Galaxy Digital, led by billionaire Mike Novogratz, has officially joined the Nasdaq. The company began trading under the ticker symbol GLXY, after years of delays and regulatory roadblocks. This move adds to its earlier listing on the Toronto Stock Exchange and signals a serious step toward Wall Street recognition. Shares opened at $23. and soon ticked up to $24.89, showing investor confidence.
Novogratz called it “the starting bell, not the finish line.” He sees the listing as the beginning of a new chapter. With the listing complete, Galaxy now has greater access to U.S. markets and capital. This puts it in a stronger position against competitors in both traditional and digital finance.
Proud moment. Beyond grateful to our team, investors, partners, and everyone on the journey. $GLXY https://t.co/aursQmgeYG
— Mike Novogratz (@novogratz) May 16, 2025
Galaxy Digital Eyes Tokenized Shares
At the same time, Mike Novogratz is pushing Galaxy Digital into the next frontier—tokenization. He’s in active talks with the SEC about turning Galaxy shares into digital tokens. These could be used across decentralized finance (DeFi) platforms. If approved, this would be one of the first moves by a major crypto firm to bridge equity markets with blockchain networks.
The goal isn’t just to tokenize GLXY. Galaxy wants to tokenize other assets too. Stocks, Treasuries, maybe even gold. Novogratz is betting that tokenized assets will become a key part of financial infrastructure. Still, he knows the SEC holds the power to greenlight or block this idea. So far, no clear rules exist, making Galaxy’s effort risky—but potentially groundbreaking.
Galaxy Digital Rides Regulatory Shifts
Galaxy’s Nasdaq listing comes during a crypto-friendly shift in U.S. policy. Under President Trump, crypto has seen renewed political support. A new crypto working group has been formed, and an executive order now supports building a federal Bitcoin reserve. This shift has boosted prices and encouraged more firms to go public.
In fact, this week was huge for crypto in public markets. Coinbase joined the S&P 500. eToro, a trading app offering crypto, also listed on Nasdaq. With Galaxy Digital joining them, a clear trend is forming. Novogratz himself said he expects many more crypto firms to go public soon.
Galaxy Digital Navigates a Volatile Market
Despite its big moves, Galaxy Digital isn’t immune to market pain. The company reported $295 million in Q1 losses, partly due to declining crypto prices. It also reduced its Bitcoin holdings, cutting down from over 13,700 BTC to 12,830 BTC. Mining operations have been scaled back, further tightening the balance sheet.
Still, the company remains one of the industry’s largest players. It manages over $7 billion in assets and plays a vital role in crypto liquidity and infrastructure. Even with losses, it continues to expand, bet on innovation, and test new markets.
SEC Is the Key Gatekeeper
The SEC remains a central player in Galaxy’s future. Whether it’s allowing tokenized shares or easing IPO rules for crypto companies, everything hinges on regulation. For now, the SEC is reviewing Galaxy’s proposals. Novogratz believes in the long-term vision—but he also knows that without regulatory buy-in, none of it matters.
Galaxy Digital is not just listing stocks. It’s building a hybrid model of finance—where Wall Street meets blockchain. And with the SEC watching closely, the next few months could define the pace and scale of what’s next.
