Galaxy Digital has made an announcement concerning the company’s registration statement with the Securities and Exchange Commission (SEC).
Regulatory clarity in the U.S. has been a major consideration for firms operating in the crypto industry, which led to an exodus of American firms relocating to more favorable jurisdictions.
By securing SEC approval and taking steps toward U.S. domestication, Galaxy Digital is expressing confidence in the current state of the U.S. regulatory system and its ability to accommodate innovative financial entities.
The company’s reentry into the U.S. markets also positions it alongside other major digital asset firms like Coinbase and Robinhood, who already trade on U.S. exchanges and benefit from high liquidity, institutional access, and investor trust.
Galaxy Digital reorganization and domestication
Galaxy Digital Holdings Ltd., a financial services and investment management firm, has announced its intention to return to the U.S public markets.
The Securities and Exchange Commission (SEC) has approved the registration statement concerning its corporate reorganization and domestication from the Cayman Islands to Delaware. The reorganization will also include the creation of a new entity, Galaxy Digital Inc. (new pubco), and under this new entity, the company’s class A common stock is expected to be listed on the Nasdaq Global Market.
Galaxy intends to trade using the ticker symbol “GLXY” following shareholder and regulatory approval. The firm’s expansion into the U.S. market is a result of an increasing institutional demand for regulated crypto products.
The company has scheduled a shareholder vote on the reorganization for May 9, 2025, at 10:00 a.m. EST. The firm is expected to list shortly afterward.
Galaxy Digital’s CEO, Mike Novogratz, referred to the registration effectiveness as “an important milestone” in the firm’s bid to expand its reach. Over the past year, the company has been investing heavily in infrastructure, institutional services, and artificial intelligence. These investments include initiatives such as its recent expansion of data center operations in Texas, as well as its ongoing developments in digital asset trading, asset management, and venture investments.
As of April 7, Galaxy shareholders will be eligible to vote on the reorganization during a special meeting scheduled next month.
Galaxy Digital also stated that it will distribute management circulars and brochures to eligible shareholders to provide detailed information on the structure and its reasoning.
Pending approval from the shareholders and the Toronto Stock Exchange (TSX), Galaxy expects the reorganization to close by mid-May 2025. At that point, Galaxy Digital Inc. will be listed on Nasdaq. In the meantime, the new pubco will temporarily remain listed on the TSX so that its Canadian investors can continue their operations.
A special committee of independent directors will oversee the company’s reorganization. They have unanimously recommended the change, deeming it fair and in the best interests of shareholders.
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