Why Galaxy Digital (GLXY) Crashed Last Week

We recently published a list of These 10 Stocks Just Rocked The Market. In this article, we are going to take a look at where Galaxy Digital (NASDAQ:GLXY)  stands against other stocks that just rocked the market.

Galaxy Digital tumbled by 20.9 percent week-on-week as investors sold off positions following an upsized public offering of 31.6 million shares.

In a statement, Galaxy Digital (NASDAQ:GLXY) said that it would offer 26.4 million class A common shares, while certain stockholders will sell some 5.2 million shares, both at a price of $19 apiece.

Why Galaxy Digital (GLXY) Crashed Last Week

A portfolio manager pointing to a digital graph of emerging market assets.

According to the company, it intends to use the net proceeds to purchase newly issued limited partnership units from its operating subsidiary, Galaxy Digital Holdings LP, and finance the latter’s expansion of artificial intelligence and high-performance computing infrastructure at its Helios data center campus in Texas.

Galaxy Digital Inc. (NASDAQ:GLXY) is one of the leading companies in digital assets and data center infrastructure, as well as solutions in finance and artificial intelligence.

The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Overall, GLXY ranks 3rd on our list of stocks that just rocked the market. While we acknowledge the potential of GLXY, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GLXY and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.