Galaxy Digital, the crypto and AI infrastructure firm led by Mike Novogratz, debuted on the Nasdaq on Friday with an opening share price of $23.50.
Main Listing Details and Timeline
Galaxy Digital commenced trading on the Nasdaq under the ticker GLXY, marking a significant transition from its previous listing on the Toronto Stock Exchange since 2020. The listing was executed via direct listing and followed an extensive four-year effort to secure regulatory approval in the U.S.
Strategic Focus on Crypto and AI
Founder Mike Novogratz emphasized that the firm now operates as both a crypto enterprise and a data center company, targeting growth in digital assets and artificial intelligence infrastructure. He described these sectors as “the two most exciting growth areas in markets” and noted Galaxy’s readiness for institutional adoption of crypto technologies.
Regulatory Challenges and U.S. Market Potential
Novogratz revealed that the Nasdaq listing required nine rounds of engagement with the SEC and over $25 million in costs, turning what should have been a 90-day process into a 1,320-day journey. He underscored the advantages of accessing deeper U.S. capital markets, stating that visibility in Canada was only a fraction of what is achievable in the United States.
Industry Signals and Investor Sentiment
The move aligns with a broader trend of increased investor interest in crypto-related firms, following eToro’s recent successful Nasdaq debut. Galaxy’s entry could signal renewed confidence in the sector after prolonged regulatory hesitation.
Will Galaxy’s dual focus on crypto and AI infrastructure give it an edge in gaining long-term traction with institutional investors?
