YEREVAN (CoinChapter.com) — Galaxy Digital received SEC approval to list on the Nasdaq stock exchange on April 7. The firm is already listed on the Toronto Stock Exchange (TSX) and is working to move its base from the Cayman Islands to Delaware.
The Nasdaq listing remains subject to a shareholder vote on May 9 and final approval from the TSX. In a post on X, Michael Novogratz, the CEO of Galaxy Digital, confirmed the registration statement is now effective. He said the firm is on track to list soon after the vote.
Galaxy Digital aims to trade on Nasdaq under the GLXY ticker and expects the listing to be complete by mid-May, provided it meets all Nasdaq listing requirements.
Delaware Relocation Supports Galaxy Digital’s U.S. Strategy
According to the Form S-4 filed with the SEC on March 27, Galaxy Digital selected Delaware for relocation. The filing noted that Delaware provides a favorable legal and corporate structure for public companies in the U.S.
The firm pointed to Delaware’s General Corporation Law (DGCL) and said the large body of case law helps clarify corporate procedures. Galaxy Digital added that lawmakers in Delaware update the DGCL regularly to match new technologies and market changes.
Galaxy said the Delaware relocation would help it compete more effectively with other public crypto companies in the U.S. The change does not affect its operational or management structure.
The SEC filing confirmed that Michael Novogratz will retain nearly 60% of the company’s voting rights following the reorganization. This gives him control of Galaxy Digital after the Nasdaq listing.
Voting control remains a key part of the company’s structure post-relocation. The filing did not include any changes to his executive role.
Galaxy Digital’s shareholder vote on May 9 will determine whether the proposed move and listing go forward.
Galaxy Digital Shares Drop 8% on TSX After Bell
After the SEC approval news, Galaxy Digital’s share price on the TSX dropped 8%. The stock closed at 12.30 Canadian dollars ($8.70), based on data from Google Finance.
Galaxy Digital first listed on the TSX in 2015. On Nov. 12, 2021, the stock hit a record high of nearly 50 Canadian dollars ($35).
The drop followed the company’s confirmation of its relocation and listing plans in the U.S.
Galaxy Digital recently paid $200 million in a settlement tied to its alleged promotion of the collapsed Terra (LUNA) project. Although this legal issue did not appear in the SEC’s statement, it remains part of the company’s recent history.
The firm has not disclosed further details about the Terra case in the April 7 update. The settlement was finalized before Galaxy Digital pursued its Nasdaq listing.
Other crypto companies are also entering or exploring a Nasdaq listing. Coincheck Group, operator of the Coincheck exchange in Japan, completed its public listing on December 11. Metaplanet, a Bitcoin-focused investment firm, is considering a U.S. listing. Its CEO, Simon Gerovich, met with officials from both Nasdaq and the New York Stock Exchange in March.
