Galaxy Digital has received the green light from the Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, moving the company one step closer to listing on the US stock market.  Galaxy, which is headed by billionaire investor Mike Novogratz, hopes to begin trading on the exchange as soon as May.

Although the company is now listed on the Toronto Stock Exchange, it feels that being listed in the United States will assist it in drawing more investors and raising capital from the US market.

SEC Approval and Corporate Reorganization

The SEC has approved Galaxy Digital’s registration statement concerning its reorganization plan. Galaxy Digital received SEC approval after nearly two years of delays. The company first filed for a U.S. listing in 2021 but later withdrew its application due to market volatility and regulatory concerns. In an official statement released by the company on 7 April 2025, it stated that,

“… the U.S. Securities and Exchange Commission (“SEC”) has declared effective the Registration Statement on Form S-4 (File No. 333-262378) (as amended, the “Registration Statement”) relating to the Company’s previously announced reorganization and domestication…”

Galaxy Digital plans to shift its legal base from the Cayman Islands to Delaware by creating a new U.S.-based holding firm, Galaxy Digital Inc.  In the process, existing shareholders will swap their current shares for new shares of the new Delaware company on a one-for-one basis.  They will maintain their existing ownership and voting rights.

According to reports, the company will hold a special shareholder meeting, scheduled on May 9, 2025, to vote on the reorganization. Pending shareholder approval and necessary regulatory permissions, Galaxy Digital expects to complete the transfer and begin trading on Nasdaq under the ticker code “GLXY” shortly thereafter. In the press release, the CEO and Founder of Galaxy, Mike Novogratz, said that, 

“We’re pleased to announce the effectiveness of our registration statement with the SEC. This marks an important milestone for Galaxy, as we take a significant step toward advancing our mission of driving innovation and growth across digital assets and artificial intelligence infrastructure. We look forward to completing the transaction this quarter.”

Market Implications and Industry Outlook

Galaxy’s Nasdaq listing could assist it in gaining entry into wider financial markets and gain the attention of institutional investors interested in investing in the digital asset economy.  The IPO can also bolster the company’s standing in anticipation of future acquisitions and capital raises. If authorized, Galaxy’s reorganization and U.S. listing are scheduled to be completed by mid-May, pending final approval from the Toronto Stock Exchange. Following the transfer, the corporation will maintain a dual listing, with shares traded on both the US and Canadian markets.

After its earlier approval of six spot Bitcoin ETFs, the SEC’s approval could mean a more equitable approach to crypto-related companies.  Experts say Galaxy’s successful listing could have an influence on future applications by other crypto-native businesses looking to gain entry into the US public market.