TL;DR
- SEC Nod to Nasdaq: Galaxy Digital receives SEC approval to list its shares on Nasdaq, marking a significant U.S. public market entry.
- Delaware Domicile Shift: The firm plans to relocate from the Cayman Islands to Delaware, leveraging a more favorable corporate environment.
- Dual Market Strategy: With a shareholder vote on May 9, Nasdaq trading is set for mid-May, while the TSX listing remains active.
Galaxy Digital, an investment firm specializing in cryptocurrency and AI under the leadership of Michael Novogratz, has secured approval from the U.S. SEC to list its shares on the Nasdaq stock exchange. This development represents a major step forward in the company’s efforts to enter the U.S. public markets.
Big milestone for @GalaxyHQ! Our registration statement is now effective with the SEC. We’re on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go! https://t.co/bbIgQNnMxH
— Mike Novogratz (@novogratz) April 7, 2025
Strategic Move to Delaware
As part of its Nasdaq listing process, Galaxy Digital plans to relocate its legal domicile from the Cayman Islands to Delaware, pending shareholder and Toronto Stock Exchange (TSX) approval. The firm cited Delaware’s favorable corporate environment, extensive case law, and regularly updated corporate statutes as key reasons for the shift.
CEO Michael Novogratz expressed enthusiasm about the transition, stating, “Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization.”
Nasdaq Listing Expected in Mid-May
Galaxy Digital intends to begin trading on the Nasdaq under the ticker symbol GLXY, shortly after the shareholder vote. If approved, the transition is expected to be completed by mid-May, allowing the firm to broaden its appeal to institutional investors and strengthen its position in the digital asset and AI investment landscape.
The company originally announced plans to list on the Nasdaq in January 2022, and the SEC’s approval clears one of the final hurdles in that process. Galaxy Digital will maintain its TSX listing during the transition, ensuring dual access to shares across Canadian and U.S. markets.
Market Performance and Regulatory History
Following the announcement, Galaxy Digital’s share price on the TSX fell 8%, closing at CA$12.30 (approximately US$8.70). The firm, which debuted on the TSX in July 2015, previously peaked near CA$50 in November 2021.
Galaxy Digital has faced regulatory challenges in the past, including a $200 million settlement related to its alleged promotion of the now-defunct Terra (LUNA) cryptocurrency. Despite these hurdles, the company remains focused on long-term growth in the evolving crypto-financial sector.
Galaxy Digital is now closer to its Nasdaq debut after receiving approval from the SEC. Investors are paying close attention as the company undergoes its corporate reorganization, anticipating that the listing will enhance liquidity and attract more institutional interest in its stock.
