Here's the Scoop
Galaxy Digital intends to list its shares on the Nasdaq Global Select Market
Galaxy Digital Holdings has announced its plans to list on the Nasdaq Global Select Market this coming May, pending shareholder approval.
The crypto-friendly company is aiming high by targeting American investors' cash, as they believe a listing on a U.S. exchange will widen their access to capital and boost their visibility.
Galaxy Digital's Class A common stock will be trading under the ticker GLXY, and the listing is scheduled for May 16, if shareholders give it the green light.
According to CEO Mike Novogratz, this move marks a significant step forward for Galaxy Digital,positioning them to further their goal of creating a safe and efficient gateway for investors to dive into every nook and cranny of the digital asset and AI ecosystem.
The decision to list on the Nasdaq coincides with the Trump administration's backing of the tech industry and cryptocurrencies. These executive orders, appointments to key positions, and promises of reduced oversight for crypto companies have encouraged Galaxy Digital's strategic shift.
The Global Select Market, the exchange featuring the top 1,200 companies within the Nasdaq Composite Index, seems like the perfect fit for Galaxy Digital, offering it an edge among institutional investors.
The company first started its public journey on the Toronto Stock Exchange five years ago, but they've been making a strong push towards AI through their partnership with cloud-computing startup CoreWeave.
Galaxy Digital shares have been steadily climbing, currently standing at $21.72, up by 3% over the past day.
Once listed on the Nasdaq, Galaxy Digital will continue to have shares listed on the Toronto Stock Exchange for some time. It's unclear for how long the dual listing will last.
Shareholders will make the final call during a Special Meeting of Shareholders on May 9.
Galaxy Digital didn't respond to Decrypt's query about their plans for maintaining a presence on both exchanges.
Insider Tidbits
- Mission Critical: The Nasdaq listing is an essential part of Galaxy Digital's expansion strategy, intended to align with their strategic objectives in the digital assets and AI sectors.
- Regulatory Simplification: The move involves a reorganization from the Cayman Islands to Delaware, which streamlines compliance with U.S. regulations and improves access to Nasdaq's liquidity.
- Investor Appeal: The Nasdaq's prestige could make Galaxy Digital more attractive to institutional investors and tech-centric capital markets.
- Galaxy Digital, aiming to broaden its horizons, plans to list its Class A common stock on the Nasdaq Global Select Market, trading under GLXY, on May 16, contingent upon shareholder approval.
- The company's strategic shift is driven by the Trump administration's support for tech industries and cryptocurrencies, which has encouraged Galaxy Digital to align itself with these digital asset and artificial-intelligence sectors.
- The listing on the Global Select Market, which features the top 1,200 companies within the Nasdaq Composite Index, will provide Galaxy Digital an edge among institutional investors.
- Galaxy Digital's CoreWeave partnership marks a strong push towards AI technology, complementing its initial public journey on the Toronto Stock Exchange five years ago.
- After the Nasdaq listing, Galaxy Digital will continue to have shares listed on the Toronto Stock Exchange for some time, however, the duration of the dual listing remains unclear.
- The Nasdaq listing is a transformative step for Galaxy Digital, positioning them to further their goal of creating a safe and efficient gateway for investors to explore the digital asset, AI, and technology ecosystem.
- With its focus on digital assets, Galaxy Digital's initial coin offering (ICO) could potentially attract investors interested in both cryptocurrency and stock markets, thereby evolving the traditional finance sector.
