In May 2025 Galaxy Digital, the firm led by Mike Novogratz, shifted its shares to the Nasdaq through a direct listing under the ticker GLXY, having traded on the Toronto Stock Exchange since 2020. The stock opened at $23.50.
Novogratz described the US listing process as lengthy and costly, spanning 1,320 days and more than $25 million, and said Galaxy's value now centres on two high-growth areas: cryptocurrency and artificial intelligence.
A bumper week for crypto equities
The debut followed eToro's Nasdaq listing the same week, signalling renewed investor appetite for crypto-adjacent firms and the growing overlap between digital-asset infrastructure and AI compute demand.
Diversification as a defence
Combining trading, asset management and data-centre infrastructure smooths revenue across cycles, which is precisely what pure-play crypto firms cannot do.
It also makes the business harder to value, since each segment carries a different multiple and a different regulator.
