Nikolas Sargeant
Galaxy Digital's planned move from Toronto Stock Exchange to Nasdaq requires both shareholder approval and Nasdaq clearance before trading can commence under the ticker symbol GLXY.
Strategic Exchange Shift Aims to Broaden Institutional Investment Access
Cryptocurrency investment firm Galaxy Digital is preparing to transition its public listing from the Toronto Stock Exchange (TSX) to Nasdaq on May 16, contingent on final shareholder approval at a special meeting scheduled for May 9. The company must also secure Nasdaq's regulatory clearance before trading can begin under the planned ticker symbol GLXY, according to a recent announcement.
In an April 30 statement, Galaxy CEO and founder Mike Novogratz described the exchange transition as a "milestone," emphasizing how the move will strengthen Galaxy's position in connecting investors to digital assets and artificial intelligence sectors. The dual-market presence aims to enhance the firm's visibility and attract a broader pool of institutional investors.
Galaxy Digital has traded on the TSX since July 2020 but has seen approximately 12.28% decline year-to-date according to Google Finance data, reflecting broader market challenges. For comparison, the Nasdaq 100 has fallen 7.33% in 2025, though April brought a modest recovery that helped improve sentiment among technology and cryptocurrency investors.
The timing of Galaxy's U.S. listing ambitions coincides with renewed optimism among Nasdaq-listed cryptocurrency companies. Coinbase (COIN) rose 17.80% in April, while Bitcoin advocate Michael Saylor's MicroStrategy (MSTR) gained 31.86%. Bitcoin mining operation CleanSpark (CLSK) also performed strongly with a 21.58% increase, according to Google Finance data.
Novogratz, a prominent Bitcoin supporter, continues to focus on expanding Galaxy's investment footprint. The firm's Galaxy Ventures Fund I LP reportedly aims to raise up to $180 million by June to support approximately 30 startups in the cryptocurrency and blockchain sectors.
Regulatory Developments Shape Galaxy's Global Expansion Strategy
Last month, Galaxy Digital achieved a significant regulatory milestone when its UK subsidiary secured a license from the Financial Conduct Authority (FCA). This authorization enables Galaxy to offer derivatives trading capabilities within the United Kingdom market.
The FCA license further empowers the firm's investment banking division to provide capital-raising and advisory services from its London office. Galaxy Digital UK will also support the company's asset management business through activities including fund distribution.
However, Galaxy's regulatory landscape has faced challenges as well. In March, the Office of the Attorney General of the State of New York (OAG) imposed a $200 million fine on Galaxy Digital following an investigation into alleged market manipulation involving the cryptocurrency Luna.
The investigation, conducted under the Martin Act and New York Executive Law Section 63(12), determined that Galaxy had engaged in deceptive trading practices by publicly promoting Luna while secretly reducing its holdings. According to findings, Galaxy Digital began acquiring Luna in 2020 directly from Terraform Labs at a substantial discount, with an implicit understanding that it would leverage its influence to generate interest in the token.
If Galaxy secures the necessary approvals for its Nasdaq listing, it will join other major cryptocurrency firms anchoring their future to U.S. capital markets, highlighting the accelerating convergence between traditional finance and digital assets.
