Galaxy Digital plans Nasdaq listing as crypto stocks post strong rebound

Key takeaways:

• Galaxy Digital plans to begin trading on the Nasdaq on May 16, pending shareholder and Nasdaq approval.

• Nasdaq-listed crypto firms posted strong gains in April after a period of macroeconomic uncertainty.

• Galaxy CEO Mike Novogratz says the listing will broaden the company’s investor base and US presence.

The Toronto Stock Exchange (TSX) listed crypto investment firm Galaxy Digital is set to move to the US-based Nasdaq on May 16, pending stakeholder approval at its upcoming shareholders meeting.

Galaxy’s planned move comes as several Nasdaq-listed crypto firms saw substantial gains in April, following a turbulent few months of macroeconomic uncertainty.

Galaxy founder and CEO Mike Novogratz said on April 30 that the listing would be a milestone “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.”

A special Galaxy shareholders' meeting is scheduled for May 9 to seek final approval for the move, with Nasdaq also needing to offer its approval before listing the crypto firm.

The company plans to use the ticker symbol GLXY on the Nasdaq, and if it goes ahead with the listing, will enter a transition period during which it will continue to trade on the TSX, on which it first listed in July 2020.

Galaxy is down 12.28% on the TSX so far this year amid a broader market downturn, according to Google Finance data.

Meanwhile, the Nasdaq 100 is down 7.33% so far in 2025, according to TradingView data. However, it held steady in April, with some commentators downplaying the recent bearish sentiment.

Novogratz is widely known as a pro-crypto advocate and Bitcoin (BTC) bull. It was reported on April 17 that Galaxy Ventures Fund I LP is expected to raise around $175 million to $180 million by the end of June to build a portfolio of 30 crypto and blockchain startups.

Crypto entrepreneur Anthony Pompliano said in an April 30 X post that “the Nasdaq 100 ended April up more than 1%, and people are still talking about the Great Depression.” 

“Insane,” Pompliano added.

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Several crypto-related firms listed on the Nasdaq have posted gains over the past month, following broader market turbulence due to macroeconomic uncertainty stemming from Trump’s tariffs.

Crypto exchange Coinbase (COIN) is up 17.80%, Michael Saylor’s Strategy (MSTR) is up 31.86%, and Bitcoin mining firm CleanSpark (CLSK) is up 21.58%, according to Google Finance data.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.