Galaxy Digital Secures SEC Approval to List on Nasdaq Amid Reorganization

The cryptocurrency investment firm Galaxy Digital is reorganizing its business and has applied to list its stock, GLXY, on the Nasdaq stock exchange. A recent announcement from the firm revealed that the United States Securities and Exchange Commission (SEC) has approved its application to get listed on Nasdaq.

The listing will be subject to the fulfillment of all Nasdaq requirements. Notably, the listing will take place after a special shareholder meeting scheduled for May 9, 2025.

Galaxy Reorganizes Its Business

The company is looking to move its home base from the Cayman Islands to Delaware. The relocation will birth a new Delaware holding company called Galaxy Digital Inc. Subsequently, the holding company’s class A common stock, GLXY, will be listed on Nasdaq. 

Galaxy Digital Holdings is listed on the Toronto Stock Exchange (TSX) as GLXY. The stock will remain on the platform for some time after the reorganization. Following the reorganization, Galaxy Digital Holdings will merge with Galaxy Digital Inc., with the latter continuing as the surviving entity. This means the company will officially become known as Galaxy Digital Inc.

“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,” said Mike Novogratz, the company’s founder and CEO.

If Galaxy’s shareholders and the TSX approve, the company will conclude the reorganization in mid-May. 

Plans to Relocate to Delaware

Following the reorganization, Novogratz will have more than 50% of the combined voting power. This will make Galaxy a controlled company under Nasdaq rules, according to a Form S-4 document filed with the SEC on March 27, 2025.

The filing revealed that Galaxy chose Delaware as its home base because of the favorable corporate environment in the state. The company added that the state has an abundance of case law, which is subject to legal amendments to reflect current technology and legal trends. This allows the company to compete with other publicly traded funds that have chosen Delaware as their domicile.

The latest development comes less than two weeks after Galaxy agreed to settle with the New York Attorney General’s Office (NYAG) for $200 million over a three-year period. The settlement follows allegations that the firm promoted the collapsed algorithmic cryptocurrency LUNA and sold large amounts of the asset without disclosure.

The post Galaxy Digital Secures SEC Approval to List on Nasdaq Amid Reorganization appeared first on Cointab.