Novogratz’s Crypto Conglomerate Galaxy to List on Nasdaq

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(Bloomberg) — Billionaire Michael Novogratz’s crypto conglomerate Galaxy Digital Holdings Ltd has received permission for a direct listing on the Nasdaq stock exchange, with trading expected to happen shortly after special shareholder meeting, the company said in a press release. 

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Galaxy, which offers services ranging from trading to asset management, announced Monday that the US Securities and Exchange Commission approved its registration to move the company from the Cayman Islands to Delaware and to list on the Nasdaq. A special meeting of shareholders to approve the reorganization will be held on May 9. Subject to the approval of shareholders and the Toronto Stock Exchange, Galaxy expects to list under the ticker symbol GLXY.

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Currently trading in Canada, Galaxy has been looking to list in the US for several years. The company will continue to be listed on the Toronto Stock Exchange as well.

As of Tuesday morning, the company’s Toronto-listed shares had soared as much as 22%, the biggest intraday gain since Nov. 6.

Galaxy is one of many crypto companies that have been trying to list in the US, either through a direct listing or an initial public offering. But that was hard under President Joe Biden’s crackdown on crypto, according to industry insiders. 

After President Donald Trump took office, many companies have finally set in motion plans to go public, but recent markets turmoil related to Trump’s tariffs is cooling the IPO market. 

—With assistance from Matthew Griffin.

(Updated to add Tuesday morning share price performance in fourth paragraph)

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