Galaxy Digital is preparing to make a significant move in its growth strategy.
The cryptocurrency and AI-focused investment firm led by Michael Novogratz has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq stock exchange, a major step towards strengthening its presence in the U.S. market.
As part of its ongoing transformation, Galaxy Digital plans to shift its legal domicile from the Cayman Islands to Delaware, pending shareholder approval.
This strategic reorganisation aims to align the company with U.S. regulatory practices, which are standard for publicly traded firms in the country.
The firm has highlighted Delaware’s favourable corporate environment, including its robust case law and regularly updated corporate statutes, as key factors driving the decision.
On April 7th, Galaxy Digital CEO Michael Novogratz stated on X:
"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 reorganisation. Let’s go!"
The firm’s shares are set to begin trading on the Nasdaq under the ticker symbol GLXY, with the transition expected to be completed by mid-May, provided the reorganisation process clears all regulatory hurdles.
A special shareholder meeting is scheduled for 9 May to approve the reorganisation, with the Nasdaq listing following shortly thereafter.
Galaxy Digital’s move to Nasdaq is viewed as a critical milestone for the firm.
The listing is expected to expand its appeal to institutional investors and further solidify its position in the fast-evolving digital asset and AI sectors.
Despite the positive developments, Galaxy Digital has faced its share of challenges.
The firm recently settled a $200 million lawsuit related to its alleged promotion of the now-defunct Terra (LUNA) cryptocurrency, which collapsed in 2022.
This legal issue, tied to the wider turmoil in the crypto market, has raised questions about the firm’s past actions.
However, Galaxy Digital remains focused on its long-term vision, confident that its U.S. listing will bolster its prospects in the competitive crypto-financial landscape.
Following the announcement of the move to Nasdaq, Galaxy Digital’s shares on the Toronto Stock Exchange (TSX) fell by 8%, closing at CA$12.34 (approximately US$8.70).
This decline follows a peak of CA$50 per share in November 2021, a period marked by high optimism in the crypto market.
Despite this, the impending Nasdaq listing has led many investors to anticipate a rebound and increased attention towards the company.
Galaxy Digital first debuted on the TSX in July 2015, and this transition to Nasdaq signals a broader push to expand its footprint in the global market.
Despite recent regulatory hurdles and market volatility, the company’s long-term growth strategy remains intact, focusing on the future of digital assets and AI investment.
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