Galaxy Digital plans to list on Nasdaq under the GLXY ticker on May 16.
A shareholder meeting on May 9 is set to approve the company’s reorganization.
The company’s growth is supported by $1.5 billion in equity and a 300% revenue increase for 2024.
Galaxy Digital Holdings, under CEO Mike Novogratz, has initiated its Nasdaq Global Select Market listing for May 16. The important move will occur on May 16 after receiving necessary shareholder approval and meeting all required regulatory standards. Following this significant stock market listing, the firm now moves toward becoming a market leader in institutional crypto operations.
Galaxy Digital's Move to the U.S.
Galaxy Digital is implementing a corporate restructuring project as part of its strategic growth strategy. The company's headquarters will move from the Cayman Islands to Delaware, USA, with final authorization from the U.S. Securities and Exchange Commission (SEC). Galaxy Digital has launched this reorganization as part of its U.S. business expansion plan, while the American market develops cryptocurrency regulations.
The Nasdaq has granted the company permission for its Class A common stock to use the GLXY symbol. Trading of Toronto Stock Exchange existing shares will occur without any interruption. The conversion of OTC shares into GLXY shares will occur after Nasdaq verifies the finalization of its listing process.
Shareholder Approval Required
The management at Galaxy Digital has organized a shareholders meeting on May 9 to secure approval for their corporate reorganization before attaining Nasdaq listing status. CEO Mike Novogratz considers this move to provide Galaxy Digital with essential possibilities to attract new investors. According to Novogratz, the Nasdaq listing will create an efficient and secure method through which institutional investors can access digital asset exposure.
The stock exchange listing is Galaxy Digital’s primary step towards becoming a dominant institution that facilitates cryptocurrency adoption. The company maintains its dominant position in the digital asset sector through impressive performance metrics, such as $1.5 billion in equity capital and revenue growth of 300% for the upcoming 2024 period.
Evolving Regulatory Landscape
Galaxy Digital decided to list on Nasdaq at a crucial time when the U.S. regulatory framework toward cryptocurrencies was showing positive developments. President Donald Trump had recently established a Bitcoin strategic reserve through executive order. SEC Chair Paul Atkins established his ambition to create better regulatory standards for cryptocurrency businesses following his appointment in April 2019.
The positive approach from regulators encouraged more companies, including Galaxy Digital, to seek public stock market listings. Blockchain firm Ripple's public offering plans face obstacles because of regulatory uncertainty, while other blockchain ventures like Ripple continue without such difficulties. Ripple continues to advance operations through acquisitions and holds back from finalizing its IPO plans because of its ongoing SEC lawsuit.Galaxy Digital chose Nasdaq for public listings because it follows its objective of positioning itself as a leader in the digital asset industry transformation. The rising use of cryptocurrencies in professional markets demonstrates why institutional acceptance has increased.
