Galaxy Digital Sets Nasdaq Listing Date Amid Strategic Shift

Galaxy Digital plans to list on Nasdaq by May 16, pending shareholder approval. The firm aims to serve U.S. investors better, with its stock under the ticker GLXY. Additionally, it aims to expand its operations into AI while maintaining a strong position in cryptocurrencies, despite trimming its Bitcoin portfolio. CEO Mike Novogratz predicts Bitcoin’s value will overtake gold’s market cap soon.

Galaxy Digital, the cryptocurrency and financial services company, is gearing up for its public listing on Nasdaq, expected by May 16. Mike Novogratz, the company’s CEO, shared this news with followers on X, asserting that this move aims to enhance the firm’s service to its investors. More details will hinge on shareholder approval during a meeting set for May 9.

For those unfamiliar, Galaxy Digital plans to switch from trading on the Toronto Stock Exchange (TSX) to the Nasdaq, with its Class A common stock set to bear the ticker symbol GLXY. This transition is significant because it opens up more visibility to U.S. investors while also increasing liquidity for current shareholders. Moreover, shares currently trading under the GLXY ticker on TSX will not be affected, continuing without interruption, and will still trade under CUSIP 36317J209. On top of that, shares traded over-the-counter, BRPHF, will also convert to GLXY shares on Nasdaq, which should smooth the transition process.

Novogratz highlighted that the Nasdaq listing is part of a broader strategy for Galaxy Digital, aiming to bolster its presence not just in cryptocurrency, but also in sectors like artificial intelligence (AI). With the crypto space intertwining with AI technology, the firm seeks to tap into that potential, aiming to attract both institutional and retail investors. This expansion effort underscores Galaxy’s ambition to remain at the forefront of digital assets and blockchain technology.

In an intriguing side note, Galaxy Digital recently diminished its Bitcoin portfolio by offloading 1,652 BTC, approximately valued at $89 million. Some might read this as a step back, perhaps shifting focus towards AI investments, but Novogratz remains steadfastly optimistic about Bitcoin. He has voiced a prediction that Bitcoin might surpass gold in market capitalization within five to eight years, asserting confidence in its future value.