Mike Novogratz’s Galaxy Digital Secures SEC Approval for Nasdaq Listing

Galaxy Digital, the cryptocurrency and artificial intelligence investment firm led by Mike Novogratz, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq stock exchange. The move marks a significant milestone for the firm, which has been listed on the Toronto Stock Exchange (TSX) since 2015. Galaxy plans to relocate its corporate base from the Cayman Islands to Delaware, pending approval from its shareholders and the TSX.

Path to Nasdaq Listing and Relocation to Delaware

In an announcement made on April 7, 2025, Novogratz confirmed that Galaxy Digital’s registration statement had been approved by the SEC. The company is now poised to list on Nasdaq under the ticker symbol GLXY, pending the outcome of a shareholder vote scheduled for May 9, 2025. The listing is expected to take place shortly after the vote, with the firm targeting a mid-May completion of its transition, contingent on meeting Nasdaq’s listing requirements.

Source: Michael Novogratz

The company’s decision to relocate to Delaware stems from its desire to benefit from a more favorable corporate environment. In a filing with the SEC, Galaxy stated that Delaware offers a robust legal framework and an abundance of case law to support its business operations. The state is widely regarded as the preferred domicile for publicly traded corporations, due to its updated corporate laws and its reputation for being responsive to emerging legal trends and technologies. These factors, Galaxy believes, will enhance its competitiveness against other publicly traded companies.

Control and Ownership Structure

After the relocation, Novogratz is set to retain significant control over Galaxy Digital. According to the filing, he will maintain nearly 60% of the company’s voting power, ensuring his leadership in guiding the company’s strategic direction. The firm’s decision to keep such a substantial portion of voting power under Novogratz’s control aligns with its goal of maintaining a strong, centralized leadership as it transitions to a more prominent public position.

Stock Price and Market Performance

Following the announcement, Galaxy Digital’s stock price on the TSX saw a decline of 8%, closing at $12.30 Canadian dollars (approximately $8.70 USD). The firm’s shares had previously peaked at just under $50 Canadian dollars (roughly $35 USD) in November 2021, but the stock has since experienced volatility, reflecting broader trends in the cryptocurrency market and investor sentiment.

Legal Challenges and Industry Developments

Galaxy Digital has faced legal challenges recently, including a $200 million settlement related to its involvement in the promotion of the now-collapsed cryptocurrency Terra (LUNA). Despite this setback, Novogratz and Galaxy remain committed to their vision of building a robust, forward-looking investment firm focused on the crypto and AI sectors.

Galaxy Digital’s share price on the TSX was down 8% after the TSX closed. Source: Google Finance

Galaxy’s move to the Nasdaq is part of a broader trend of crypto firms seeking U.S. listings. Other notable companies, such as Coincheck Group—the parent company of the Japanese crypto exchange Coincheck—have already made their debut on Nasdaq, with Coincheck listing in December 2024. Additionally, Metaplanet, a bitcoin-focused investment firm, has been exploring the possibility of a U.S. listing after CEO Simon Gerovich met with officials from both the New York Stock Exchange and Nasdaq earlier this year.

Looking Ahead: Galaxy’s Vision for the Future

With its upcoming Nasdaq listing and corporate relocation, Galaxy Digital is positioning itself for the next phase of growth in the competitive crypto and AI investment landscape. The firm’s leadership, under Mike Novogratz, remains confident that its reorganization and shift to Delaware will provide the necessary corporate infrastructure to compete with other major players in the financial and crypto industries.

As Galaxy Digital prepares for its public debut on Nasdaq, its journey will be closely watched by investors and industry experts alike, as the firm navigates the regulatory landscape and continues to build its presence as a key player in the digital asset investment space.