Galaxy Digital’s Nasdaq Dream: SEC Says “Da!” 🚀

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Galaxy Digital Holdings, that audacious purveyor of digital assets and blockchain wizardry, has finally received the nod from the US Securities and Exchange Commission (SEC) to reorganize itself. This, dear reader, paves the way for its grand debut on the Nasdaq Stock Exchange. 🎉

On a rather unremarkable Monday, the company announced this development, marking a pivotal moment in its relentless quest to conquer the US market. One might say it’s a tale as old as time—or at least as old as Bitcoin.

Galaxy Digital Stock Eyes Nasdaq Listing in May

In a press release that could only be described as “thrillingly bureaucratic,” Galaxy Digital revealed that its registration statement with the SEC had been approved. This, of course, is a critical regulatory step—akin to getting a passport stamped before embarking on a grand adventure. The approval sets the stage for the company’s reorganization, which involves moving its corporate structure from the Cayman Islands to Delaware. Because, why not? 🌴➡️🏢

Adding to the drama, a new parent company, New Pubco, will be created. Yes, “New Pubco.” One can only imagine the boardroom brainstorming session that led to that name. 🧠💥

“We’re pleased to announce the effectiveness of our registration statement with the SEC. 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,” stated Mike Novogratz, CEO and Founder of Galaxy Digital, with the gravitas of a man who has seen it all—and then some.

The SEC’s green light clears the way for Galaxy to proceed with a special shareholder meeting scheduled for May 9. Here, investors will vote on the proposed reorganization. One can only hope the meeting is as riveting as a Turgenev novel. 📖

The plan includes transitioning the company’s listing from the Toronto Stock Exchange (TSX), where it currently trades, to the Nasdaq. This move also requires the TSX’s approval. Because, apparently, you can’t just pack up and leave without saying goodbye. 🇨🇦➡️🇺🇸

Galaxy Digital expects the reorganization to be completed by mid-May 2025, pending the necessary approvals. Once finalized, the company plans to list its Class A common stock on the Nasdaq under the ticker symbol “GLXY.” However, New Pubco will remain listed on the Toronto Stock Exchange for a period following the reorganization. Because, why make things simple? 🤷‍♂️

“It’s been a long road, but GLXY is finally on its way to a US listing. Thanks to all who believe in us, and congrats to those who have worked so hard to get @galaxyhq to this milestone. Let’s go!” posted Alex Thorn, Galaxy Digital’s Head of Research, with the enthusiasm of a man who has just discovered caffeine. ☕

If successful, the listing would position Galaxy as a prominent player among publicly traded crypto firms in the US. Notably, the market has previously proven challenging for the industry amid shifting regulatory landscapes. It’s almost as if regulators don’t trust companies that deal in digital Monopoly money. 🤔

Over the past few years, crypto companies’ plans to go public have faced significant hurdles under former President Joe Biden’s administration. The Biden-era “crypto crackdown” saw heightened scrutiny from regulators. Because nothing says “progress” like a good old-fashioned crackdown. 🚨

Nonetheless, President Donald Trump’s inauguration earlier this year signaled a more favorable approach to cryptocurrencies. This has prompted a wave of companies like Gemini, Kraken, and BitGo to revive their IPO ambitions. Because, apparently, Trump’s love for gold extends to digital gold. 🥇

Galaxy’s announcement aligns with this shift, capitalizing on a perceived thaw in regulatory hostility. Yet, the timing is not without risks. Recent market volatility, driven in part by uncertainty surrounding Trump’s reciprocal tariff policies, has cast a shadow over the market, with stocks and crypto facing the heat. It’s almost as if the market doesn’t like uncertainty. Who knew? 🤷‍♀️

In fact, Galaxy Digital’s stock performance (GLXY.TO) has been quite grim. Even with the latest news, the stock failed to see any positive uptick. It’s almost as if investors are skeptical. Imagine that. 📉

According to Yahoo Finance data, GLXY.TO dipped 8.8%, closing at $12.3. Furthermore, the company’s stock has declined 50.6% since the beginning of the year. One might say it’s been a rough ride—or, as the Russians would say, “жизнь тяжела.” 🎢

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2025-04-08 10:24