Galaxy Digital Announces Plans to List on the Nasdaq Stock Exchange

Galaxy Digital, a crypto investment firm currently listed on the Toronto Stock Exchange (TSX), has announced plans to list on the Nasdaq stock exchange

Crypto investment firm Galaxy Digital is set to list on the Nasdaq stock exchange on May 16, marking a significant step for the company and highlighting the interest in crypto-related stocks.

The Toronto Stock Exchange-listed firm, founded by renowned crypto advocate Mike Novogratz, still needs final approval from both shareholders and Nasdaq before the listing can proceed. A special meeting of shareholders is scheduled for May 9 to vote on this matter.

The company plans to use the ticker symbol GLXY on Nasdaq and will continue trading on the TSX during the transition period. It first listed on the TSX in July 2020.

The firm’s stock has faced challenges in 2025, with GLXY on the TSX showing a decline of 12.28% since the beginning of the year. This performance contrasts with the gains seen in several crypto-related stocks on Nasdaq in April.

The Nasdaq 100 ended April with a 1% rise, and some market watchers have started to downplay recent bearish sentiment.

This comes as several crypto-related stocks on Nasdaq posted strong recoveries in April after months of market uncertainty. For example, Coinbase (COIN) rose by 17.80%, Michael Saylor’s Strategy (MSTR) increased by 31.86%, and Bitcoin mining firm CleanSpark (CLSK) gained 21.58%.

The recovery follows a period of market turbulence linked to macroeconomic factors and varying reactions to the U.S. Federal Reserve's interest rate decisions.

“We believe that listing on the Nasdaq would mark a transformative milestone for Galaxy that would position us to advance our vision to create a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems,” Novogratz said in an April 30 announcement.

To facilitate this U.S. listing, Galaxy Digital formed a public company incorporated in Delaware. On April 17, the U.S. Securities and Exchange Commission (SEC) declared that the registration statement filed by the firm was effective.

The company is also expanding its investment activities with reports indicating that Galaxy Ventures Fund I LP is expected to raise around $175-180 million by the end of June. This fund aims to build a portfolio of 30 crypto and blockchain startups.

“We are confident that this listing will be value enhancing to the company and our shareholders and enable us to attract a broader investor base,” Novogratz added.

As of the most recent trading data, Galaxy Digital Holdings (TSX:GLXY) was trading at $15.62, showing a small increase of 0.32% in the last 24 hours.

The planned Nasdaq debut comes at a time when crypto-related stocks are showing signs of recovery, potentially offering Galaxy Digital an opportunity to strengthen its market position and investor appeal in the United States.