After a grueling four-year regulatory journey costing over $25 million, Galaxy Digital has finally achieved its goal of listing on the Nasdaq exchange, marking a significant milestone in the mainstreaming of cryptocurrency investments.
Founded by former hedge fund manager Mike Novogratz, Galaxy Digital began trading on Friday at $23.50 per share under the ticker GLXY, transitioning from its previous listing on the Toronto Stock Exchange. The stock climbed to $24.89 in its first day of U.S. trading, reflecting investor confidence in the company's dual focus on cryptocurrency and artificial intelligence infrastructure.
"These are the two most exciting growth areas in markets," Novogratz told CNBC. "AI and the infrastructure needed for AI to exist and crypto finally at the brink of institutional adoption. We have built our company for this moment."
The timing of Galaxy's Nasdaq debut is particularly significant, coming during what Reuters described as "a momentous week for cryptocurrency in public markets." Coinbase, the largest U.S. cryptocurrency exchange, is set to join the S&P 500 index on May 19, becoming the first digital asset player included in this benchmark. Meanwhile, retail brokerage eToro also completed its public listing this week, further signaling renewed investor appetite for crypto-adjacent firms.
Galaxy Digital specializes in artificial intelligence data center infrastructure alongside its crypto investment operations. This strategic positioning at the intersection of blockchain and AI technologies creates unique opportunities as both sectors experience rapid growth. The company has been increasingly investing in AI-related blockchain technologies, with Novogratz describing Galaxy as effectively two businesses: "We are a data center company and a crypto company."
The U.S. listing is expected to dramatically increase Galaxy's visibility and access to capital. Novogratz noted that the company's visibility in Canada was merely "one-thirtieth" of what it could achieve in the United States. "If we had been in the U.S. markets those four years, we'd be a different company," he said, emphasizing that despite the challenges, "ringing the bell is kind of the starting line, not the finish line."