Crypto financial services firm Galaxy Digital has received approval from the US Securities and Exchange Commission to list on the Nasdaq, marking a significant milestone for the company. Led by billionaire Michael Novogratz, Galaxy is currently listed in Canada and is set to debut on the Nasdaq pending a shareholder vote scheduled for May 9. The listing, subject to shareholder approval and final clearance from the Toronto Stock Exchange, will see Galaxy trade under the ticker symbol GLXY.
The SEC’s approval allows Galaxy to shift its corporate registration from the Cayman Islands to Delaware, a move the company deems necessary to align with US regulatory and investor expectations. Founded by Novogratz, a former hedge fund manager at Fortress Investment Group, Galaxy Digital offers a range of services including trading, asset management, and venture investments focused on digital assets. The firm has been pursuing a US listing for years but faced delays due to a stricter regulatory climate.
The Biden administration’s cautious stance on the crypto industry had made US listings challenging for digital asset companies. However, with President Donald Trump back in office, several firms, including Circle, Kraken, Gemini, Ripple, and Bullish, have begun reviving or expediting their plans for public listings. Despite renewed interest, recent market volatility linked to Trump’s new tariffs has dampened IPO activity. The Cboe Volatility Index, Wall Street’s “fear gauge,” has surged to its highest level since August 2024, reflecting growing investor unease and prompting companies like StubHub, Klarna, and eToro to postpone their IPO plans.
Despite the market uncertainties, Galaxy Digital is forging ahead with its Nasdaq listing while maintaining its presence on the Toronto Stock Exchange. The company views the move to Nasdaq as crucial for expanding its reach to institutional investors in the US market. As Galaxy prepares to make its mark on the Nasdaq, the firm’s strategic positioning and commitment to regulatory compliance set the stage for its continued growth and success in the dynamic world of digital asset finance.