Galaxy Digital to List on Nasdaq Following Major Reorganization

2025-05-13 companies

New York, Wednesday, 14 May 2025.
Galaxy Digital has restructured as a Delaware company, with plans to commence trading on Nasdaq on May 16, 2025, enhancing U.S. investor interest and aligning with GAAP standards.

Strategic Reorganization to Enhance Market Presence

Galaxy Digital Holdings Ltd. (TSX: GLXY) has recently reorganized as a Delaware-incorporated entity, completing the transition on May 13, 2025. This move represents a significant shift for the company, which has been working towards aligning with U.S. Generally Accepted Accounting Principles (GAAP) to better align its reporting structure with U.S. regulatory requirements. The reorganization was approved during a special shareholder meeting on May 9, 2025, where the decision to domesticate as a U.S. entity was met with strong shareholder support [1][2][3].

Nasdaq Listing set for May 16, 2025

Following its successful reorganization, Galaxy Digital plans to list on the Nasdaq stock exchange on May 16, 2025. This listing is expected to broaden the company’s access to capital markets and enhance its visibility among U.S. investors. Galaxy’s shift to Nasdaq is aimed at leveraging investor interest in digital assets and cryptocurrency-related stocks, particularly as the company seeks to cement its status as a leader in digital asset infrastructure [3][4][5].

Financial Performance: A Challenging Q1

Despite the strategic transition, Galaxy Digital reported a challenging financial performance in Q1 2025, with a net loss of $295 million. This was largely attributed to a downturn in digital asset prices and a significant $57 million impairment charge related to winding down mining operations at its Helios data center. The quarterly results marked a stark contrast from the previous year’s profit, highlighting the volatile nature of the digital assets market [5][6].

Expanding Infrastructure in a Competitive Market

In addition to its Nasdaq listing, Galaxy Digital continues to expand its infrastructure capabilities, particularly in the field of AI and high-performance computing (HPC). AI hyperscaler CoreWeave has recently expanded its lease at Galaxy’s Helios facility, projecting to increase their committed capacity to 393 megawatts by 2027. These expansions are a key component of Galaxy’s strategy to meet the growing demand for scalable energy and compute solutions in the U.S. market [1][7][8].

Sources

Nasdaq listing Galaxy Digital