Nikolas Sargeant
Galaxy Digital prepares for Nasdaq debut following regulatory clearance, planning to trade under GLXY ticker after upcoming shareholder vote and final approvals.
Galaxy's Path to US Markets Cleared by Regulatory Approval
Cryptocurrency financial services firm Galaxy Digital is moving forward with plans to list on the Nasdaq exchange after receiving the green light from the US Securities and Exchange Commission, the company announced Monday.
This development represents a significant achievement for billionaire Michael Novogratz's firm as it expands its presence in US financial markets. Currently listed in Canada, Galaxy anticipates making its Nasdaq debut shortly after a scheduled May 9 shareholder vote. The listing remains contingent on shareholder approval and final authorization from the Toronto Stock Exchange. Upon completion, the company will trade using the ticker symbol GLXY.
Crypto Listings Gain Momentum Amid Market Uncertainty
The SEC's approval enables Galaxy to transition its corporate registration from the Cayman Islands to Delaware. According to the company, this reorganization is an essential step toward meeting US regulatory standards and investor expectations.
Galaxy Digital, established by former Fortress Investment Group hedge fund manager Novogratz, delivers various services including trading, asset management, and venture investments focused on digital assets. The firm has been working toward a US listing for several years but encountered delays in the previously restrictive regulatory environment.
Since President Trump returned to office, several crypto companies have revitalized their public listing plans, including Circle, Kraken, Gemini, Ripple, and Bullish. However, recent market volatility related to Trump's new tariffs has created uncertainty in the IPO landscape. The Cboe Volatility Index, often called Wall Street's "fear gauge," has reached its highest point since August 2024, reflecting increased investor concerns and causing companies like StubHub, Klarna, and eToro to postpone their IPO plans amid worries about reduced valuations and market instability.
Despite these challenges, Galaxy appears determined to proceed with its plans. The company will maintain its Toronto Stock Exchange listing while expanding to Nasdaq, a move it considers vital for accessing a broader base of institutional investors in the US market.
