Galaxy Digital to Move from Toronto Stock Exchange (TSX) to Nasdaq

Crypto investment firm Galaxy Digital, currently listed on the Toronto Stock Exchange (TSX), is planning to move to the US-based Nasdaq stock exchange. The planned listing, set for May 16, 2025, is pending both shareholder approval at a May 9 meeting and final nod from Nasdaq.

The company, which will trade under the ticker symbol GLXY on Nasdaq, disclosed this in a statement on Monday.

During a transition period, Galaxy Digital will continue to be traded on the TSX, where it was initially listed in July 2020.

Announcing the potential listing, Galaxy Digital founder and CEO Mike Novogratz called it a “transformative milestone.”

This move will “position us to further advance our vision of building a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems,” Novogratz said.

The company believes this will enhance value for shareholders. It expects to attract a broader investor base through the Nasdaq listing.

The company’s announcement comes amid mixed market performance.

So far this year, Galaxy Digital’s stock is down 12.28% on the TSX, according to Google Finance data. This performance compares to a broader market downturn. The Nasdaq 100 index is down 7.33% in 2025 to date.

However, April showed some positive signs for crypto-related stocks. Several Nasdaq-listed firms in the sector posted substantial gains after months of macroeconomic uncertainty.

Coinbase (COIN) rose 17.80% in April. Michael Saylor’s Strategy (MSTR) saw an even steeper increase of 31.86%. Bitcoin mining firm CleanSpark (CLSK) went up by 21.58%.

To facilitate the Nasdaq listing, a new public company has been formed and incorporated in Delaware. Existing GLXY shares on the TSX will continue to trade without interruption, but they will be subject to a new CUSIP number.

Shares currently trading over-the-counter under BRPHF will be converted into GLXY shares on Nasdaq. The U.S. Securities and Exchange Commission (SEC) declared the company’s registration statement effective on April 7, 2025.

Galaxy Digital has mailed management information circulars to shareholders for the May 9 special meeting. These documents contain details about the reorganization and domestication procedures.

The company has engaged TMX Investor Solutions to assist with proxy solicitation. Shareholders can contact them at +1 877 488 8788 or email vote@tmxinv.com with any voting questions.

Separately, Galaxy Ventures Fund I LP, part of Galaxy Digital, is reportedly aiming to raise around $175-$180 million by the end of June for a new fund to invest in crypto and blockchain startups.

This new fund, which will invest in Series A and B startups, is planning to build a portfolio of about 30 companies. The fundraising efforts began in March.

The potential Nasdaq listing marks Galaxy Digital’s initiative to expand its footprint in the US market. It also highlights the company’s interest in both digital assets and artificial intelligence as key growth strategies.

Despite current market challenges, the company is positioning itself for long-term growth. The Nasdaq listing would be a significant step in Galaxy Digital’s evolution from a crypto-focused firm to a financial services company operating across traditional and digital asset markets.