- Crypto firm Galaxy Digital listed on the Nasdaq Friday.
- The firm has been publicly listed in Canada since 2018.
- US capital markets will allow the firm to pursue its data center ambitions, CEO Mike Novogratz said.
Galaxy Digital shares fell almost 5% during its first day as a publicly traded company in the US.
Galaxy’s shares began trading on the Nasdaq Friday at $23.70, falling to $22.57 in mid-morning trading New York time.
“This is more than just a corporate milestone,” CEO Mike Novogratz said in a statement.
“It’s the fulfillment of a deeply personal bet I made over a decade ago that the financial system was overdue for transformation.”
Galaxy has been a publicly listed company in Canada since 2018.
The company’s shares are up more than 20% in 2025.
Canada listing
Shares listed on the Toronto Stock Exchange will continue trading there, CFO Tony Paquette said on a video shared Thursday.
“We are moving to the Nasdaq for one simple reason: liquidity, liquidity, liquidity,” Novogratz added. “We’ve loved our time in Canada, but it’s a much smaller capital market.”
That would help Galaxy pursue its data center ambitions, according to the CEO.
“As we plan on building what I hope to be the largest data center in America, we’re going to need capital. And capital is going to come from institutions, retail, from access to the Nasdaq,” Novogratz said.
Over-the-counter shares of Galaxy trading before the IPO under the ticker BRPHF will be converted to GLXY shares, Paquette said.
Galaxy is organised into three operating businesses. Its Global Markets division provides financial services and products to investors and runs trading and investment banking units.
Galaxy’s Asset Management division offers retail and institutional clients with active and passively managed investment products.
Bitcoin mining
And its Digital Infrastructure Solutions business houses a Bitcoin mining operation, among other businesses.
Ahead of the Nasdaq listing, the Cayman Islands-based Galaxy Digital Holdings became Galaxy Digital and moved its headquarters to Delaware.
Galaxy posted a net loss of $295 million in the first quarter of 2025 due to a drop in crypto prices, a $57 million impairment charge, and the winding down of its Bitcoin mining operation at its Helios data center.
Galaxy’s debut on the Nasdaq comes after market turmoil prompted several companies, including stablecoin giant Circle and eToro, an online trading platform, to delay planned IPOs.
eToro listing
EToro began trading earlier this week and its shares surged above its $52 asking price to $66 as of Friday.
According to its financial reports, Galaxy made $346 million in profit in 2024, on around $43.8 billion in revenue and gains from its business activities.
Much of that huge number comes from how it reports buying and selling digital assets — counting the full value of every trade, not just what it made from them — which makes the figure look much bigger than the actual earnings suggest.
It also cites CEO Mike Novogratz’s outspoken support of crypto as a potential complicating factor.
“We could attract material regulatory scrutiny driven in part by the visibility of our founder, irrespective of whether we have engaged in any unlawful conduct.”
Novogratz previously called Trump’s election victory “the most important day for crypto” and said that the industry would experience “one piece of good news every week” for the next two years.
Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at aleks@dlnews.com.
