Author: TSX Stocks

Donald Trump’s tariffs on imports from Canada have had no impact on the NHL’s fresh $7.7 billion TV deal, league commissioner Gary Bettman has revealed.

The 78-year-old was never popular with Canadians prior to his second stint in the White House but has become even more loathed since being sworn in as U.S. President at the turn of the year. Having last month implemented tariffs of 25 per cent on Canadian goods and 10 per cent on energy and potash exports, as well as 25 per cent on Canadian steel and aluminum products, it’s fair to say that Trump has made himself public enemy number one north of the border.

This was particularly evident during the Four Nations Face-Off in February, when the United States national anthem was booed at every available opportunity by Canadian ice hockey fans whenever Team USA played in Montreal. In fact, those same boos were heard days before ahead of the NBA game between the Los Angeles Clippers and the Toronto Raptors.

Trump would go on to make matters worse when he threatened to turn Canada into the 51st state, prompting further discontent at matches between Canadian and U.S. sports teams, but thankfully for the NHL, the politician’s tariffs on Canada have had next to no impact on the game – for now.

Speaking on a recent episode of The Varsity podcast, NHL commissioner Bettman confirmed that new U.S. tariffs on imports from Canada did not hurt the $7.7 billion deal his league recently struck with Rogers Communications, and is hopeful that the recent tensions between the two nations were just “a moment in time”.

“This is a 12-year deal, and we’re looking at this from the long [term],” the commissioner said. However, the 72-year-old did acknowledge that NHL franchises based in Canada would suffer if the Canadian economy was hurt by a trade war. As of Monday afternoon, the Toronto Stock Exchange was down 2,500 points, while the Canadian dollar was down around 1.3 percent.

“From our standpoint, we believe our fans want to – and we should – stay out of the geopolitical debates and arena,” Bettman said. “But when asked, the impact on all of this is – from my standpoint – twofold. For one, Canada and the U.S. are longtime, great allies. Two great countries. And I hope this is just a moment in time that we get through quickly.

“Two, being realistic, if this has an impact on the Canadian economy and it affects the relationship with the Canadian dollar and the U.S. dollar, that may pose some difficulties for our Canadian franchises, because our players, whether they play in the United States or Canada, get paid in U.S. dollars. So that’s something that we’re going to have to focus on if it becomes a problem. But my sense is it [won’t].”

For now, the NHL remains in a strong position. Following 2024’s historic seven-game Stanley Cup final between the Florida Panthers and the Edmonton Oilers, as well as this year’s 4 Nations Face-Off, revenue has never been higher. Coupled with Bettman guaranteeing more than $1 billion in media rights revenue through 2028, the league’s long-term future is bright.

Galaxy Digital is moving closer to its long-awaited U.S. stock market debut after the Securities and Exchange Commission approved the company’s registration statement.

According to the company’s official statement on Apr. 7, the approved Form S-4 relates to Galaxy’s previously announced plan to shift base from the Cayman Islands to Delaware and establish a new U.S.-based holding company, Galaxy Digital Inc. (“New Pubco”).

Under the reorganization, existing shareholders will receive shares of New Pubco’s Class A common stock on a one-for-one basis, with no change in economic interest or voting power.

The firm intends to list the Class A shares on the Nasdaq Global Select Market under the ticker symbol “GLXY.” To finalize the reorganization, Galaxy has scheduled a special shareholder meeting for May 9, 2025. Shareholders on record as of Apr. 7 are eligible to vote. 

If approved, the reorganization and listing are expected to be completed by mid-May, pending a final sign-off from the Toronto Stock Exchange, where Galaxy is currently listed. Following the transaction, Galaxy Digital Inc. will remain listed on the TSX for a transitional period, allowing dual listing of shares across the U.S. and Canadian markets.

CEO Mike Novogratz called the development “an important milestone” and noted that the transition supports Galaxy’s broader mission to scale digital asset services and artificial intelligence infrastructure in regulated U.S. markets.

“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.”

— Mike Novogratz, Galaxy Digital CEO

To assist in overseeing the shareholder voting procedure, Galaxy has enlisted the help of TMX Investor Solutions Inc. A document detailing the reorganization, its rationale, and voting procedures will soon be sent to shareholders.

Galaxy Digital is known for offering institutional-level cryptocurrency services, including trading, asset management, and tokenization. The business, which has grown across North America, Europe, and Asia, has also made large investments in high-performance computing infrastructure and AI. 

Galaxy Digital is moving closer to a U.S. stock market listing after the Securities and Exchange Commission (SEC) approved its registration statement tied to a corporate reorganization.

The crypto and AI infrastructure firm, currently listed in the Toronto Stock Exchange, aims to shift its home base from the Cayman Islands to Delaware and list shares on the Nasdaq as “GLXY.” The firm’s expansion into the U.S. market comes as institutional demand for regulated crypto products continues to grow.

The company has scheduled a shareholder vote on the reorganization for May 9. The firm is expected to list shortly afterward. CEO Mike Novogratz called the registration effectiveness “an important milestone” in the firm’s bid to expand its reach.

Galaxy provides institutional services in crypto trading, asset management, and tokenization. It also invests in and operates data centers that power AI and high-performance computing.

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