Galaxy Digital, a prominent player in the cryptocurrency investment sector, is preparing to transition its public listing from the Toronto Stock Exchange (TSX) to the Nasdaq, scheduled for May 16, contingent on final shareholder endorsement at a special meeting on May 9.
The forthcoming move is subject to Nasdaq’s approval before trading can initiate under the proposed ticker symbol, GLXY, as detailed in a recent statement.
Galaxy CEO Highlights Nasdaq Move as a “Milestone” for Crypto and AI Access
Mike Novogratz, Galaxy CEO and founder, characterized this transition as a “milestone” in an April 30 statement, underscoring its potential to enhance Galaxy’s role in connecting investors with opportunities in the digital asset and artificial intelligence spaces.
This dual-listing approach aims to amplify the firm’s visibility, thereby attracting a broader spectrum of institutional investors.
Having been listed on the TSX since July 2020, Galaxy’s stock has seen a decline of approximately 12.28% year-to-date, as reported by Google Finance, mirroring the challenges faced by the broader market.
In comparison, the Nasdaq 100 has experienced a decrease of 7.33% in 2025; however, a modest rebound in April has improved sentiment among technology and cryptocurrency investors.
Galaxy’s ambitions for a U.S. listing align with a resurgence of optimism surrounding Nasdaq-listed cryptocurrency firms.
For instance, Coinbase (COIN) witnessed a notable increase of 17.80% in April, while MicroStrategy (MSTR), led by Bitcoin advocate Michael Saylor, surged by 31.86%.
Additionally, Bitcoin mining firm CleanSpark (CLSK) saw a rise of 21.58%, according to Google Finance data.
Novogratz, an established supporter of Bitcoin, continues to focus on expanding Galaxy’s investment presence.
The firm’s Galaxy Ventures Fund I LP is reportedly aiming to raise up to $180 million by June, with plans to support around 30 startups within the cryptocurrency and blockchain domains.
Prominent crypto entrepreneur Anthony Pompliano commented on the market’s resilience in an April 30 post on X, noting the Nasdaq 100’s performance at the end of April. He humorously remarked about the ongoing discourse regarding the Great Depression, describing the market’s reaction as “insane.”
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
If Galaxy secures the necessary approvals, it will align with other major cryptocurrency companies that are anchoring their futures to U.S. capital markets, reflecting an increasing integration of traditional finance with digital assets.
Galaxy Digital’s UK Division Obtains FCA License
In recent developments, Galaxy Digital obtained a regulatory license for its UK branch last month, as announced on Wednesday. This license from the UK’s Financial Conduct Authority (FCA) will enable Galaxy to provide derivatives trading capabilities within the UK market.
Moreover, this authorization will facilitate the firm’s investment banking unit in offering capital-raising and advisory services from its London office, while also enhancing its asset management operations through activities such as fund distribution.
In March, however, Galaxy Digital faced a setback when the New York Office of the Attorney General (OAG) imposed a $200 million fine due to alleged market manipulation related to the cryptocurrency Luna.
The investigation, which was conducted under the Martin Act and New York Executive Law Section 63(12), revealed that Galaxy participated in deceptive trading practices by promoting Luna while covertly offloading its holdings.
Allegations indicate that Galaxy began acquiring Luna in 2020 directly from Terraform Labs at a substantial discount, with plans to leverage its influence to generate interest in the token.
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