Galaxy Digital began Nasdaq trading after its U.S. reorganization

Galaxy Digital Inc.’s Class A common stock began trading on the Nasdaq Global Select Market under the symbol GLXY on May 16, 2025, completing a U.S. listing process that required the digital-asset company to reorganize and domesticate in Delaware. Nasdaq’s event record shows founder and chief executive Mike Novogratz ringing the opening bell on the morning of May 16, while Galaxy described the session as its debut as a public company in the United States.

The distinction matters: Galaxy was not a newly created operating business, and May 16 was not a conventional initial public offering. Its shares had traded in Canada. The event moved the reorganized company onto a major U.S. exchange while its Toronto Stock Exchange listing continued under GLXY.

The corporate steps behind the bell

The listing followed a sequence documented before trading began. The U.S. Securities and Exchange Commission declared Galaxy’s Form S-4 registration statement effective on April 7, 2025. Shareholders approved the reorganization on May 9. Nasdaq’s May 13 corporate-action notice said the Cayman Islands-to-Delaware domestication and reorganization had closed on May 13 and assigned May 16 as the first Nasdaq trade date for Galaxy Digital Inc. Class A common stock, CUSIP 36317J209.

Galaxy had also said that shares quoted over the counter as BRPHF would convert into Nasdaq-listed GLXY shares. That conversion and the parallel TSX listing make “uplisting” useful shorthand, but the legal structure was more involved: a new Delaware public-company parent succeeded the earlier listed entity after the reorganization.

No claim that the exchange listing approved Galaxy’s products or endorsed digital assets follows from those records. The verified event was admission of the company’s Class A shares to Nasdaq trading after the specified corporate and registration steps.

A broader route into public markets

The institutional significance was access. A Nasdaq listing placed Galaxy’s equity within the U.S. market infrastructure used by domestic brokerages, funds and research platforms. It gave investors another listed-company route to a business spanning digital-asset trading, advisory, asset management, staking, custody-related services and infrastructure, rather than direct ownership of a cryptocurrency.

That mattered during the week ending May 16, 2025. Reuters reported that eToro had made its Nasdaq debut and that S&P Dow Jones Indices had announced Coinbase would enter the S&P 500 effective May 19. Galaxy’s first U.S. session therefore fit a broader contemporaneous shift: businesses tied to digital assets were gaining more conventional points of entry into public portfolios. That is interpretation of the week’s events, not proof that their earnings had become less sensitive to crypto markets.

Reuters reported Galaxy opening at $23.50 and trading at $24.89 at the time of its May 16 dispatch. Those figures are an intraday observation for the Nasdaq-listed U.S.-dollar security, not an official closing-price series and not a measurement of the Canadian line. They should not be used to infer the full first-day return without a consistent prior close and final market data.

The operating picture remained volatile

Galaxy’s May 13 SEC-filed first-quarter release supplied the financial backdrop available on the listing date. For the three months ended March 31, 2025, the company reported a $295 million net loss, or $0.86 per diluted share. It attributed the result principally to lower digital-asset prices during the quarter and a one-time $57 million impairment and disposal charge related to winding down mining operations at its Helios data-center campus.

The same release reported $1.9 billion of equity capital and approximately $1.1 billion of cash and net stablecoins as of March 31, all in U.S. dollars. Those balance-sheet figures were company-reported period-end measures, not cash raised by the May 16 listing. The debut expanded the venue and audience for Galaxy’s shares; it did not by itself resolve the firm’s market exposure, execution risk or the regulatory uncertainty surrounding parts of the digital-asset business.