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Highlights
- Galaxy Digital is inching toward a Nasdaq listing in mid-May.
- The listing will require the final approval of the company's shareholders.
- Galaxy Digital is offloading its ETH holdings to scoop SOL tokens.
Galaxy Digital has its sights on a Nasdaq listing in the middle of May, but the financial services firm has to obtain the final green light from shareholders. The Mike Novogratz-led company has a concentrated heatmap in recent weeks, offloading a chunk of its Ethereum holdings for Solana.
Galaxy Digital Aims For A Nasdaq Listing
Financial services company Galaxy Digital has disclosed that its shares will begin trading on the Nasdaq Global Select Market. According to a press release, the company notes that it is targeting a May 16 listing on Nasdaq after ticking all the regulatory boxes.
For starters, Galaxy Digital’s shareholders will vote to give their approval on a company reorganization and domestication to Delaware. Following the shareholders’ vote on May 9, the final hurdle will be final approval by Nasdaq.
“We believe that listing on the Nasdaq would mark a transformative milestone for Galaxy that would position us to advance our vision of building a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems,” said Galaxy Digital CEO Mike Novogratz.
Galaxy Digital says the Nasdaq listing will power the next stage of its growth, providing investors with access to its Class A common stock. The company’s latest play comes as US authorities, including the new SEC Chair Paul Atkins, are mulling over plans for clear crypto regulation in the US.
A Great Migration Back To The US For Financial Services Firms
Cryptocurrency journalist Eleanor Terrett described Galaxy Digital’s proposed Nasdaq listing as symbolic, driven by a changing regulatory landscape in the US.
“The move is symbolic of the great migration of U.S. crypto companies moving operations back home as regulatory headwinds have become tailwinds.
At the moment, Bithumb and eToro are targeting a Nasdaq listing in 2024, joining ranks with other financial services firms. Gemini and Circle are also mulling over the prospects of an initial public offering (IPO) before the end of 2025.
While things are falling into place for Mike Novogratz-led firm, Galaxy Digital is making serious plays with digital assets. On-chain data indicates that Galaxy Digital is offloading ETH and scooping SOL tokens on Binance en masse.
Barely one week after the seismic transfer, the company deposited 23,900 ETH on Coinbase, triggering chatter of another mass sale.
Galaxy Digital has been hurtling toward regulatory compliance in recent weeks. The firm famously reached a $200 million settlement agreement with the NYAG over the sale of LUNA tokens.
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