Mike Novogratz’s Crypto Powerhouse Makes Strategic Push into U.S. Markets
Galaxy Digital, the crypto and AI investment firm founded by Mike Novogratz, has received approval from the U.S. Securities and Exchange Commission (SEC) to proceed with its long-awaited Nasdaq listing, marking a major step toward deepening its presence in the U.S. capital markets.
The firm, which is currently listed on the Toronto Stock Exchange (TSX), confirmed in an April 7 statement that it plans to relocate its legal domicile from the Cayman Islands to Delaware, pending approval from shareholders and the TSX.
“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,” Novogratz posted on X.
“Let’s go!”
Big milestone for @GalaxyHQ! Our registration statement is now effective with the SEC. We’re on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go! https://t.co/bbIgQNnMxH
— Mike Novogratz (@novogratz) April 7, 2025
The company is expected to trade under the ticker symbol GLXY, with the U.S. listing anticipated to go live shortly after the May 9 vote, assuming all regulatory and procedural steps are completed.
Why Delaware? Legal Clarity and Competitive Edge
Galaxy’s relocation to Delaware is more than symbolic. In its SEC Form S-4, the company stated that Delaware offers a favorable corporate environment, a wealth of legal precedent, and a business-friendly legal framework under the Delaware General Corporation Law (DGCL)—making it easier to compete with U.S.-listed peers.
Delaware’s reputation as the go-to jurisdiction for public companies—particularly in the tech and finance sectors—also plays a role, with frequent legal updates designed to reflect emerging technologies like blockchain and AI.
Following the reorganization, Novogratz will retain nearly 60% of the company’s voting power, securing his influence over the firm’s strategic direction.
Market Timing and Regulatory Landscape
Galaxy’s move comes at a pivotal time for crypto equities, with a growing number of firms seeking U.S. listings to tap into deeper capital pools and regulatory legitimacy. Companies like Coincheck Group have recently debuted on the Nasdaq, and Metaplanet, Japan’s leading corporate Bitcoin holder, is also exploring a U.S. listing.
Still, the transition hasn’t been without controversy. Galaxy recently agreed to a $200 million settlement related to its alleged role in promoting the now-defunct Terra (LUNA) ecosystem—an incident that highlights the regulatory scrutiny still facing high-profile crypto firms.
Following the announcement, Galaxy’s shares on the TSX fell by 8%, closing at CA$12.30 (approximately $8.70 USD), significantly below their November 2021 peak of CA$50.
Final Thoughts: A Calculated Bet on U.S. Market Leadership
Galaxy’s Nasdaq approval and Delaware relocation reflect a strategic pivot toward U.S. institutional legitimacy. By entering one of the world’s most prestigious equity markets and aligning its legal structure with U.S. corporate norms, the firm is signaling that it wants to play in the same league as Coinbase, MicroStrategy, and other Wall Street-facing crypto entities.
The timing is critical. As spot Bitcoin ETFs attract inflows, and blockchain adoption gains momentum, Galaxy is positioning itself to ride the next institutional wave.
Whether this move strengthens investor confidence or invites fresh scrutiny remains to be seen. But one thing is clear: Galaxy Digital is betting big on U.S. capital markets—and Mike Novogratz isn’t done making noise.
