Galaxy Digital Set to List on Nasdaq Pending Shareholder Approval

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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April 30, 2025

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Crypto investment firm Galaxy Digital is preparing to shift its public listing from the Toronto Stock Exchange (TSX) to the U.S.-based Nasdaq on May 16, pending final shareholder approval at a special meeting scheduled for May 9.

The move also requires Nasdaq’s clearance before trading can commence under the planned ticker symbol, GLXY, according to a recent announcement.

Galaxy CEO Calls Nasdaq Move a “Milestone” for Expanding Access to Crypto and AI

Galaxy CEO and founder Mike Novogratz described the step as a “milestone” in a statement on April 30, emphasizing that it will strengthen Galaxy’s role in bridging investor access to the digital asset and artificial intelligence sectors.

The dual-market presence would broaden the firm’s visibility and attract a wider pool of institutional investors.

Galaxy has traded on the TSX since July 2020 but is down roughly 12.28% year-to-date, according to Google Finance data, reflecting broader market headwinds.

Meanwhile, the Nasdaq 100 has fallen 7.33% in 2025, though April brought a slight rebound, helping to boost sentiment among tech and crypto investors.

Galaxy’s U.S. listing ambitions coincide with renewed optimism in Nasdaq-listed crypto firms.

Coinbase (COIN) rose 17.80% in April, while MicroStrategy (MSTR), led by Bitcoin advocate Michael Saylor, gained 31.86%.

Bitcoin mining company CleanSpark (CLSK) also surged by 21.58%, according to Google Finance data.

Novogratz, a well-known Bitcoin proponent, remains committed to growing Galaxy’s investment footprint.

The firm’s Galaxy Ventures Fund I LP is reportedly targeting up to $180 million in capital by June, aiming to support about 30 startups in the crypto and blockchain space.

Prominent crypto entrepreneur Anthony Pompliano noted the market’s resilience in an April 30 post on X, highlighting that the Nasdaq 100 finished April up more than 1%.

“And people are still talking about the Great Depression,” he quipped, calling the market’s reaction “insane.”

If Galaxy secures the necessary approvals, it will soon join the ranks of major crypto firms anchoring their future to U.S. capital markets, underscoring a growing convergence between traditional finance and digital assets.

Galaxy Digital UK Arm Secures FCA License

Last month, Galaxy Digital secured a regulatory license for its UK subsidiary on Wednesday.

The license from the UK’s Financial Conduct Authority (FCA) would allow Galaxy to offer derivatives trading capabilities in the UK.

Further, the license will help the firm’s investment banking unit to offer capital-raising and advisory services from its London office. Galaxy Digital UK would also support its asset management business with activities like fund distribution.

In March, the Office of the Attorney General of the State of New York (OAG) fined Galaxy Digital $200 million following an investigation into its alleged market manipulation of the cryptocurrency Luna.

The investigation, conducted under the Martin Act and New York Executive Law Section 63(12), found that Galaxy engaged in deceptive trading practices by promoting Luna while secretly offloading its holdings.

Galaxy Digital allegedly began acquiring Luna in 2020 directly from Terraform Labs at a significant discount, with the understanding that it would use its influence to drive interest in the token.