Galaxy Digital's Nasdaq Listing Milestone
Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, is set to officially list on the Nasdaq Global Select Market on May 16 under the ticker symbol "GLXY." This marks a significant expansion for the company, which has been publicly traded on the Toronto Stock Exchange (TSX) since 2015.
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Key details about the listing:
- Corporate restructuring from Cayman Islands to Delaware
- CEO Mike Novogratz retains ~60% voting control
- SEC approval secured through Form 10 registration
Q1 Financial Performance: $295 Million Net Loss
The company reported challenging Q1 2025 results, with:
- Net loss: $295 million (vs. $118 million net income in Q4 2024)
- Digital assets exposure: $908 million (37% decrease quarter-over-quarter)
- Adjusted gross profit: $21.6 million (8% decline from previous quarter)
Primary loss drivers included:
- Market-wide cryptocurrency price declines
- Reduced trading activity and valuations
- $57 million impairment from Helios mining facility closure
Asset Management Highlights
- AUM: $7 billion
Diversified holdings:
- Bitcoin and Ethereum (including wrapped tokens)
- Bitcoin futures ETF positions
- SOL ($19.6 million), TIA ($21.7 million)
- Venture investments (Ripple Labs, etc.)
Strategic Outlook and Future Plans
Galaxy Digital anticipates generating data center leasing revenue in H1 2026 through its CoreWeave partnership. The company maintains:
- Strong institutional-grade infrastructure
- Diversified revenue streams across trading, asset management, and mining
- Long-term positioning in digital asset ecosystem
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FAQ: Galaxy Digital's Nasdaq Listing and Financials
Q: When will Galaxy Digital begin trading on Nasdaq?
A: The "GLXY" ticker will go live on May 16, 2025.
Q: What percentage of voting power does Mike Novogratz retain?
A: Approximately 60%, maintaining operational control.
Q: How has Galaxy Digital's digital asset exposure changed?
A: Decreased 37% QoQ to $908 million due to market conditions.
Q: What caused the Q1 net loss?
A: Primary factors were crypto market downturn and mining facility closure costs.
Q: When will CoreWeave leasing revenue begin?
A: First phase income expected in first half of 2026.
Q: What types of digital assets does Galaxy hold?
A: Portfolio includes BTC, ETH, SOL, TIA, AVAX, and equity positions in blockchain companies.
Important Disclosure: Cryptocurrency investments carry substantial risk, including potential loss of principal. Market volatility may lead to significant price fluctuations. Carefully consider your risk tolerance before investing.