Galaxy Digital succeeds in listing on Nasdaq amidst regulatory battles
- Mike Novogratz's Galaxy Digital transitioned to Nasdaq after a lengthy process.
- This transition saw shares open at $23.50 following four years of regulatory challenges.
- Galaxy Digital's focus on crypto and AI positions it for significant growth in the U.S. market.
In the United States, Galaxy Digital, a cryptocurrency firm founded by Mike Novogratz, has transitioned its trading from the Toronto Stock Exchange to the Nasdaq. This significant move took place on May 16, 2025, marking the culmination of a rigorous four-year journey to secure a U.S. listing. The company endured extended regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC), which cost them over $25 million and involved nine rounds of negotiations that dragged on for 1,320 days. The Nasdaq listing comes with a ticker symbol GLXY and opened with shares priced at $23.50 each. Mike Novogratz emphasized the company's focus on high-growth markets, specifically cryptocurrency and artificial intelligence, which he believes are on the brink of mainstream institutional adoption. Galaxy Digital's long wait for a U.S. listing reflects not only its ambitions butAlso the broader volatility and uncertainty within the tech and financial sectors. After a period where the tech IPO market had little activity, investor interest appears to be resurfacing, buoyed by successful public debuts from firms like eToro. This resurgence is particularly notable against the backdrop of President Donald Trump's tariff announcements, which had previously spooked many companies into delaying their public offerings. Now seen as having better visibility in the U.S. market, Galaxy’s transition to Nasdaq is expected to attract a larger investor base compared to its previous listing in Canada. Novogratz stated that the company is now effectively operating as both a crypto and data center business, aligning with the market's appetite for technological innovation. He expressed enthusiasm for the company's positioning as these sectors grow, highlighting the difference in market visibility between Canada and the U.S. This bold move marks a new chapter for Galaxy Digital as it seeks to capitalize on opportunities in the rapidly evolving landscape of cryptocurrency and artificial intelligence. As the landscape shifts, the success of Galaxy Digital could help inspire other firms to pursue public listings, especially those that are pivotal to emerging technologies. Analysts speculate that in order for the IPO market to regain momentum, substantial, growth-oriented companies must continue to come forward and list.