Galaxy Digital shares fall despite plans to buy back up to 10% of its stock

Galaxy Digital's (OTCPK:BRPHF) stock is dipping around 8% in Wednesday morning trading, even after the board of directors have approved the company's share buyback program involving the repurchase of 10% of its shares outstanding throughout the 2022. Regarding Galaxy Digital's (OTCPK:BRPHF) planned bid of 10.6M ordinary shares, it intends to file a notice to the Toronto Stock Exchange of which its shares are listed on. The cryptocurrency asset manager may use the share repurchase program "at times when it believes that the current market price of its shares does not reflect their intrinsic value," Galaxy said. Perhaps the ongoing selloff experienced in the crypto market is weighing on Galaxy Digital (OTCPK:BRPHF -8.1%) shares intraday, as is the case with a slew of digital asset-focused firms. Over the past 24 hours, bitcoin (BTC-USD -0.8%) is off slightly to $31.2K at the time of writing. Earlier this week, (May 9) Galaxy Digital Q1 net loss reflected