- Despite a rocky macroeconomic backdrop, Galaxy is moving forward.
- Documents made public Monday show the company will move to Delaware.
Galaxy Digital is proceeding with a planned IPO on the Nasdaq this year despite the current tumult in markets.
That’s according to a recent “Notice of Effectiveness” filed in the company’s SEC docket first made public Monday.
The filing is the SEC’s stamp of approval on the company’s registration documents and allows for a major corporate restructuring to move forward.
Ahead of the Nasdaq listing, Cayman Islands-based Galaxy Digital Holdings will become Galaxy Digital and be headquartered in Delaware, pending shareholder approval. “We look forward to completing the transaction this quarter,” Galaxy chief executive Mike Novogratz said in a statement.
Other company heads aren’t as optimistic: a slate of companies with plans to go public this year, including stablecoin giant Circle and trading app eToro, are now pausing those plans as US President Trump’s tariff war rages on.
The IPO halts were a sharp U-turn from only a few months ago.
“You’re going to see a whole host of companies — come May or June — listing on the New York Stock Exchange or Nasdaq,” Galaxy Digital CEO Mike Novogratz said at the Ondo Summit in February.
Galaxy’s S-4, the document the SEC requires of firms looking to IPO which outlines a business’ entire structure, was first filed January 28 before being updated March 27.
The filing shows 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 that the industry would experience “one piece of good news every week” for the next two years.
Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.
