Key takeaways:
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Galaxy Digital plans to begin trading on the Nasdaq on May 16, pending shareholder and Nasdaq approval.
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Nasdaq-listed crypto firms posted strong gains in April after a period of macroeconomic uncertainty.
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Galaxy CEO Mike Novogratz says the listing will broaden the company’s investor base and US presence.
The Toronto Stock Exchange (TSX) listed crypto investment firm Galaxy Digital has announced its intention to move to the US-based Nasdaq on May 16, pending approval from shareholders and Nasdaq. This strategic shift comes on the heels of significant gains witnessed by several Nasdaq-listed crypto firms in April, following a series of volatile months shaped by macroeconomic challenges.
Galaxy’s founder and CEO Mike Novogratz articulated on April 30 that this transition represents a pivotal opportunity to align with their mission of establishing a gateway for investors to navigate the digital asset and artificial intelligence ecosystems effectively and securely.
Widening Investor Base Through Nasdaq Listing
A special shareholder meeting is slated for May 9 to secure the final nod for the transition, with necessary approvals from Nasdaq also in place before the actual listing. The company plans to operate under the ticker symbol GLXY on the Nasdaq, during a transitional period where it will continue trading on the TSX, where it first listed in July 2020.
Despite broader market turmoil, Galaxy Digital’s performance on the TSX has been less than stellar, with a 12.28% decline recorded so far this year, according to Google Finance. In contrast, the Nasdaq 100 index has seen a 7.33% drop year-to-date, though it has stabilized somewhat in April, prompting analysts to assess the recent bearish sentiment carefully.
Mike Novogratz, an outspoken advocate for the crypto industry and a bullish proponent of Bitcoin, indicated on April 17 that Galaxy Ventures Fund I is expected to raise between $175 million and $180 million by the end of June, aimed at developing a portfolio of approximately 30 crypto and blockchain startups.
Prominent crypto entrepreneur Anthony Pompliano shared insights via an April 30 post, highlighting that while the Nasdaq 100 ended April up over 1%, discussions around recession continue to dominate discourse. He remarked on the juxtaposition between market performance and economic fears, describing it as “insane.”
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In recent weeks, several crypto-related firms on the Nasdaq have demonstrated strong performance indices following a wave of uncertainty in the markets linked to geopolitical factors, including previous tariffs imposed during former President Trump’s administration. Notable increases in stock values include Coinbase (COIN) which is up 17.80%, Michael Saylor’s Strategy (MSTR) which rose 31.86%, and Bitcoin mining collective CleanSpark (CLSK) up 21.58%, as reported by Google Finance.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
