Galaxy Digital, Valued at $7.5B, Uplists to Nasdaq as GLXY Amid Tokenization Talks

Galaxy Digital, a cryptocurrency financial services firm led by Michael Novogratz, has completed its uplisting to the Nasdaq and began trading under the new symbol GLXY. With a market capitalization of approximately $7.5 billion, this move marks a key development in its journey to becoming a publicly traded entity on a major U.S. exchange.

Novogratz described the path to listing on Nasdaq as ‘unfair and infuriating,’ highlighting the challenges and costs associated with regulatory scrutiny in the U.S. He noted that the process, which typically takes 45 to 90 days, extended to 1,320 days for Galaxy Digital, costing over $25 million.

The uplisting is seen as a victory for Galaxy Digital, which had been trading on the Toronto Stock Exchange since 2020 due to U.S. regulatory hesitance towards crypto firms. Novogratz expressed optimism about the future, stating that the U.S. market offers significantly more visibility and volume compared to the Canadian market. Additionally, Galaxy Digital is in discussions with the U.S. Securities and Exchange Commission about tokenizing its own shares and other equities using its digital-asset platform.

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