Galaxy Moves Closer to Nasdaq Listing
Novogratz secured SEC approval for Delaware shift as $1bn ETH bet and Trump meme coin raised stakes.
Galaxy Digital Holdings has secured SEC approval to reorganise from a Cayman Islands entity to a Delaware-based company, clearing a critical hurdle for its long-sought Nasdaq listing under the ticker "GLXY".
The Mike Novogratz-led firm, currently trading on the Toronto Stock Exchange, plans a shareholder vote on May 9 that could finalise the reorganisation and pave the way for trading on US's second-largest exchange.
A Nasdaq listing would elevate the company into the elite ranks of global finance.
This approval come following Galaxy’s $1 billion Ethereum acquisition last July and amidst increasing institutional appetite for regulated crypto exposure.
This comes more than a week after Galaxy paid $200 million in settlement to the New York Attorney General over the Luna/TerraUSD collapse.
The Institutional Play
Delaware incorporation offers the legal and administrative comforts that make institutions feel at home, while Novogratz keeps his power — maintaining nearly 60% voting control. For US shareholders, it's a clear win: they finally get the full voting rights that were restricted under the Cayman structure.
A successful Nasdaq debut puts Galaxy in direct competition with Coinbase, America's crypto exchange poster child. Both are rapidly expanding beyond their original remits in the race for institutional dominance.
Galaxy's $160 million backing (with Ripple) of Trump's Solana meme coin through MoonPay shows they're not above chasing retail hype. As MoonPay's President Keith Grossman revealed, they had to "sign away his life" to secure those funds — suggesting Galaxy knows exactly how high the stakes are in the meme coin casino.
If Galaxy sticks the landing, it could trigger a wave of similar moves by other crypto firms eager to secure Wall Street’s endorsement and attract institutional investment.
The flip side? Any regulatory hiccup or shareholder rebellion could reinforce the narrative that crypto simply isn't ready for the big leagues.