In spite of the current volatility of the market, Galaxy Digital is scheduled to conduct its first public collection in NASDAQ this year. According to the recent submission of the company to the United States Securities and Exchange Commission (SEC) and the first publicly available “notice of validity”, this development demonstrates the Commission's acceptance of the company's registration documents and allows its major business reorganization to continue.
Prior to the listing of NASDAQ, Galaxy Digital Holdings, with its headquarters in the Cayman Islands, would be transformed into Galaxy Digital and its headquarters would be relocated to Delaware, a change that would require shareholder approval. “We look forward to concluding the deal this quarter”, Mike Novograz, Chief Executive Officer of Galaxy, in a statement. However, the leadership of other companies is less optimistic: a number of companies, including the money-stabilizing giant, Circle, and the trading platform eToro, have suspended their listing plans for this year, as US President Trump’s tariff war has intensified.
Many financial science and technology companies are reconsidering their listing strategies because the encrypted IPO process has been hampered by Trump ' s tariff policy. Just a few months ago, the situation was quite different. “At May and June, you'll see a lot of companies listed on the New York Stock Exchange or NASDAQ”, Mike Novogratz said at the Ondo summit in February.
Galaxy ' s S-4 document (SEC requested an IPO submission outlining the full structure of the company) was first submitted on 28 January and updated on 27 March. According to the document, Galaxy earned $346 million in 2024 and earned about $43.8 million in revenue and operating income. This huge figure comes mainly from the way it reports on the sale of digital assets. – Calculating the full value of each transaction, not just the proceeds derived from it — makes the figure look much larger than the actual profit.
In addition, the document mentions that CEO Mike Novogratz's support for encrypted currency may have potentially complex elements: “whether or not we are involved in any illegal act, a high public profile of our founders may lead us to substantive regulatory scrutiny.”