Galaxy Digital, the cryptocurrency and artificial intelligence infrastructure firm founded by billionaire Mike Novogratz, officially began trading on the Nasdaq on Friday, May 16, 2025, marking a significant milestone for the crypto industry's integration into traditional financial markets.
The company's stock opened at $23.50 per share under the ticker symbol GLXY. This Nasdaq listing represents the culmination of Galaxy Digital's transition from the Toronto Stock Exchange, where it had been trading since 2020.
The path to this listing was extraordinarily challenging, with Novogratz revealing that what should have been a 45-90 day process stretched to 1,320 days and cost more than $25 million. The company endured nine rounds of comments with the Securities and Exchange Commission before finally receiving approval. The turning point came with President Donald Trump's election, which brought a more crypto-friendly regulatory approach.
Galaxy Digital's Nasdaq debut caps off a momentous week for cryptocurrency in public markets. The company, which specializes in crypto investment and artificial intelligence data center infrastructure, joins other crypto firms making significant inroads into mainstream finance. Just days earlier, S&P Dow Jones Indices announced that Coinbase Global will join the S&P 500 effective May 19, replacing Discover Financial Services. With over $5 trillion in assets benchmarked to it, the S&P 500 represents a gravitational center of global capital allocation, and will now include a Bitcoin treasury company.
Meanwhile, retail trading platform eToro made its own successful Nasdaq debut on May 14, with shares opening at $69.69 and closing up nearly 29% at $67, bringing its total market capitalization to more than $5.4 billion. The Israel-based company sold nearly six million shares at $52 each, above the expected range of $46 to $50.
Galaxy Digital's CEO Novogratz told CNBC that the company's value now centers on two high-growth areas: cryptocurrency and artificial intelligence. "We are a data center company and a crypto company," Novogratz explained, highlighting how the firm's U.S. listing and AI focus mark a pivotal evolution in its mission. As institutional demand grows and AI becomes increasingly embedded in crypto infrastructure, Galaxy Digital aims to capitalize on both trends to fuel future growth and investor engagement.