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The investment firm Galaxy Digital, owned by flamboyant CEO Mike Novogratz, has received the green light from the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq. Galaxy Digital is already listed on the Toronto Stock Exchange (TSX), so this is not the company’s initial public offering (IPO).
Major Milestone for Galaxy Digital
Mike Novogratz calls this development a “major milestone” for Galaxy Digital. “Our registration statement is now effective with the SEC. We are on track for a Nasdaq listing shortly after our shareholder vote on May 9th and subject to the completion of the reorganization. Let’s go!” Novogratz said.
Ahead of the Nasdaq listing, Galaxy Digital has decided to relocate its headquarters to the U.S. state of Delaware.
This decision is hardly surprising, as Delaware is known for its business-friendly environment. This should help Galaxy Digital “compete more effectively with other publicly traded companies.”
Another reason for choosing Delaware is that the state is home to many publicly traded companies and has therefore produced extensive case law on the Delaware General Corporation Law.
In short, it makes it easier for companies to understand and comply with the rules.
Galaxy Digital shares fall 8 percent
Galaxy Digital shares have so far been less affected by the changes. They fell 8 percent yesterday – which, however, is also due to the general weakness of the market.
Galaxy Digital isn’t entirely without blemishes, by the way. The company recently agreed to a $200 million fine for promoting the Terra (LUNA) crypto project, which imploded and wiped out over $40 billion in assets.
CEO Mike Novogratz had a LUNA tattoo on his upper arm shortly before the collapse. He was later heavily criticized for this. For many, it was already clear that something was wrong with Terra.
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