Galaxy Digital Approved for Nasdaq Listing, Shares to Trade by May

Galaxy Digital, a prominent player in the digital asset and artificial intelligence infrastructure sectors, has received approval from the Securities and Exchange Commission (SEC) to list its shares on the Nasdaq. This development marks a significant milestone for the company, which is led by billionaire investor Mike Novogratz. The approval paves the way for Galaxy Digital to begin trading on the US stock market as early as May.

The company, currently listed on the Toronto Stock Exchange, aims to leverage the US market to attract more investors and raise capital. The SEC's approval comes after nearly two years of delays, with the company initially filing for a US listing in 2021 but later withdrawing its application due to market volatility and regulatory concerns. In an official statement released on 7 April 2025, Galaxy Digital announced that the SEC had declared effective the Registration Statement on Form S-4, relating to the company’s reorganization and domestication.

As part of the reorganization plan, Galaxy Digital will shift its legal base from the Cayman Islands to Delaware by creating a new US-based holding firm, Galaxy Digital Inc. Existing shareholders will exchange their current shares for new shares of the Delaware company on a one-for-one basis, maintaining their existing ownership and voting rights. A special shareholder meeting is scheduled for May 9, 2025, to vote on the reorganization. Pending shareholder approval and necessary regulatory permissions, Galaxy Digital expects to complete the transfer and begin trading on Nasdaq under the ticker code “GLXY” shortly thereafter.

Mike Novogratz, the CEO and Founder of Galaxy Digital, expressed his satisfaction with the SEC's approval, stating that it marks an important milestone for the company. He emphasized that the listing will advance Galaxy's mission of driving innovation and growth across digital assets and artificial intelligence infrastructure. The company looks forward to completing the transaction this quarter.

The Nasdaq listing could significantly enhance Galaxy Digital's access to wider financial markets and attract institutional investors interested in the digital asset economy. This move could also bolster the company's standing in anticipation of future acquisitions and capital raises. If authorized, Galaxy’s reorganization and US listing are scheduled to be completed by mid-May, pending final approval from the Toronto Stock Exchange. Following the transfer, the corporation will maintain a dual listing, with shares traded on both the US and Canadian markets.

The SEC's approval of Galaxy Digital's listing comes after its earlier approval of six spot Bitcoin ETFs, indicating a more equitable approach to crypto-related companies. Experts suggest that Galaxy’s successful listing could influence future applications by other crypto-native businesses seeking entry into the US public market. This development underscores the growing acceptance and integration of digital assets within traditional financial systems, paving the way for further innovation and growth in the sector.