- Galaxy Digital plans to list on Nasdaq on May 16, pending shareholder and Nasdaq approval
- CEO Mike Novogratz views the listing as a milestone for providing access to digital assets and AI ecosystems
- Galaxy will use ticker symbol GLXY and temporarily remain on Toronto Stock Exchange during transition
- Several Nasdaq-listed crypto firms posted strong gains in April despite broader market uncertainty
- Galaxy aims to broaden its investor base and strengthen its US presence through the listing
Galaxy Digital, a crypto investment firm currently listed on the Toronto Stock Exchange (TSX), has announced plans to list on the Nasdaq stock exchange on May 16. This move comes as several crypto-related stocks on Nasdaq have posted strong recoveries in April after months of market uncertainty.
The company, founded and led by well-known crypto advocate Mike Novogratz, will need final approval from both shareholders and Nasdaq before the listing becomes official. A special shareholders’ meeting is scheduled for May 9 to seek this approval.
Market Performance and Transition Plans
Galaxy Digital plans to use the ticker symbol GLXY on Nasdaq. During the transition period, the company will continue to trade on the TSX, where it first listed in July 2020.
The firm’s stock has faced challenges in 2025. GLXY is down 12.28% on the TSX since the beginning of the year. This performance comes amid a broader market downturn, with the Nasdaq 100 down 7.33% in 2025 so far.
The Nasdaq 100 ended April up more than 1% and people are still talking about the Great Depression.
Insane.
— Anthony Pompliano 🌪 (@APompliano) May 1, 2025
Despite these yearly figures, April showed promising signs for crypto-related stocks. Coinbase (COIN) rose 17.80%, Michael Saylor’s Strategy (MSTR) increased by 31.86%, and Bitcoin mining firm CleanSpark (CLSK) gained 21.58%.
The recovery comes after a period of market turbulence linked to macroeconomic factors. Some market watchers have started to downplay recent bearish sentiment.
Expanding Investor Access and Growth Strategy
Novogratz highlighted the importance of this move for the company’s future. “We believe that listing on the Nasdaq would mark a transformative milestone for Galaxy that would position us to advance our vision,” he stated in an April 30 announcement.
The CEO further explained that the listing aims to create “a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems.”
To facilitate this US 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.
Galaxy Digital is actively expanding its investment activities. Reports indicate that Galaxy Ventures Fund I LP is expected to raise approximately $175-180 million by the end of June. This fund aims to build a portfolio of 30 crypto and blockchain startups.
The company sees the Nasdaq listing as a strategic move to enhance its value. “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 stated.
As of the most recent trading data, Galaxy Digital Holdings was trading at $15.62, showing a small increase 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.
