Galaxy Digital Shift to Nasdaq: A Game-Changer for its Growth
Galaxy Digital prepares Nasdaq stock market debut set for May 16, 2025.
Here's a rundown on Galaxy Digital's forthcoming move to the Nasdaq stock exchange, set for May 16, 2025, subject to shareholder and Nasdaq approval.
The Big Leap
Galaxy Digital, a leading crypto investment firm, plans to list on the prestigious US-based Nasdaq stock exchange, trading under the symbol GLXY. However, during a temporary period, it will remain listed on the Toronto Stock Exchange (TSX).
This strategic shift demands approval from shareholders at a May 9 meeting, and endorsement from Nasdaq.
A Stepping Stone for Growth
CEO Mike Novogratz views this move as a "transformative milestone" that will push Galaxy Digital to enhance its presence in the US market and create a gateway for investors to access both digital asset and AI ecosystems.
The Nasdaq listing is expected to bring in a broader investor base, potentially boosting shareholder value.
Bullish Market Signs
Despite a sluggish start this year, with Galaxy Digital's stock down 12.28% on the TSX, April showed encouraging signs for crypto-related stocks. Major Nasdaq-listed firms in the sector saw significant gains, with Coinbase, Michael Saylor's Strategy, and Bitcoin mining firm CleanSpark posting substantial increases.
Corporate Makeover
To streamline the Nasdaq listing process, Galaxy Digital has established a new public company in Delaware. Existing GLXY shares on the TSX will continue trading seamlessly under a new CUSIP number. Over-the-counter traded shares (BRPHF) will transition to GLXY on Nasdaq.
The U.S. Securities and Exchange Commission (SEC) has already declared their registration statement effective on April 7, 2025. Galaxy Digital has dispatched management information circulars to shareholders for the May 9 special meeting, detailing the reorganization and domestication process.
Expansion Plans
Concurrently, Galaxy Ventures Fund I LP, part of Galaxy Digital, aims to raise $175-180 million by the end of June, targeting a portfolio of 30 crypto and blockchain startups.
This strategic move to Nasdaq underscores Galaxy Digital's ambition to reinforce its position in the US market and capitalize on digital assets and artificial intelligence as key growth areas in the long run.
- In preparation for its move to the Nasdaq stock exchange, Galaxy Digital's CEO, Mike Novogratz, sees this transition as a transformative milestone, aimed at enhancing its presence in the US market and providing a gateway for investors to access both digital asset and AI ecosystems.
- The Nasdaq listing is anticipated to bring in a broader investor base, potentially boosting shareholder value, as shown by the recent substantial increases in crypto-related stocks on the Nasdaq.
- To facilitate the Nasdaq listing process, Galaxy Digital has established a new public company in Delaware, with existing GLXY shares on the TSX expected to continue trading seamlessly under a new CUSIP number.
- Besides the Nasdaq listing, Galaxy Ventures Fund I LP, part of Galaxy Digital, aims to raise $175-180 million by the end of June, targeting a portfolio of 30 crypto and blockchain startups, reinforcing its position in the US market and capitalizing on digital assets and artificial intelligence as key growth areas in the long run.
