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6d ago

Galaxy Digital Begins Trading on Nasdaq After Four-Year Regulatory Journey

The crypto and AI firm opens at $23.50 per share, marking its U.S. market debut following a $25 million listing process.

Mike Novogratz, founder and chief executive officer of Galaxy Digital, gestures as he speaks during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo
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A logo is displayed at the Nasdaq stock market site in New York City, U.S., April 7, 2025. REUTERS/Kylie Cooper/File Photo

Overview

  • Galaxy Digital, led by Mike Novogratz, started trading on Nasdaq under the ticker GLXY after previously being listed on the Toronto Stock Exchange since 2020.
  • The direct listing process took 1,320 days and over $25 million, involving nine rounds of SEC reviews, highlighting the regulatory challenges faced by crypto firms.
  • The stock opened at $23.50 per share, with shares gaining over 6% in early trading, reflecting investor interest in the firm's dual focus on cryptocurrency and AI infrastructure.
  • CEO Novogratz emphasized the U.S. market's deeper liquidity and visibility, stating that Galaxy's potential in Canada was significantly limited compared to the U.S.
  • The Nasdaq debut follows a broader resurgence in investor interest in crypto-adjacent firms, with Galaxy redefining itself as both a crypto and data center company.