Galaxy Digital Shares Fall After Announcing New Sustainability Program, Strategy

By Adriano Marchese

Shares in Galaxy Digital Holdings Ltd. fell in early trading Thursday after the company announced the launch of a new sustainability program and strategy.
At 10:33 a.m. ET, shares were down 2.6% to C$16.05.

The Toronto-listed financial services and investment management company said the new program underscores the company’s commitment to “responsible environmental practices, a robust corporate governance strategy and an equitable, inclusive environment for employees.”
Among its commitments, Galaxy Digital, which focuses on asset, cryptocurrency and blockchain technology sectors, said it will actively seek to manage and improve its environmental and carbon footprint.
This builds on its previous plan to achieve a sustainable power mix across its mining operations of more than 80% in a three-year target.
Additionally, the company said tat it would seek to cultivate opportunities that will ensure diverse hiring, development and advancement among its employees.
The company said it will release its first sustainability report in the second half of this year.
“We strive to drive systems change through technology, and as we continue to scale our business globally, we are committed to operating firmwide consistently with environmental, social, and governance best practices,” Founder and Chief Executive Mike Novogratz said.
Write to Adriano Marchese at adriano.marchese@wsj.com