Category: Canada

Canada’s main stock index rose on Tuesday after three straight sessions of losses as information and technology stocks powered the broader gains, while investors await any sign of the U.S. opening up for negotiations over some of the aggressive tariffs.

Toronto Stock Exchange’s S&P/TSX composite index was up 2% at 23,325.64 points.

White House economic adviser Kevin Hassett said on Tuesday U.S. trade negotiators are prioritizing allies as they move forward on trade and are focused on big trading partners that have had big trade surpluses for years with the United States.

Uncertainty, however, persisted as the U.S. called China’s retaliation against its tariffs a “big mistake”.

China refused to bow to what it called “blackmail” after U.S. President Donald Trump threatened to increase tariffs on imports from China to over 100% in response to Beijing’s matching of his earlier tariff announcements.

“The TSX often mirrors U.S. indices, and with those showing cautious optimism today after tariff-driven sell-offs, any overnight developments — especially if China doubles down — could trigger volatility,” said Graham Priest, investment advisor at BlueShore Financial.

Wall Street’s main indexes also bounced back from a heavy selloff on Tuesday.

On TSX, information and technology, up 3.6%, led sectoral gains.

Materials stocks rose 2.7%, tracking higher copper and aluminium prices benefitting from a weaker U.S. dollar, while gold prices again rose above $3,000 per ounce as demand for the safe-haven asset increased.

On the flip side, communication shares dropped 1.2% with BCE leading the declines, down 3%.

On the data front, Canadian economic activity expanded at a slower pace in March as employment declined and prices heated up, Ivey Purchasing Managers Index (PMI) data showed.

Looking ahead, investors will focus on the U.S. consumer price inflation reading on Thursday, which could offer more clues on the inflation trajectory in the world’s largest economy.

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. 

Canadian equities continued to dive for the third consecutive session on Monday as U.S. president Donald Trump threatened to impose additional 50% tariffs on Chinese goods if it doesn’t withdraw its 34% retaliatory levy on American exports. As fears of an escalating global trade war and a prolonged economic standoff weighed heavily on investor sentiment, the S&P/TSX Composite Index gave up another 334 points, or 1.4%, to close at 22,859.

Despite a minor recovery in some technology stocks, heavy losses in most other key sectors, including consumer, energy, and financials, dragged the broader index deeper into negative territory.

Top TSX Composite movers and active stocks

NGEx Minerals, TMX Group, ATS, and Great-West Lifeco plunged by over 5% each, making them the worst-performing TSX stocks for the day.

In contrast, Ivanhoe Mines (TSX:IVN) climbed by 8.6% to $11.15 per share, trimming its month-to-date losses to 8.8%. This rally in IVN stock came after the Vancouver-based metals miner reported a substantial boost in hydroelectric power availability at its Kamoa-Kakula copper complex.

The additional power enabled Ivanhoe to achieve record copper production rates in late March and has accelerated the start-up timeline for its state-of-the-art smelter, which is expected to begin producing 99.7% pure copper anodes by July. Investors also reacted positively to the company’s reaffirmed 2025 production guidance.

Celestica, Endeavour Silver, and Lundin Gold were also among the top gainers on the Toronto Stock Exchange, with each rising at least 3%.

Based on their daily trade volume, TD Bank, Canadian Natural Resources, Bank of Nova Scotia, TC Energy, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Following a sharp three-day slide, commodities managed a mild recovery in early trading on Tuesday, pointing to a potentially steadier open for the resource-heavy TSX benchmark today.

While any updates on U.S.-China trade negotiations and global trade policy could sway sentiment throughout the day, Canadian investors may also want to keep an eye on the domestic purchasing managers’ index data this morning.

On the corporate events front, the TSX-listed Tilray Brands will announce its latest quarterly financial results today. Street analysts expect the cannabis company to report a net loss of US$31.9 million for the February quarter with US$210 million in revenue.

Market movers on the TSX today

Galaxy Digital Holdings Ltd. announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective the Registration Statement on Form S-4 (File No. 333-262378) (as amended, the “Registration Statement”) relating to the Company’s previously announced reorganization and domestication from the Cayman Islands to Delaware (together with related transactions, the “Reorganization”) and proposed listing on the Nasdaq Global Select Market (“Nasdaq”) of Class A common stock of Galaxy Digital Inc., a new Delaware holding company (“New Pubco”).

“We’re pleased to announce the effectiveness of our registration statement with the SEC,” said Mike Novogratz, CEO and Founder of Galaxy. “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.”

A special meeting of the Company’s shareholders to approve the Reorganization (the “Special Meeting”) will be held on May 9, 2025 at 10:00 a.m. Eastern Time. Galaxy anticipates listing on Nasdaq under the ticker symbol GLXY shortly after the Special Meeting, contingent on completing the Reorganization.

Holders of record of the Company’s ordinary shares as of the close of business on April 7, 2025 (the “Record Date”) are entitled to notice of the Special Meeting and to vote at the Special Meeting. Galaxy will be filing a Canadian management information circular (the “Management Information Circular”) and the prospectus, which will be promptly mailed to shareholders and made available under Galaxy’s profile at SEDAR+ at www.sedarplus.ca. A Frequently Asked Questions document can also be accessed on the Company’s Investor Relations website.

The parties anticipate that the Reorganization will close in mid-May, subject to the approval by the shareholders of the Company and the Toronto Stock Exchange (the “TSX”). The Nasdaq listing is subject to the closing of the Reorganization and fulfillment of all Nasdaq listing requirements. For a period of time following the consummation of the Reorganization, and immediately following New Pubco’s intended listing on the Nasdaq, New Pubco will remain listed on the TSX.

Source: Galaxy Digital

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Galaxy Digital has made an announcement concerning the company’s registration statement with the Securities and Exchange Commission (SEC).

Regulatory clarity in the U.S. has been a major consideration for firms operating in the crypto industry, which led to an exodus of American firms relocating to more favorable jurisdictions.

By securing SEC approval and taking steps toward U.S. domestication, Galaxy Digital is expressing confidence in the current state of the U.S. regulatory system and its ability to accommodate innovative financial entities.

The company’s reentry into the U.S. markets also positions it alongside other major digital asset firms like Coinbase and Robinhood, who already trade on U.S. exchanges and benefit from high liquidity, institutional access, and investor trust.

Galaxy Digital reorganization and domestication

Galaxy Digital Holdings Ltd., a financial services and investment management firm, has announced its intention to return to the U.S public markets.

The Securities and Exchange Commission (SEC) has approved the registration statement concerning its corporate reorganization and domestication from the Cayman Islands to Delaware. The reorganization will also include the creation of a new entity, Galaxy Digital Inc. (new pubco), and under this new entity, the company’s class A common stock is expected to be listed on the Nasdaq Global Market.

Galaxy intends to trade using the ticker symbol “GLXY” following shareholder and regulatory approval. The firm’s expansion into the U.S. market is a result of an increasing institutional demand for regulated crypto products.

The company has scheduled a shareholder vote on the reorganization for May 9, 2025, at 10:00 a.m. EST. The firm is expected to list shortly afterward.

Galaxy Digital’s CEO, Mike Novogratz, referred to the registration effectiveness as “an important milestone” in the firm’s bid to expand its reach. Over the past year, the company has been investing heavily in infrastructure, institutional services, and artificial intelligence. These investments include initiatives such as its recent expansion of data center operations in Texas, as well as its ongoing developments in digital asset trading, asset management, and venture investments.

Shareholder approval is scheduled for May

As of April 7, Galaxy shareholders will be eligible to vote on the reorganization during a special meeting scheduled next month.

Galaxy Digital also stated that it will distribute management circulars and brochures to eligible shareholders to provide detailed information on the structure and its reasoning.

Pending approval from the shareholders and the Toronto Stock Exchange (TSX), Galaxy expects the reorganization to close by mid-May 2025. At that point, Galaxy Digital Inc. will be listed on Nasdaq. In the meantime, the new pubco will temporarily remain listed on the TSX so that its Canadian investors can continue their operations.

A special committee of independent directors will oversee the company’s reorganization. They have unanimously recommended the change, deeming it fair and in the best interests of shareholders.

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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.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.