After seven years on the Toronto Stock Exchange, Galaxy Digital finally made its grand entrance onto Nasdaq yesterday under ticker GLXY. Market's reaction? A rather underwhelming 5% drop to $22.57.
"We are moving to the Nasdaq for one simple reason: liquidity, liquidity, liquidity, we've loved our time in Canada, but it's a much smaller capital market," Novogratz explained.
The numbers back up his logic. Canada's entire stock market is worth roughly $3 trillion. The US? $50 trillion.
Galaxy reported $43.8 billion in revenue for 2024. The revenue includes the full value of digital asset trades, not just the profits.
The company's actual net income was $365 million — still respectable, but hardly earth-shattering for Wall Street standards.
The Q1 2025 reality was brutal: $295 million in losses. Crypto prices tanked, and Galaxy took a $57 million hit on impaired assets.
Galaxy's Nasdaq listing isn't just about one company, it's about an entire industry growing up.
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Novogratz's personal journey mirrors crypto's own evolution. From Goldman Sachs partner to crypto evangelist to now ringing the Nasdaq bell, it's been quite the transformation.
"This is more than just a corporate milestone, it's the fulfillment of a deeply personal bet I made over a decade ago that the financial system was overdue for transformation," Novogratz reflected.
Galaxy even plans to tokenise its own stock on blockchain platforms, a move that could accelerate the $22.5 billion real-world asset tokenisation market.
Read: Is Tokenisation's Breakthrough Moment Here? 🔗
The 5% share price drop on day one might seem disappointing, but markets are treating Galaxy like any other financial services company — subject to fundamentals, not hype.
That's probably exactly what Novogratz wanted.