425: Galaxy Digital Announces Plans to List on Nasdaq, Pending Shareholder Approval

Galaxy Digital Holdings Ltd. intends to list on the Nasdaq Global Select Market on May 16, 2025, contingent on shareholder approval and final Nasdaq approval.

Summary

• Galaxy Digital Holdings Ltd. has announced its intention to list on the Nasdaq Global Select Market on May 16, 2025.
• The listing is contingent upon shareholder approval of the proposed reorganization and domestication at the Special Meeting of Shareholders scheduled for May 9, 2025, and final approval from Nasdaq.
• The company believes the Nasdaq listing would be a transformative milestone, positioning them to advance their vision of building a gateway for investors to access digital assets and artificial intelligence ecosystems.
• Upon closing the reorganization and receiving final Nasdaq approval, Class A common stock of Galaxy Digital Inc. is expected to begin trading on Nasdaq under the ticker symbol GLXY.
• Galaxy Digital Inc. will remain listed on the TSX for a period of time following the Nasdaq listing.
• Existing GLXY shares on the TSX will continue trading uninterrupted under the new CUSIP 36317J209.
• Existing BRPHF shares trading over-the-counter will be converted into GLXY shares on Nasdaq, also under the CUSIP 36317J209.
• Shareholders of record as of April 7, 2025, are entitled to vote at the Special Meeting.
• Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive, driven by the potential benefits of a Nasdaq listing, but tempered by the risks and contingencies involved.

Positives

• Listing on Nasdaq is expected to broaden the investor base and enhance value for the company and its shareholders.
• The company believes it will be positioned to advance its vision of building a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems.
• Continued listing on the TSX provides existing shareholders with uninterrupted trading.

Risks

• The listing is contingent on shareholder approval and final approval from Nasdaq, which may not be obtained.
• Changes to the proposed structure of the reorganization may be required.
• The reorganization could disrupt current plans and operations.
• The company may be adversely affected by economic, business, and/or competitive factors.
• Changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control.
• The company's business may not grow in line with expectations or continue on its current trajectory.
• The company's addressable market may be smaller than anticipated.
• There may be a disruption or change in power dynamics impacting the company's results or current or future load capacity.
• There may be a delay or failure to consummate the business mandates or achieve its pipeline goals.
• There may be technological challenges, cyber incidents or exploits.
• There are risks related to retrofitting the existing facility from mining to AI and HPC infrastructure, including the timing of construction and its impact on lease revenue.
• There may be an inability or difficulty in obtaining financing for the AI and HPC financing on acceptable terms or at all.
• There may be changes to the AI and HPC infrastructure needs and their impact on future plans at the Helios campus.
• There are risks associated with the leasing business, including those associated with counterparties.

Future Outlook

Galaxy Digital anticipates listing on the Nasdaq Global Select Market on May 16, 2025, pending shareholder and Nasdaq approval, which they believe will enhance value and broaden their investor base.

Management Comments

• We believe that listing on the Nasdaq would mark a transformative milestone for Galaxy that would position us to advance our vision of building a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems, said Mike Novogratz, CEO and Founder of Galaxy.
• We are confident that this listing would be value enhancing to the company and our shareholders and enable us to attract a broader investor base.

Industry Context

This announcement reflects a growing trend of cryptocurrency and digital asset companies seeking access to larger capital markets and broader investor bases through listings on major exchanges like Nasdaq. This move could increase Galaxy Digital's visibility and credibility within the traditional financial sector.

Comparison to Industry Standards

• Companies like Coinbase and Riot Platforms are already listed on Nasdaq, providing a benchmark for Galaxy Digital's potential performance and investor interest.
• The success of Galaxy Digital's listing will likely be compared to the performance of other digital asset companies on major exchanges.

Stakeholder Impact

• Shareholders may benefit from increased liquidity and potential valuation uplift from the Nasdaq listing.
• Employees may see increased opportunities and stability due to the company's growth.
• Customers may benefit from enhanced services and products as Galaxy Digital expands its capabilities.
• Suppliers and creditors may experience increased business opportunities with a stronger Galaxy Digital.

Next Steps

• Shareholder vote on the proposed reorganization at the Special Meeting on May 9, 2025.
• Final approval of the listing by Nasdaq.
• Commencement of trading on Nasdaq under the ticker symbol GLXY on May 16, 2025, if approved.

Key Dates

Keywords

Nasdaq, listing, Galaxy Digital, shareholder approval, reorganization, digital assets, artificial intelligence, GLXY, TSX, BRPHF