- Galaxy Digital receives SEC approval, clearing the way for Nasdaq listing after May vote.
- Shareholders to vote on May 9 regarding Galaxy’s reorganization from Cayman to Delaware.
- Galaxy plans dual listings on the Nasdaq and the Toronto Stock Exchange after approval.
Galaxy Digital received approval from the U.S. Securities and Exchange Commission (SEC) for its registration statement, clearing the path for a major reorganization and potential listing on the Nasdaq under the ticker “GLXY.”
Sharing the news on X, CEO Mike Novogratz stated that Galaxy is on track to list soon after its May 9 shareholder vote. The vote will determine whether the company will proceed with its planned redomicile from the Cayman Islands to Delaware.
Currently listed on the Toronto Stock Exchange, Galaxy has been eyeing a U.S listing for a long time. The firm had announced its Nasdaq ambitions in early 2022. Notably, the approval from the SEC marks one of the final steps in the journey.
The approved S-4 filing outlines Galaxy’s plan to shift from the Cayman Islands to Delaware. The transition involves creating a new Delaware-based holding company called Galaxy Digital Inc. As part of the transition, all existing Class A ordinary shares will be converted on a one-for-one basis into Class A common stock under the new entity.
Galaxy cited several reasons for choosing Delaware, the prime reason being, it is the preferred spot for many public companies. The firm expects the move to bring legal and administrative efficiency while unlocking full voting rights for U.S. shareholders. According to filings, the reorganization will not cancel or redeem any shares, but aims to enhance governance and increase compatibility with U.S. market standards.
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With the vote scheduled on May 9, Galaxy expects to finalize the reorganization by mid-May. If approved by shareholders and the Toronto Stock Exchange, Galaxy will begin trading on Nasdaq. Further, Galaxy will maintain dual listings on Nasdaq and the Toronto Stock Exchange for a limited time. Galaxy emphasized that it will meet all Nasdaq listing requirements during this transition.
Novogratz emphasized that he would be retaining nearly 60% of the firm’s voting power after the reorganization. He called the SEC approval a ‘step forward’ in expanding Galaxy’s role in digital asset and AI infrastructure. With $10 billion in assets under management, Galaxy remains active across crypto trading, asset management, and decentralized technology.
Reportedly, Galaxy would be issuing a management circular to its shareholders of record, which contains detailed instructions for voting and information about the upcoming changes. However, the proposed Nasdaq listing remains contingent on final shareholder and regulatory approval.
