Galaxy Digital Moves Closer to Nasdaq Listing After SEC Nod

Highlights:

• Galaxy Digital gets SEC approval to list on Nasdaq after planning since January 2022.
• Shareholders will vote on May 9 to approve the move from the Cayman Islands to Delaware.
• Galaxy shares will trade under GLXY and may be listed on Nasdaq by mid-May if the vote passes.

Galaxy Digital has received approval from the United States Securities and Exchange Commission to list its shares on the Nasdaq stock exchange. The company, which is currently listed on the Toronto Stock Exchange, shared the news in a statement on April 7. This approval moves Galaxy closer to completing its plans to enter the U.S. public markets through a corporate reorganization.

LATEST: Galaxy Digital has secured SEC approval for US listing, plans to list on NASDAQ with the ticker $GLXY after completing its reorganization. pic.twitter.com/NhuqhltRXO

— Traders Paradise (@theparadiselive) April 8, 2025

The next step involves a shareholder vote scheduled for May 9. If shareholders approve the reorganization, the company expects to begin trading on the Nasdaq shortly after the vote. Galaxy plans to complete the process by mid-May and will use the ticker symbol GLXY on the Nasdaq. During the transition, the company will keep its listing on the Toronto Stock Exchange. This will allow dual access to shares across Canadian and U.S. markets.

Galaxy originally announced plans to list on the Nasdaq in January 2022. With the SEC’s approval now in place, the firm has cleared one of the final steps in that process. The company stated that its registration statement is now effective and that it is on track to complete the listing following the shareholder meeting.

Relocation to Delaware and Corporate Reorganization

In its plan, Galaxy would move its home base from the Cayman Islands to Delaware. This is an important step in the company’s plan to establish a new U.S.-based holding company. The new company will be called Galaxy Digital Inc. Under this structure, existing shareholders get shares in the new company on a one-for-one basis. This means that there will be no changes to the shareholders’ economic interest or voting power.

Galaxy explained in its SEC Form S-4 filing that Delaware was selected because it is home to many public companies and offers a favorable environment for corporate governance. The state has a lot of case law, and its corporate laws are updated frequently to adjust to changes in business and technology. The company believes that the factors will lead to more efficient business operations and place it on the same structure as a number of other U.S.-listed firms.

CEO Mike Novogratz will continue to lead the company following the reorganization. According to the filing, he will retain nearly 60% of the company’s voting power. To manage the voting process, Galaxy has hired TMX Investor Solutions Inc., which will oversee shareholder participation. A full document explaining the reorganization, including instructions for voting, will be provided to eligible shareholders. Only shareholders who held stock as of April 7 will be able to vote.

Big milestone for @GalaxyHQ! Our registration statement is now effective with the SEC. We’re on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go! https://t.co/bbIgQNnMxH

— Mike Novogratz (@novogratz) April 7, 2025

Next Steps and Market Reaction

Galaxy Digital’s share price fell by 8% after the announcement, closing at 12.30 Canadian dollars, or approximately 8.70 U.S. dollars, according to Google Finance. The company, which first listed on the Toronto Stock Exchange in July 2015, reached its highest value of nearly 50 Canadian dollars in November 2021.

In recent months, Galaxy also agreed to pay a $200 million settlement tied to the promotion of the now-defunct cryptocurrency Terra (LUNA). Other crypto firms are also heading for U.S. listings. In December, Coincheck Group went public on Nasdaq, while Metaplanet has considered the same after meetings with Nasdaq and NYSE officials in March.

Galaxy is now awaiting the results of its May 9 shareholder vote, which will determine the last step toward its U.S. listing.