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Mike Novogratz, the CEO and founder of Galaxy Digital, has described the company’s path to listing on the Nasdaq as “unfair, infuriating,” and “un-American” due to the extensive delays and regulatory hurdles encountered. Galaxy Digital began trading on the Nasdaq Global Select Market today, May 16, 2025, under the ticker symbol GLXY. The company was previously listed on the Toronto Stock Exchange (TSX) since 2020.
Here’s a breakdown of the situation:
* Prolonged Process: Novogratz stated that the Nasdaq listing process took approximately four years (1,320 days), significantly longer than the typical 45 to 90 days. This involved nine rounds of discussions with the U.S. Securities and Exchange Commission (SEC).
* High Costs: The extended scrutiny resulted in over $25 million in costs for Galaxy Digital. Novogratz specifically pointed out that auditing fees were considerably higher compared to traditional financial firms like Jefferies. However, he anticipates these costs to decrease by up to 40% now that the company is listed on the Nasdaq.
* Regulatory Scrutiny: Novogratz highlighted the intense regulatory scrutiny faced by cryptocurrency companies as a major obstacle. He believes this level of scrutiny contributed to the lengthy and expensive listing process.
* Strategic Move to Nasdaq: Despite the difficulties, the move to Nasdaq is considered a significant milestone for Galaxy Digital. Novogratz emphasized that the U.S. market offers much greater liquidity and visibility compared to the Canadian market, with a market depth 30 times larger. He believes this listing will broaden the company’s investor base and strengthen its presence in the digital asset and artificial intelligence ecosystems.
* Tokenization Discussions: In addition to the listing, Galaxy Digital is reportedly in discussions with the SEC about potentially tokenizing its own stock and other equities using its digital-asset platform.
In summary, while the journey to the Nasdaq was challenging and frustrating for Mike Novogratz and Galaxy Digital, the company’s successful listing is seen as a crucial step for its growth and access to deeper capital markets in the United States.

Video courtesy of Eurex

Video courtesy of Eurex