Mike Novogratz’s crypto investment firm Galaxy Digital received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq Stock Exchange. 

This marks a key moment for the firm, currently trading in Toronto, as it seeks a larger presence in U.S. capital markets.

Nasdaq Listing and Delaware Relocation Planned

The Nasdaq listing is expected shortly after a shareholder vote on May 9th. It’s part of a larger corporate restructuring that includes relocating Galaxy’s home base from the Cayman Islands to Delaware. Galaxy stated this move offers a “favorable corporate environment” better aligned with other U.S. publicly traded companies.

“Let’s go!” Novogratz posted on X, celebrating the SEC approval. If remaining approvals (shareholder, TSX) proceed, Galaxy plans to trade under the ticker GLXY by mid-May. The company cited Delaware’s established corporate laws and relevant legal precedent as strategic reasons for the relocation.

Costly $200M Settlement Over Luna Promotion

However, Galaxy’s expansion comes as it finalizes a costly legal matter. Its latest earnings report disclosed a $200 million penalty as part of a settlement with the New York Attorney General.

The penalty relates to Galaxy’s role in promoting Terraform Labs’ collapsed Luna cryptocurrency. The NY AG alleged Galaxy promoted Luna without properly disclosing its intent to sell the asset. 

Galaxy neither admitted nor denied wrongdoing in the settlement, which will be paid in installments through 2028. The firm had previously set aside $166 million in 2024 for this anticipated outcome.

Related: Galaxy Digital’s $8.5 Million Loss Betting on Three Solana-Based Tokens

Novogratz Voices Caution on Ethereum

Separately, CEO Mike Novogratz recently expressed concern over Ethereum’s market performance. He described current sentiment around ETH as “incredibly bearish”, attributing its underperformance relative to Bitcoin and Solana partly to aggressive SEC regulatory scrutiny, particularly under former Chair Gary Gensler.