Galaxy Digital Approved for Nasdaq Listing After SEC Approval

Galaxy Digital Holdings Ltd. is on the verge of achieving a significant milestone in its journey towards a Nasdaq listing. After a prolonged process spanning over three years, the company has received approval from the U.S. Securities and Exchange Commission (SEC) to change its registration from the Cayman Islands to Delaware. This move is a crucial step towards its anticipated listing on the Nasdaq exchange, which is expected to occur shortly after a shareholder vote scheduled for May 9.

Galaxy Digital first announced its intention to list on Nasdaq in January 2022. The SEC's approval marks one of the final hurdles before the company can be officially listed under the ticker "GLXY." CEO Mike Novogratz expressed optimism about the development, stating, "We’re on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!"

The company's registration statement, filed with the SEC, outlines its plans to shift its headquarters to Delaware and reorganize under a new structure commonly adopted by U.S. firms. This reorganization will eliminate current restrictions on U.S. shareholders' voting rights, while Novogratz will retain control with nearly 60% of voting power. Galaxy Digital is currently listed on the Toronto Stock Exchange and plans to seek shareholder approval for this corporate reorganization, which it believes will enhance legal, administrative, and operational efficiencies.

Galaxy Digital chose Delaware as its new domicile due to its favorable corporate environment and the fact that it is a preferred location for many publicly traded corporations. The reorganization will involve the conversion of all issued and outstanding Class A ordinary shares into Class A common stock on a one-for-one basis, without redemption or cancellation. For a transitional period following the reorganization, Galaxy Digital will maintain dual listings on both Nasdaq and the Toronto Stock Exchange, ensuring compliance with all Nasdaq listing requirements.

The company anticipates completing the transition by mid-May, pending shareholder approval following the May 9 vote. This development represents a significant step forward for Galaxy Digital, positioning it for greater visibility and access to the U.S. capital markets. The successful reorganization and Nasdaq listing will not only enhance the company's operational efficiencies but also provide a more favorable environment for its continued growth and expansion in the crypto and artificial intelligence sectors.