.0975 plus 3,000,000 x $36.00 = $248,325,156. Galaxy's buyback average is $200 million divided by about 9.8 million shares, about $20.40. 0.4% is 760,000 against the 190,465,103 Class B shares Galaxy Group Investments reported after its May 13, 2026 gift; Each Class B share is paired with a unit of Galaxy Digital Holdings LP that can be exchanged one for one for a listed Class A share, and the Form 4s filed since then report no Class B transactions. His entities' 2025 sales averaged about $23.09 a share.
- "The first purchase in his Galaxy filings" comes from every Form 3 and Form 4 Novogratz has filed on EDGAR since Galaxy's listing (his two Schedule 13G filings on Galaxy report holdings, not trades) (his EDGAR filings go back to 2007, for other companies): for Galaxy, a Form 3 of May 15, 2025, and Form 4s reporting gifts, the 2025 sales, stock awards, shares withheld for taxes and the Nov. 5 purchase. His Oct. 5, 2026 Form 3 is for a different issuer. Galaxy's shares also trade in Toronto (its Oct. 10, 2025 release lists them as Nasdaq/TSX: GLXY); his Galaxy filings with the SEC begin with the May 2025 Nasdaq listing, and any earlier trades are not in them. Form 4's purchase code covers open-market and private purchases; the Nov. 5 filing reports multiple trades at prices from $12.34 to $13.87 and does not say which.