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Mike Novogratz’s Galaxy Digital debuts on Nasdaq in bumper week for crypto

Written by Hannah Lang on May 16, 2025. Posted in Canada. Leave a Comment

By Hannah Lang

(Reuters) -Galaxy Digital, founded by Mike Novogratz, made its Nasdaq debut on Friday, capping off a momentous week for cryptocurrency in public markets, with Coinbase joining the S&P 500 and retail brokerage eToro also going public.

Galaxy Digital, a crypto investment company that also specializes in artificial intelligence data center infrastructure, had been listed on the Toronto Stock Exchange, but began trading on the Nasdaq on Friday at $23.50 per share after a lengthy transition period. Shares in the company were last trading at $24.89.

“I think we’re at the beginning of the race, not the end of the race,” said Novagratz, who is Galaxy’s CEO and a prominent crypto investor, in an interview with Reuters. “Sometimes it feels like it’s been such a struggle. You ring the bell and you’re crossing the finish line, but it really is the starting bell.”

Digital assets have enjoyed a resurgence under President Donald Trump, who courted cash from the crypto industry on the campaign trail by pledging to be a “crypto president.”

In his first week in office, Trump ordered creation of a cryptocurrency working group to propose digital asset regulations. In March, he signed an executive order to create a federal stockpile of bitcoin.

Those moves have buoyed cryptocurrency prices, including bitcoin, which is up more than 10% so far this year.

Robinhood rival eToro — which offers stocks and cryptocurrencies to retail investors — also made its Nasdaq debut this week, securing a valuation of $5.64 billion after its shares surged 34% on Wednesday.

Also this week, the S&P announced that Coinbase would be included in the S&P 500 index beginning May 19, becoming the first digital asset player to be included in the benchmark.

“I think we’re the beginning of what will be a trend of other (crypto) companies going public,” Novogratz said.

(Reporting by Hannah Lang in New York; editing by Pete Schroeder and Jane Merriman)

Galaxy Digital shares jump 15% on Nasdaq debut

Written by Vivian Nguyen on May 16, 2025. Posted in Canada. Leave a Comment

Galaxy Digital shares jump 15% on Nasdaq debut

Home » Business » Galaxy Digital shares jump 15% on Nasdaq debut

After four years, Galaxy leapt from Canadian listings to Nasdaq for greater US market exposure and growth.

Key Takeaways

Galaxy Digital’s direct Nasdaq listing followed a lengthy 1,320-day regulatory process.
Galaxy Digital operates primarily in crypto and AI, aiming at institutional adoption.

Galaxy Digital, a prominent financial services and investment management firm led by billionaire Mike Novogratz, started trading on Nasdaq Friday under the ticker GLXY.

The company’s stock opened at $23.50 and surpassed $25 at press time, according to CNBC data. Shares rose about 15% from the previous trading session.

Galaxy completed its long-anticipated move from the Toronto Stock Exchange to the Nasdaq via a direct listing. The entrance into the US public market followed an extensive regulatory process with the SEC, which took 1,320 days and cost the company over $25 million, according to CEO Mike Novogratz.

“This is more than just a corporate milestone,” said Novogratz in a Friday statement. “It’s the fulfillment of a deeply personal bet I made over a decade ago that the financial system was overdue for transformation.”

Galaxy reported a net loss of $295 million in Q1 during a downturn in the crypto market. Despite the loss, the company’s gross revenue rose to $12.9 billion, marking a 38% increase from the previous quarter.

Speaking on CNBC’s Squawk Box on Friday, Galaxy Digital CEO Mike Novogratz emphasized the strategic importance of US market access, stating that the firm’s visibility in Canada was just “one-thirtieth” of what it could achieve in the United States.

Novogratz also underscored Galaxy’s dual focus on crypto and artificial intelligence, calling them “the two most exciting growth areas in markets.”

In a separate interview with Bloomberg, Novogratz revealed that Galaxy is discussing plans with the SEC to tokenize its own stock and potentially other equities. The company has engaged with the SEC’s crypto task force to explore how its shares could eventually be registered and traded on a blockchain.

The long-term vision, he said, is to enable Galaxy shares, and eventually ETFs, bonds, and traditional stocks, to be used in decentralized finance (DeFi) applications such as lending and trading.

Galaxy’s Nasdaq listing follows the successful debut of crypto platform eToro, with its shares ending the first day up 30%.

Other major players like Kraken, Circle, and Gemini are also preparing to go public in a US regulatory environment that has grown more favorable to digital assets.

Galaxy Digital on the Nasdaq, Novo ousts CEO, Virgin Galactic

Written by Josh Lipton on May 16, 2025. Posted in Canada. Leave a Comment

00:00 Speaker A

It’s time for Yahoo! Finance’s Market Minute. Stocks edge higher as the S&P 500 is poised for a weekly gain here. Galaxy Digital is now trading on the Nasdaq under the ticker symbol GLXY, marking its transition to the U.S. public markets after listing on the Toronto Stock Exchange back in 2020. Shares rising, trading above its initial list price of $23.50. Eli Lilly shares rising as competitor Novo Nordisk ousts its CEO amid market challenges and poor stock performance. Eli Lilly first gained market leadership over Novo in the U.S. weight loss drug space in the first quarter. And Virgin Galactic shares soaring after announcing flight plans. The space tourism company says it will fly its first Delta class spaceships carrying payloads in the summer of 2026 and passenger flights in the fall. Virgin is raising prices for its passenger tickets from the previous $600,000. And that’s your Yahoo! Finance Market Minute. For more on what’s trending on Yahoo! Finance, scan the QR code below to track the best and worst performing stocks of the session.

Galaxy Digital Lands on Nasdaq, Opening at $23.50 per Share

Written by Avi Eberstein on May 16, 2025. Posted in Canada. Leave a Comment

Galaxy Digital Lands on Nasdaq, Opening at $23.50 per Share – Wall Street Pit

Galaxy Digital (GLXY) debuted on the Nasdaq, opening at $23.50 per share and rising over 12% to $34.25, following a four-year, $25 million regulatory battle with the SEC.
Mike Novogratz highlighted Galaxy’s dual focus on cryptocurrency and AI infrastructure, positioning the firm to capitalize on institutional crypto adoption and growing demand for data centers.
The direct listing, transitioning from the Toronto Stock Exchange, enhances Galaxy’s U.S. market visibility, following eToro’s (ETOR) recent Nasdaq debut and signaling renewed investor interest in crypto-adjacent firms.

Galaxy Digital (GLXY), the cryptocurrency and digital asset firm led by Mike Novogratz, made its highly anticipated Nasdaq debut on Friday, opening at $23.50 per share and surging over 12% to $34.25, reflecting strong investor enthusiasm for its dual focus on crypto and artificial intelligence. The direct listing, a milestone following a four-year, $25 million regulatory saga with the U.S. Securities and Exchange Commission, marks a shift from its prior trading on the Toronto Stock Exchange since 2020. Novogratz, speaking on CNBC’s “Squawk Box,” emphasized that the grueling process, which spanned 1,320 days and nine rounds of SEC comments, far exceeded the typical 90-day timeline, requiring significant capital and resilience. He underscored the strategic importance of the U.S. market, noting that Galaxy’s visibility in Canada was a mere one-thirtieth of its potential in the U.S., positioning the Nasdaq listing as a catalyst for growth.

The company’s value proposition, as articulated by Novogratz, rests on its unique positioning in two high-growth sectors: cryptocurrency and AI infrastructure. Describing Galaxy as effectively two businesses – a crypto firm and a data center company—Novogratz highlighted its readiness to capitalize on institutional adoption of digital assets and the surging demand for AI -driven computing power. This strategic pivot aligns with Galaxy’s partnerships, such as its collaboration with cloud-computing firm CoreWeave (CRWV) to expand data center capacity for AI and high-performance computing, a move expected to generate significant revenue by 2026. The Nasdaq listing enhances Galaxy’s access to U.S. capital markets, boosting its profile and facilitating faster growth, as Novogratz noted during the company’s Q1 2025 earnings call. The debut follows eToro’s successful Nasdaq listing earlier in the week, signaling a thawing of regulatory caution and renewed investor appetite for crypto-adjacent firms amid a maturing digital asset ecosystem.

Galaxy’s journey to the Nasdaq underscores the evolving landscape for cryptocurrency firms seeking mainstream financial integration. The firm’s ability to navigate a costly and protracted SEC process, which Novogratz described as requiring a “big, strong company,” reflects the high barriers to entry for crypto enterprises in the U.S. Despite a reported $295 million net loss in Q1 2025, driven by digital asset price declines and a mining-related impairment charge, Galaxy’s stock performance on debut suggests investor confidence in its long-term vision. The transition to U.S. GAAP and operational streamlining, as part of its U.S. redomiciliation, further enhances financial transparency, positioning Galaxy to attract a broader investor base. With the stock climbing to $34.25, Galaxy Digital stands at a pivotal juncture, leveraging its Nasdaq platform to bridge crypto and AI innovation with traditional finance.

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