Galaxy Digital Approved for U.S. Listing on Nasdaq

Galaxy Digital has taken a significant step towards its U.S. stock market debut after receiving approval from the Securities and Exchange Commission for its registration statement. The company announced on Apr. 7 that the approved Form S-4 is related to its plan to move its base from the Cayman Islands to Delaware and establish a new U.S.-based holding company, Galaxy Digital Inc. (“New Pubco”).

Under this reorganization, existing shareholders will receive shares of New Pubco’s Class A common stock on a one-for-one basis, with no change in economic interest or voting power. The firm intends to list the Class A shares on the Nasdaq Global Select Market under the ticker symbol “GLXY.” To finalize the reorganization, Galaxy has scheduled a special shareholder meeting for May 9, 2025. Shareholders on record as of Apr. 7 are eligible to vote.

If approved, the reorganization and listing are expected to be completed by mid-May, pending a final sign-off from the Toronto Stock Exchange, where Galaxy is currently listed. Following the transaction, Galaxy Digital Inc. will remain listed on the TSX for a transitional period, allowing dual listing of shares across the U.S. and Canadian markets.

CEO Mike Novogratz described the development as “an important milestone” and emphasized that the transition supports Galaxy’s broader mission to scale digital asset services and artificial intelligence infrastructure in regulated U.S. markets. “This marks an important milestone for Galaxy, as we take a significant step toward advancing our mission of driving innovation and growth across digital assets and artificial intelligence infrastructure. We look forward to completing the transaction this quarter,” Novogratz stated.

To assist in overseeing the shareholder voting procedure, Galaxy has enlisted the help of TMX Investor Solutions Inc. A document detailing the reorganization, its rationale, and voting procedures will soon be sent to shareholders.

Galaxy Digital is renowned for offering institutional-level cryptocurrency services, including trading, asset management, and tokenization. The business, which has expanded across North America, Europe, and Asia, has also made substantial investments in high-performance computing infrastructure and AI.

The approval from the SEC is a pivotal moment in Galaxy Digital's restructuring efforts. The company's strategic move to relocate to Delaware, a state known for its business-friendly regulations, is expected to provide a more favorable regulatory environment and access to a larger pool of investors. This relocation is part of Galaxy Digital's broader strategy to enhance its market presence and operational efficiency.

The Nasdaq listing is a strategic move for Galaxy Digital, aiming to attract more institutional investors and increase liquidity for its shares. The Nasdaq is one of the world's leading stock exchanges, known for its advanced trading technology and stringent listing requirements. By listing on Nasdaq, Galaxy Digital will join a select group of companies that have successfully navigated the regulatory landscape and gained access to a broader investor base.

The approval from the SEC and the planned Nasdaq listing are significant developments for Galaxy Digital, reflecting the company's commitment to growth and innovation in the digital asset and blockchain technology sectors. The relocation to Delaware and the Nasdaq listing are expected to provide Galaxy Digital with a stronger foundation for future growth and expansion. As the company prepares for its Nasdaq debut, it will continue to focus on its core competencies and explore new opportunities in the rapidly evolving digital asset landscape.