Galaxy Digital, Led by Michael Novogratz, Lists on Nasdaq as GLXY at $23.50, Sees 5% Decline

Galaxy Digital, a crypto financial services firm led by Michael Novogratz, has completed its uplisting to the Nasdaq and began trading under the new ticker symbol GLXY. The company, with a market cap of $7.5 billion, was previously listed on the Toronto Stock Exchange and made the move to enhance liquidity and access to capital markets in the U.S.

The stock opened at $23.50 per share on the Nasdaq, following a direct listing process. Galaxy Digital’s CEO, Michael Novogratz, emphasized the significance of the listing as a milestone in the company’s journey towards transforming the financial system, highlighting the firm’s focus on both crypto and artificial intelligence sectors. The company holds $7 billion in assets under management and is the largest validator of Solana (SOL), owning 15,000 Bitcoin, making it the third-largest holder among public companies.

Galaxy Digital’s shares experienced a decline of nearly 5% on their first trading day, closing at $22.57. The company’s move to the Nasdaq is part of its strategy to fund its ambition of building the largest data center in America, which is expected to require significant capital investment. The planned data center will have a capacity of 400 MW and includes an HPC deal with $CRWV.

In addition to its Nasdaq listing, Galaxy Digital is in discussions with the U.S. Securities and Exchange Commission (SEC) about tokenizing its own stock and other equities, signaling a potential new direction in its business operations.

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