Galaxy Digital, the crypto investment firm founded by Bitcoin enthusiast Mike Novogratz, is moving its stock listing from the Toronto Stock Exchange to the Nasdaq! This is a huge step for the company and the crypto industry as a whole.
The Nasdaq Switch
The move is planned for May 16th, but first, shareholders need to give their approval at a meeting on May 9th. Even after the switch, Galaxy Digital will continue trading on the Toronto Stock Exchange for a while, making for a smooth transition. On Nasdaq, they’ll trade under the ticker symbol GLXY.
Galaxy Digital sees this move as a major step towards creating easier access for investors to the digital asset and AI worlds. Novogratz himself highlighted the Nasdaq listing as a key part of the company’s future plans.
A Risky Time for the Move?
The timing isn’t perfect, though. Galaxy Digital’s stock has dropped 12% since January. This reflects broader market struggles; the Nasdaq 100 is also down year-to-date. However, April showed some market recovery, and some believe the negative economic sentiment might be overblown.
Other Crypto Stocks on the Rise
Despite the overall market jitters, several other crypto-related companies listed on Nasdaq have seen their stock prices climb in April. Coinbase (COIN) is up 17%, MicroStrategy (MSTR) a whopping 32%, and CleanSpark (CLSK) 21%. This suggests that investor interest in crypto stocks remains strong, even with some market uncertainty.