Michael Novogratz’s Galaxy Digital Lists on Nasdaq as GLXY, Valued at $7.5B, Discusses Tokenization with SEC

Galaxy Digital, led by Michael Novogratz, has completed its uplisting to the Nasdaq and began trading under the ticker symbol GLXY. The company, valued at approximately $7.5 billion, marks its transition to the U.S. public markets after being listed on the Toronto Stock Exchange since 2020.

Novogratz described the path to the Nasdaq listing as ‘unfair, infuriating,’ citing a nearly four-year process and over $25 million in costs. He highlighted the regulatory scrutiny and high auditing fees faced by crypto companies, which he expects to decrease by up to 40% now that Galaxy is on the Nasdaq. The listing process, which typically takes 45 to 90 days, took Galaxy 1,320 days and involved nine rounds of comments with the SEC.

In addition to the listing, Galaxy Digital is in discussions with the U.S. Securities and Exchange Commission (SEC) about tokenizing its own stock and other equities using its digital-asset platform. This move could potentially disrupt traditional exchanges, as Novogratz praised Hyperliquid as a ‘decentralized Nasdaq’ with transparent profits, appealing to traditional equity investors. Novogratz’s comments were made during a CNBC interview, where he also noted the growing influence of the crypto industry in Washington, mentioning his encounter with around 20 crypto CEOs at a vice president’s inaugural ball and his meeting with incoming SEC Chair Paul Atkins, who is described as pro-business and pro-risk.

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