- Galaxy Digital has received SEC approval to list on Nasdaq, with trading expected to begin after May 9 shareholder vote.
- The company plans to relocate from the Cayman Islands to Delaware, citing the favorable corporate environment and legal framework.
- CEO Michael Novogratz will maintain nearly 60% voting control after the transition, which is expected to be completed by mid-May.
Galaxy Digital, an Artificial Intelligence and crypto investment firm, has received approval from the U.S. Securities and Exchange Commission to list on the Nasdaq stock exchange. Currently listed on the Toronto Stock Exchange (TSX), the company plans to relocate its headquarters from the Cayman Islands to Delaware, according to an April 7 statement from Galaxy. The move is pending shareholder and TSX approval.
“Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!” Galaxy CEO Michael Novogratz said in a statement on X.
The company expects to trade under the ticker symbol GLXY once the transition is complete, which is anticipated by mid-May. This timeline depends on meeting all Nasdaq listing requirements. Following the announcement, Galaxy’s share price on the TSX dropped 8% after market close, trading at 12.30 Canadian dollars ($8.70), according to Google Finance.
Delaware Relocation Strategic for Corporate Growth
In its SEC Form S-4 filing from March 27, Galaxy explained that Delaware was chosen for its “favorable corporate environment,” which would help the company “compete more effectively with other publicly traded companies.” The state is a popular domicile for many public corporations and offers extensive case law supporting the Delaware General Corporation Law.
After the reorganization, Novogratz will retain control of the company with nearly 60% of voting power. The stock was originally listed in July 2015 and reached its peak at almost 50 Canadian dollars ($35) on November 12, 2021.
Galaxy Joins Growing List of Crypto Firms on Major Exchanges
Galaxy Digital recently agreed to a $200 million settlement related to allegations regarding its promotion of the collapsed cryptocurrency Terra (Luna). Despite this, the company continues its expansion plans with the Nasdaq listing.
The firm joins other cryptocurrency companies already trading on the Nasdaq, including Coincheck Group, the parent company of Japanese crypto exchange Coincheck, which debuted on December 11. Another Bitcoin-focused investment firm, Metaplanet, is also exploring potential listings outside Japan, including in the U.S., following meetings with officials at both the New York Stock Exchange and Nasdaq in March.
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