Crypto financial services firm Galaxy Digital is preparing to list on the Nasdaq after receiving approval from the US Securities and Exchange Commission, the company said Monday.
The move marks a key milestone for billionaire Michael Novogratz’s firm as it pushes deeper into the US financial markets.
Galaxy, which is currently listed in Canada, expects to debut on the Nasdaq shortly after a shareholder vote scheduled for May 9. The listing is subject to shareholder approval and a final nod from the Toronto Stock Exchange. If successful, the company will trade under the ticker symbol GLXY.
Regulatory Shift Clears Path for Galaxy’s US Market Entry
The SEC’s clearance allows Galaxy to shift its corporate registration from the Cayman Islands to Delaware. The company said this reorganization is a necessary step toward aligning with US regulatory and investor expectations.
Founded by Novogratz, a former hedge fund manager at Fortress Investment Group, Galaxy Digital offers a range of services including trading, asset management and venture investments focused on digital assets. The firm has been pursuing a US listing for years but faced delays under a stricter regulatory climate.
Rising Volatility and Tariffs Weigh on IPO Market Despite Renewed Interest
The Biden administration’s cautious approach to the crypto industry made US listings difficult for digital asset companies. However, since President Donald Trump returned to office, several firms have begun reviving or accelerating their public listing plans. These include well-known names such as Circle, Kraken, Gemini, Ripple and Bullish.
Still, recent market volatility tied to Trump’s new tariffs has cast a shadow over IPO activity. Wall Street’s “fear gauge,” the Cboe Volatility Index, has jumped to its highest level since August 2024. The rise shows growing investor concern and has led companies like StubHub, Klarna and eToro to delay their IPO plans due to worries about lower valuations and shaky markets.
Galaxy, however, appears ready to move forward. It will retain its listing on the Toronto Stock Exchange while expanding its footprint to Nasdaq, a step the firm sees as critical to gaining wider access to institutional investors in the US market.
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