- Galaxy Digital received SEC approval to list on Nasdaq and plans to relocate its headquarters from the Cayman Islands to Delaware, pending a May 9 shareholder vote.
- CEO Michael Novogratz confirmed the Nasdaq debut (ticker GLXY) is expected by mid-May, driven by Delaware’s robust legal framework.
One of the world’s largest crypto investment firms, Galaxy Digital, has cleared a major hurdle as the US Securities and Exchange Commission approved its registration for a Nasdaq debut.
The company, which traded on the Toronto Stock Exchange, announced plans to shift its headquarters from the Cayman Islands to Delaware, a move that will be subject to a shareholder vote on May 9 and final approval from the TSX.
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In an April 7 update, CEO Michael Novogratz confirmed the company’s restructuring effort.
Our SEC filing has just been made effective. Once our shareholders give the green light, we anticipate launching our Nasdaq listing—projected to be completed by mid-May.
Michael Novogratz, Galaxy CEOAt the Ondo Summit in February, Novogratz said he’s confident about an upcoming wave of public offerings:
You’re going to see a whole host of companies, come May or June, listing on the New York Stock Exchange or Nasdaq.
Michael Novogratz, Galaxy CEOGalaxy To Settle in Delaware
Once done, Galaxy Digital’s new ticker on the Nasdaq will be GLXY. The choice to move to Delaware is due to the state’s legal framework, the Delaware General Corporation Law, which is renowned for its stability and adaptability to evolving technological trends.
According to filings, this decision also reflects Delaware’s popularity among public companies, thanks to its robust case law and updated regulatory environment. Novogratz is set to retain nearly 60% of the company’s voting power even after the transition.
This Nasdaq listing comes after Galaxy Digital unexpectedly agreed to pay US$200M (AU$334M) over allegations tied to promoting the defunct Terra (LUNA) cryptocurrency. Other crypto companies are moving in a similar direction, like Japan’s Coincheck Group and Bitcoin-focused Metaplanet, focusing on US public markets.
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