Galaxy Digital plans Nasdaq listing as crypto stocks post strong rebound

Key takeaways:

• Galaxy Digital plans to statesman trading connected the Nasdaq connected May 16, pending shareholder and Nasdaq approval.

• Nasdaq-listed crypto firms posted beardown gains successful April aft a play of macroeconomic uncertainty.

• Galaxy CEO Mike Novogratz says the listing volition broaden the company’s capitalist basal and US presence.

The Toronto Stock Exchange (TSX) listed crypto concern steadfast Galaxy Digital is acceptable to determination to the US-based Nasdaq connected May 16, pending stakeholder support astatine its upcoming shareholders meeting.

Galaxy’s planned determination comes arsenic respective Nasdaq-listed crypto firms saw important gains successful April, pursuing a turbulent fewer months of macroeconomic uncertainty.

Galaxy laminitis and CEO Mike Novogratz said connected April 30 that the listing would beryllium a milestone “that would presumption america to beforehand our imaginativeness of gathering a gateway for investors to safely and efficiently entree each country of the integer plus and artificial quality ecosystems.”

Nasdaq listing volition widen Galaxy’s capitalist base

A peculiar Galaxy shareholders' gathering is scheduled for May 9 to question last support for the move, with Nasdaq besides needing to connection its support earlier listing the crypto firm.

The institution plans to usage the ticker awesome GLXY connected the Nasdaq, and if it goes up with the listing, volition participate a modulation play during which it volition proceed to commercialized connected the TSX, connected which it archetypal listed successful July 2020.

Galaxy is down 12.28% connected the TSX truthful acold this twelvemonth amid a broader marketplace downturn, according to Google Finance data.

GLXY is ain 12.28% since Jan. 1 connected the Toronto Stock Exchange. Source: Google Finance

Meanwhile, the Nasdaq 100 is down 7.33% truthful acold successful 2025, according to TradingView data. However, it held dependable successful April, with immoderate commentators downplaying the caller bearish sentiment.

Novogratz is wide known arsenic a pro-crypto advocator and Bitcoin (BTC) bull. It was reported connected April 17 that Galaxy Ventures Fund I LP is expected to rise astir $175 cardinal to $180 cardinal by the extremity of June to physique a portfolio of 30 crypto and blockchain startups.

Crypto entrepreneur Anthony Pompliano said successful an April 30 X station that “the Nasdaq 100 ended April up much than 1%, and radical are inactive talking astir the Great Depression.” 

“Insane,” Pompliano added.

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Several crypto-related firms listed connected the Nasdaq person posted gains implicit the past month, pursuing broader marketplace turbulence owed to macroeconomic uncertainty stemming from Trump’s tariffs.

Crypto speech Coinbase (COIN) is up 17.80%, Michael Saylor’s Strategy (MSTR) is up 31.86%, and Bitcoin mining steadfast CleanSpark (CLSK) is up 21.58%, according to Google Finance data.

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