Galaxy Digital, a digital asset management company, declared on Wednesday the beginning of a share buyback system of about 10.6 million shares, or one-tenth of the organization’s public assets. The company stated in its official statement that it could consider buying back shares if it adjudged the financial situation to require such repurchases.

The virtual assets management company says that it might buy back its products if it thinks that its costs don’t mirror its implicit worth. It also added it could execute the same actions towards sustaining the value of the products over the long term.

Market statistics show that the share costs of Galaxy’s offering on the Stock Exchange have dipped over one-third of its value over the last five trading days. Further reports say that the stocks fell by a tenth of their initial worth at the beginning of the trading day.

The decision follows a recent development where Galaxy announced that it lost approximately $112 million in the first quarter of 2022. Meanwhile, the company reported that it earned about $858 million in the first quarter of 2021. The Chief Executive Officer of the organization reportedly said that he expects the crypto market to be quite unstable and challenging for a few quarters to come.

Terra’s Crash Further Foots US Authority’s Fears on Stablecoins

The Secretary of the US Treasury, Yellen, stood before the US Senate on Tuesday to describe the liabilities attached to the utility of the stablecoins. When the secretary informed the legislature about the financial stability of stablecoins, UST had been recovering from a price dip on Monday. However, the stablecstablecoin’ fell further later on Tuesday to $0.26.

Yellen and other legislators had reportedly complained about the stablecoin at different times within the last three days. She highlighted that the stablecoin was highly unstable.

Different issues reportedly aggravated the lack of liquidity for the system behind the stablecoin, as the stablecoin sees a high level of panic-selling. However, expert analysis says that one of the issues is the absence of a more sustainable and efficient system.

Reports say that the panic-selling resulted from the news that the country’s senators intend to regulate the digital assets industry. However, expert analysis says the market condition shows viable opportunities for new people to join the stablecoin 

market.

The secretary disclosed that the US Treasury would soon publish an official document on digital assets and stablecoins. She added that the US Congress would soon publish legislation on stablecoins before the year’s end.

The latest information from the US Treasury depicts that the country is planning to answer long-standing questions about the digital assets industry. Earlier, different stakeholders in the country have called for a more comprehensive regulatory action by US authorities on the digital assets industry. The hope is that the said report from the US Treasury legislation would help define different shady terms in the digital assets industry.