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Galaxy Digital, a crypto and financial services firm, has announced its plans to go public by May 16. Mike Novogratz, the firm's CEO, shared the update with the crypto community on X. He expressed confidence that the move will enable it to better serve investors.
Galaxy Digital and strategic pivot toward U.S. institutions
Galaxy Digital going public means it will be listed on the Nasdaq stock exchange. However, this depends on final approval from shareholders, who are scheduled to meet on May 9.
According to the update, the Class A common stock of Galaxy Digital will trade under the ticker GLXY.
This significant development will mean Galaxy Digital transitions from its current Toronto Stock Exchange (TSX) listing to the Nasdaq. The move offers greater visibility to U.S. investors and increased liquidity for shareholders.
Meanwhile, all existing GLXY shares trading on TSX will continue to trade there uninterrupted under the new CUSIP 36317J209. Additionally, all BRPHF shares traded over the counter will be converted into GLXY shares on Nasdaq under the same CUSIP 36317J209.
Novogratz explained that the listing on Nasdaq will allow Galaxy to serve investors more effectively in digital assets and other sectors.
The firm aims to become more accessible to institutional investors in the U.S. and expand into the artificial intelligence (AI) sector, which has multiple functions even in crypto. It also hopes to serve retail investors.
Galaxy Digital is a leading force in digital assets and blockchain. This marks a notable entry into AI investment spaces that are rapidly gaining traction in the global financial industry.
Bitcoin bullishness persists despite portfolio trimming
Interestingly, in September 2024, Galaxy Digital shed its Bitcoin portfolio by 1,652 BTC, which is valued at approximately $89 million. That may be preparatory to its current interest in AI investment.
Despite the move, Novogratz remains bullish on Bitcoin. He recently predicted the asset's dominance over gold. According to him, Bitcoin could flip gold’s market capitalization in the next five to eight years.
Vladislav Sopov
Dan Burgin