Market News

Galaxy Digital Targets Nasdaq Listing with Ticker GLXY on May 16

Galaxy Digital, a key player in the cryptocurrency investment landscape, is preparing to transition its public listing from the Toronto Stock Exchange to the Nasdaq, with trading slated to commence on May 16, pending shareholder approval on May 9.

This strategic move, as announced by CEO Mike Novogratz, is expected to significantly enhance accessibility for investors to both the digital asset and artificial intelligence sectors.

The firm, which has been trading on the TSX since July 2020, has faced a challenging year with a 12.28% decline, while optimism has resurfaced in Nasdaq-listed crypto firms overall.

Notably, April saw major gains for companies like Coinbase, MicroStrategy, and CleanSpark, indicating a rebound in market sentiment.

Galaxy intends to operate under the ticker symbol GLXY, with plans to maintain its TSX trading temporarily as it transitions to the U.S. market.

In conjunction with this, Galaxy's Galaxy Ventures Fund I LP aims to raise approximately $180 million by June, targeting numerous startups in the crypto and blockchain arenas.

Novogratz underscores the importance of this listing as a transformative milestone for the company, enabling it to appeal to a broader investor demographic.

Furthermore, Galaxy has recently secured a regulatory license for its UK operations, enhancing its capabilities in the derivatives trading market.

As it readies for this pivotal shift, Galaxy Digital reflects a growing synergy between traditional finance and digital assets, emphasizing the need for strategic adaptations in a fluctuating market.

With all eyes on the May 9 meeting, Galaxy Digital is poised for a significant evolution in its operational framework amidst a recoverous climate for crypto firms.