Galaxy Digital’s Nasdaq Listing Sets Stage for Stock Tokenization Push
- Galaxy Digital began trading on Nasdaq under the ticker GLXY at $23.50 per share
- CEO Mike Novogratz said the SEC is open to the possibilities of tokenized assets.
Galaxy Digital officially began trading on the Nasdaq exchange on May 16. The stock opened at $23.50 per share under the ticker GLXY, following a direct listing. The crypto and AI-focused company had previously traded on the Toronto Stock Exchange since 2020.
CEO Mike Novogratz called the listing process “unfair and infuriating.” The process spanned 1,320 days, involved nine rounds of feedback with the SEC, and cost over $25 million. Novogratz emphasized that Galaxy had to stay well-capitalized to survive regulatory hurdles.
Galaxy Digital Targets DeFi Growth
Galaxy’s U.S. visibility is now expected to be significantly higher. Novogratz told CNBC that the company’s exposure in Canada was only one-thirtieth of what it can achieve in the U.S. He stressed Galaxy’s dual focus on cryptocurrency and artificial intelligence.
Just hours after its Nasdaq debut, Galaxy disclosed ongoing talks with the SEC to tokenize its stock. According to Bloomberg, the firm met with the SEC’s Crypto Task Force in March. The company aims to move its shares on-chain and integrate them into decentralized finance (DeFi) platforms.
Tokenized shares could enable new services like lending, staking, and trading on blockchain networks. Galaxy also plans to tokenize other financial instruments, including fixed income products and ETFs. Novogratz said the SEC is showing interest in the potential of tokenized networks.
Although the tokenization process has not officially started, Novogratz confirmed it remains a priority. He said, “You’ve got to change your horizon for what’s possible.” The company is working closely with the SEC to align on future steps.
Galaxy reported a net loss of $295 million in Q1 2025. Despite the poor earnings, the company holds $7 billion in assets on its platform. The broader trend of tokenizing real-world assets (RWAs) continues to grow. According to RWA.xyz, the market cap for tokenized RWAs rose 111.8% in the past year, reaching $22.5 billion.
Galaxy joins other crypto firms pursuing U.S. listings. These include Metaplanet, Circle, Kraken, and Gemini. Meanwhile, eToro successfully listed on the Nasdaq on May 14.
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Galaxy Digital’s Nasdaq Listing Sets Stage for Stock Tokenization Push
- Galaxy Digital began trading on Nasdaq under the ticker GLXY at $23.50 per share
- CEO Mike Novogratz said the SEC is open to the possibilities of tokenized assets.
Galaxy Digital officially began trading on the Nasdaq exchange on May 16. The stock opened at $23.50 per share under the ticker GLXY, following a direct listing. The crypto and AI-focused company had previously traded on the Toronto Stock Exchange since 2020.
CEO Mike Novogratz called the listing process “unfair and infuriating.” The process spanned 1,320 days, involved nine rounds of feedback with the SEC, and cost over $25 million. Novogratz emphasized that Galaxy had to stay well-capitalized to survive regulatory hurdles.
Galaxy Digital Targets DeFi Growth
Galaxy’s U.S. visibility is now expected to be significantly higher. Novogratz told CNBC that the company’s exposure in Canada was only one-thirtieth of what it can achieve in the U.S. He stressed Galaxy’s dual focus on cryptocurrency and artificial intelligence.
Just hours after its Nasdaq debut, Galaxy disclosed ongoing talks with the SEC to tokenize its stock. According to Bloomberg, the firm met with the SEC’s Crypto Task Force in March. The company aims to move its shares on-chain and integrate them into decentralized finance (DeFi) platforms.
Tokenized shares could enable new services like lending, staking, and trading on blockchain networks. Galaxy also plans to tokenize other financial instruments, including fixed income products and ETFs. Novogratz said the SEC is showing interest in the potential of tokenized networks.
Although the tokenization process has not officially started, Novogratz confirmed it remains a priority. He said, “You’ve got to change your horizon for what’s possible.” The company is working closely with the SEC to align on future steps.
Galaxy reported a net loss of $295 million in Q1 2025. Despite the poor earnings, the company holds $7 billion in assets on its platform. The broader trend of tokenizing real-world assets (RWAs) continues to grow. According to RWA.xyz, the market cap for tokenized RWAs rose 111.8% in the past year, reaching $22.5 billion.
Galaxy joins other crypto firms pursuing U.S. listings. These include Metaplanet, Circle, Kraken, and Gemini. Meanwhile, eToro successfully listed on the Nasdaq on May 14.
Highlighted Crypto News Today
Binance, Kraken Block Cyber Hack Attempts Successfully
Читать больше