Galaxy Digital Nears Nasdaq Listing After U.S. Redomicile

By: financefeeds|2025/05/09 21:00:17

Galaxy Digital is one step closer to joining the ranks of publicly traded U.S. crypto firms. The U.S. Securities and Exchange Commission (SEC) has approved the company’s plan to redomicile from the Cayman Islands to Delaware, clearing the path for a potential listing on the Nasdaq stock exchange under the ticker symbol GLXY. The move is expected to be finalized by mid-May but still hinges on two key approvals: a green light from the Toronto Stock Exchange (where Galaxy is currently listed) and a shareholder vote at a special meeting scheduled for today. Shareholders will decide whether to formally approve the redomicile to Delaware, a state long favored by corporations for its business-friendly legal environment. Galaxy Digital agreed to a $200 million settlement with the New York Attorney General’s office over its role in promoting the now-defunct TerraLuna cryptocurrency project . Galaxy’s Nasdaq listing is seen as a milestone in the ongoing convergence between digital asset firms and mainstream financial markets. The firm, led by former hedge fund manager Mike Novogratz, specializes in crypto asset management, trading, mining, and venture capital. Once final approvals are secured, Galaxy Digital will become one of the few crypto-native firms with a Nasdaq listing — a short but growing list that includes Coinbase , mining firms like Riot Platforms, and tech-centric financial players such as MicroStrategy (now rebranded as Strategy). Galaxy’s U.S. debut mirrors a broader trend in which major crypto firms are seeking legitimacy — and capital — via public markets and banking licenses. In April, stablecoin issuer Circle filed for an IPO. BitGo and Paxos are reportedly considering similar steps. Meanwhile, MicroStrategy was added to the Nasdaq-100 index in December 2024. These moves come amid growing institutional interest in digital assets, as well as increasing pressure from regulators to bring crypto players into the fold of formal financial oversight. While some firms, like Circle , clarified that seeking a bank charter is more about compliance than transforming into a full-service bank, the line between crypto and traditional finance is becoming harder to draw. If Galaxy clears its shareholder vote and gains final TSX approval, its shares will begin trading on the Nasdaq as early as next week. That listing could attract a broader pool of investors who were previously limited by geography or regulatory constraints.

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