Galaxy Digital pops on Nasdaq debut
It took 1,319 days for the company to be listed.
Mike Novogratz’s Galaxy Digital went public on the Nasdaq this morning under the ticker “GLXY.” Shares popped more than 6% at the open and remained in the green in early trading.
It’s been quite the journey for Galaxy, which started as a family office in 2018 and now boasts $7 billion in assets on its platform.
“It all started with a call from a close friend in 2013: ‘You need to read the bitcoin whitepaper.’ Five years later, I founded Galaxy. 1,319 days ago, we began the process to become a U.S. public company. Tomorrow, we ring the bell on Nasdaq. This isn’t the finish line. We’re just getting started,” Novogratz posted on X.
In April, Galaxy entered a deal with CoreWeave under which Galaxy would host “additional artificial intelligence and high-performance computing infrastructure at Helios Data Center Campus.”
Patrick Gerhart, president of banking operations for Telcoin, told Sherwood News that this move is another step toward legitimizing crypto in the traditional financial world, especially following Coinbase’s imminent listing on the S&P 500.
“However, it’s important to note that this was not an easy process and the Galaxy listing highlights the need for innovative crypto legislation,” he said, adding that Galaxy’s process to be listed took over 1,000 days, when it’s typically 45 to 90.
Earlier this week, crypto trading platform eToro also went public on the Nasdaq.
Meanwhile, joining the race to emulate Michael Saylor’s Strategy, TopWin International partnered with Sora Ventures to go public on the Nasdaq. The new compamy will rebrand to Asia Strategy, subject to shareholder approval.
“We will focus on building the MicroStrategy of Asia using this entity moving forward, and will build a bitcoin treasury alongside all the entities we’ve built in Asia,” Sora founder Jason Gang posted on X.
