Galaxy Digital’s Bold Leap: SEC Greenlights Nasdaq Listing | Image Source: www.newswire.ca
NEW YORK, April 8, 2025 – Galaxy Digital Holdings Ltd. (TSX: GLXY) has obtained approval from the US Securities and Change Commission for a reorganization that will see it from the Cayman Islands to the Delaware. This decision paves the way for the investment of crypto and artificial intelligence to register its shares in the global Nasdaq selection market under the symbol “GLXY”
What changes for Galaxy Digital?
According to Galaxy’s official statement published on April 7, the company will hold a Special General Assembly on May 9, 2025, to vote on the proposed reorganization. If approved, the company plans to complete the transition by mid-May, subject to Nasdaq’s inclusion requirements and final approval of the Toronto Stock Exchange (TSX).
“We are pleased to announce the effectiveness of our SEC registration statement,” said Mike Novogratz, CEO and founder of Galaxy. This is an important step for Galaxy, as we are taking an important step towards achieving our mission to stimulate innovation and growth in digital assets and artificial intelligence infrastructure. “
Galaxy, which has been publicly marketed in the TSX since 2015, plans to temporarily operate in a dual list, maintaining its presence in the TSX while launching in Nasdaq. The shareholders in the register on 7 April receive detailed information through a management information circular and may vote by electronic means or in person at the meeting on 9 May.
Why Delaware? A strategic change for the competitive advantage
The relocation of the company to Delaware is not only a formality; It is a strategic manoeuvre based on the benefits offered by state corporate laws. In presenting the S-4 form, Galaxy pointed out that Delaware provides a “favourable business environment”, commonly chosen by listed companies for their rich body of business case law and dynamic legal infrastructure under the Delaware General Corporation (DGCL) Act.
“By choosing Delaware, we are in a position to operate on an equal footing with other partners on the US list,” the company said. This is particularly important when Galaxy is preparing to compete in the world of digital finance and artificial intelligence infrastructure. From improving administrative efficiency to improving shareholder protection, the movement indicates a tightening of governance frameworks and a more accessible image for the company.
What about existing actions?
Galaxy has confirmed that all Class Common shares will become on a single basis in Common Stock Class A of Delaware’s new occupancy company, Galaxy Digital Inc. There will be no redemption or cancellation during this conversion. This ensures a minimum disruption for investors while aligning the stock structure with US market standards.
On the other hand, Novogratz will retain nearly 60% of the voting power after the reorganization, a movement that highlights the continuity of leadership even when the company undergoes a structural transformation.
What is the broader participation of a Nasdaq list?
For Galaxy, registration at Nasdaq is more than just a credibility plaque. It represents access to deeper financial markets, a broader investor base and greater liquidity. But perhaps most importantly, it allows Galaxy to integrate more perfectly with the US financial ecosystem, a key factor in its growth ambitions around AI infrastructure and cryptographic services.
As you enter Nasdaq’s prestigious global selection market, Galaxy joins the ranks of crypt-native companies established as Coinbase and new participants like Coinchank Group. The movement also reflects the ambitions of companies like Metaplan of Japan, which explores American lists for similar strategic benefits.
What is Galaxy’s American approach?
Galaxy’s pivot to American markets has been in motion since at least January 2022, when it first announced its intention to make the list in Nasdaq. Rapid progress until 2025, and the company not only makes the inclusion of a reality, but also positions itself as a key player in infrastructure on rapidly convergent worlds of crypto and artificial intelligence.
Its dual focus on digital asset management and AI-led data centre infrastructure is particularly well positioned to serve institutional clients seeking safe and scalable solutions. According to Galaxy, its services include trade, take, asset management, tokenization and self-management, all supported by investments in high-performance IT infrastructure.
What about the legal clouds of the past?
Galaxy promotion was not without turbulence. The firm recently settled a $200 million dispute with the New York Attorney General’s Office over its alleged promotion of the cryptomoneda Terra (LUNA). Cryptographic assets - once hypnotized as a stable decentralized chain – collapsed dramatically in 2022, eroding billions of investment value.
Although Galaxy has not publicly admitted the evil, the agreement allows the company to pass regulatory distractions and redirect its American expansion. Although reputational risks persist, Nasdaq’s ambitions and structural reforms could help restore the story of the company’s governance and compliance position.
What do investors want to know?
Q: When will Galaxy officially trade on Nasdaq?
A: Galaxy plans to start its Nasdaq trip shortly after the May 9 shareholder vote, with a likely date to live in mid-May, pending final approval by shareholders and TSX.
Q: Will my current Galaxy shares be affected?
A: Current shareholders do not need to worry about the loss of shares. Class Common shares will convert one by one into Class A common shares of the new U.S. entity without dilution or cancellation.
Q: Why is Delaware a better fit for Galaxy?
A: Delaware offers a well-established legal environment with broad jurisprudence, which helps companies navigate more clearly on governance issues. It also aligns Galaxy with most major companies in the United States.
Q: Is Galaxy still listed on the Toronto Stock Exchange?
A: Yes, but only temporarily. Galaxy plans to maintain a double list in TSX and Nasdaq during a transition period, after which a complete migration to the US market can occur.
Q: Will Mike Novogratz continue leading the company?
A: Absolutely. Novogratz will retain about 60% of the voting power after the restructuring, ensuring continuity of leadership during and after the transition.
Q: What does this mean for the broader crypto and AI industry?
A: The Galaxy movement could signal a new wave of credibility and institutional adoption in the crypt-AI cross-space. As regulators become more involved and investors’ reviews increase, companies that meet stringent U.S. standards may gain a competitive limit.
Looking forward: What’s coming after Galaxy?
The history of Galaxy’s Nasdaq list is more than a change of business; It reflects the dynamic of the evolving market. The convergence of crypto, AI and institutional financing is reshaping what modern financial companies look like. Galaxy is not just adapting to this change – she is trying to direct it.
With strong eyes on the U.S. market, the company also examines governance, shareholder rights and regulatory compliance. The road to Nasdaq has been long – with market volatility, legal control and strategic pivots – but it now appears at hand.
Investors, regulators and competitors will monitor closely next May. And while the market can be divided in the future of crypt, one thing is true: Galaxy Digital is no longer happy to be a regional player. Its ambitions are as broad as the technologies it aims to support.
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