Galaxy Digital to Uplist to Nasdaq: A Milestone for the Crypto Financial Firm

Galaxy Digital Holdings, a leading crypto-focused financial services firm, shared on April 28, 2025, that it is actively preparing for its anticipated uplisting to the Nasdaq stock exchange, a move that marks a significant milestone for the digital asset industry in the U.S. The company, which has been trading on the Nasdaq over-the-counter (OTC) market under the ticker BRPHF and on the Toronto Stock Exchange (TSX) under the ticker GLXY since 2018, first announced its intention to list on a U.S. exchange as early as 2021. The latest update follows the Securities and Exchange Commission (SEC) approving Galaxy’s registration statement on April 7, 2025, paving the way for the listing contingent on a shareholder vote scheduled for May 9, 2025, and the completion of a reorganization.

Founded in 2018 by CEO Mike Novogratz, a former hedge fund manager turned crypto advocate, Galaxy Digital has established itself as a bridge between traditional finance and the digital asset economy. The firm offers a wide range of services, including digital asset trading, derivatives, structured products, financing, and merger and acquisition advisory for the blockchain sector. Galaxy also provides asset management through its GalaxyOne platform and operates bitcoin mining and validator services. Beyond crypto, Galaxy has expanded into artificial intelligence infrastructure, securing a 393 MW agreement with CoreWeave at its Helios data center campus in West Texas to support AI and high-performance computing.

The uplisting from the OTC market to Nasdaq’s main exchange holds substantial implications for Galaxy. OTC trading, while accessible, often comes with lower liquidity and visibility compared to major exchanges, limiting access to a broader pool of institutional investors. A Nasdaq listing is expected to boost Galaxy’s stock liquidity, attract more institutional capital, and enhance its credibility as a publicly traded entity in the U.S. financial system. “This moment represents a major milestone not just for us, but for the entire digital asset industry. For years, crypto companies in the U.S. have faced a challenging regulatory environment. That’s starting to change, with Galaxy at the forefront,” Galaxy stated in its announcement, reflecting on the historically challenging regulatory environment for U.S. crypto firms. The timing aligns with a more favorable regulatory climate under new SEC Chair Paul Atkins, whose crypto-friendly stance has spurred optimism.

The SEC’s approval on April 7 came with a statement from Novogratz: “Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!” The approval followed a $200 million settlement Galaxy reached in March 2025 with the New York Attorney General over its alleged role in promoting the collapsed Terra (LUNA) cryptocurrency, which erased over $40 billion in investor funds in 2022. The settlement, which requires Galaxy to pay $40 million initially and the remainder over three years, resolved a significant legal overhang as the firm prepares for its Nasdaq debut.

To engage its community ahead of the listing, Galaxy has scheduled a five-day Ask Me Anything (AMA) session starting April 28, 2025, featuring Novogratz and CFO Tony Paquette. The AMA will cover topics like Galaxy’s business model, digital asset markets, and future vision, with responses to be recorded and shared on its YouTube channel, galaxydigitalhq. The firm has set clear boundaries for the AMA, excluding questions on valuation, stock price forecasts, or non-public financials due to legal restrictions. The transition has raised questions about Galaxy’s existing TSX listing—if the firm plans to delist from the TSX. With the upcoming AMA, these questions may get addressed.