One might say, in the soft, gray light of a spring morning, that destiny sometimes arrives wearing an ill-fitting suit and waving a Nasdaq ticker. Thus, it came to pass that Galaxy Digital—never a firm to skip a dramatic entrance, nor, for that matter, a “transformative milestone”—has signaled its grand debut on the famous American exchange, with just enough bureaucratic hurdles to infuse the proceedings with the right balance of farce and suspense.
On the 30th of April, when the air was thick with the confusion of yet another crypto announcement, Galaxy Digital, that tireless “investment firm,” made its intentions known: come May 16, 2025, they seek to plant their flag on the glowing shores of the Nasdaq Global Select Market. The ticker, GLXY, is evidently immune to vowels and irony alike. 🚀
The event, described by Mr. Novogratz (who leads this spirited expedition) as a moment of celestial portent, aims to propel both digital assets and that ever-coy mistress, “AI.” The American public, fun-loving as ever when it comes to speculative assets, will at last be free to share in both the ecstasy and the agony—no passport to Toronto required.
Though already a familiar face on the Toronto Stock Exchange, where its shares ascended 3.94% (one imagines a chorus of polite, Canadian golf claps) to settle at the respectable CAD $21.92, Galaxy must now doff its Caymanian cap in favor of Delaware’s more fashionable cravat. You see, before the Nasdaq can extend its glittering embrace, shareholders must assemble—no doubt with a mixture of curiosity and existential dread—for a special meeting on May 9th. The agenda? Approving a stately migration from the Cayman Islands to the fertile shores of Delaware. One can almost hear the palm trees sigh.
Should the shareholders perform their duties—votes cast, quorums quarrelled, sandwiches consumed—a bold new entity, Galaxy Digital Inc., will bloom in Delaware and command ticker-board respect on this side of the 49th parallel 🌎.
Of course, the gods of regulation have demanded their toll: the U.S. Securities and Exchange Commission, never one to turn down a good party, has already raised its glass, approving Galaxy’s Form S-4 registration on April 7th. This masterpiece details the whole baroque operation—a one-for-one share exchange that promises, with the confidence of a man pitching hot air balloons on a still morning, “no change” in power or profit.
Determined not to let confusion stand in the way of progress, Galaxy has dispatched voting materials to its eligible shareholders. Those noble souls, registered as of April 7th, are entrusted with their ballots—an existential weight, handled by the ever-discreet TMX Investor Solutions Inc.
Should all go to plan, Galaxy’s shares will straddle both U.S. and Canadian exchanges (dual citizenship has its perks), while over-the-counter shares will, in a fit of unity, be converted neatly into Nasdaq-listed GLXY—because consolidation, like youth, is wasted on the young.
Headquartered in New York and spread, like a well-buttered piece of toast, across North America, Europe, the Middle East, and Asia, Galaxy Digital now stares resolutely into the future. Whether fortune smiles on this bold adventure, or merely winks and slips into the night, remains—as always—a question for another season. 😏
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2025-05-01 11:56