Galaxy Digital approved for US domicile, clearing way for Nasdaq listing

Galaxy Digital has been approved by the US Securities and Exchange Commission (SEC) to redomicile in the United States, setting the stage for the crypto investment company’s listing on the Nasdaq stock exchange.

Galaxyanticipates listing on the Nasdaq, a tech-focused US stock exchange, by the middle of May, pending approval from the Toronto Stock Exchange, on which the company is already listed, and shareholder approval at a special shareholders meeting on May 9.

Shareholders at the meeting must approve redomiciling Galaxy Digital in the US state of Delaware, known for its business-friendly regulations, before the process can move forward, according to anannouncementfrom the company.

Galaxyobtained SEC approval for a Nasdaq listingin April this year, and once the company obtains the other necessary approvals, it will trade on the Nasdaq under the GLXY ticker symbol.

The company is the latest crypto firm to announce an imminent stock market listing, as institutional interest in digital assets grows and crypto matures as an asset class that increasingly interacts with traditional financial markets.

Related:Nasdaq urges SEC to treat certain digital assets as ‘stocks by any other name’

Crypto firms increasingly playing in the big leagues

Nasdaq-listed Strategy, formerly MicroStrategy,was added to the exchange’s indexof its 100 largest companies by market capitalization in December 2024.

In April, stablecoin issuerCircle filed for an initial public offering(IPO), a process of taking a private company public by listing it on major stock exchanges.

According to an April 21reportfrom The Wall Street Journal, crypto custodian BitGo, Circle, exchange company Coinbase, stablecoin firm Paxos, and other crypto firms areconsidering applying for bank chartersin the US.

The move would further blur the diminishing line between crypto firms and traditional financial institutions that offer lending services to clients and adhere to strict financial oversight from government regulators.

However, Dante Disparte, Circle’s chief strategy officer and head of global policy, later clarified that the company may acquire a banking license tocomply with existing regulationsand not necessarily operate as a banking institution.

Magazine:Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight