Mike Novogratz ‘Crypto Firm Galaxy Digital It opened trading under ticker Glxy on Nasdaq on Friday. The shares were opened on US exchanges at $23.50 per share.
Galaxy Digital, which has been trading on the Toronto Stock Exchange since 2020, has moved its shares to NASDAQ through a direct listing. This follows a tough multi-year battle with US regulators.
Novograts said on Friday CNBC’s “Scoobox” that Galaxy’s value now lies in two high-growth areas: crypto and artificial intelligence.
“These are two of the most exciting growth areas on the market: the infrastructure required for AI and AI to exist and, ultimately, on the brink of institutional adoption,” he said. “At this moment we built a company and couldn’t be more excited.”
Novogratz said Galaxy is effectively two businesses. “We are a data center company and a crypto company.”
The Nasdaq list comes after a four-year regulatory delay, with Galaxy spending more than $25 million and enduring nine rounds of comments with the U.S. Securities and Exchange Commission, according to Novogratz. He should have grown to 1,320 days over a maximum of 90 days, he said.
“We had to be a very capitalized and very large and powerful company just to stay in the game,” Novograts told CNBC.
The billionaire also points to the unparalleled depth of the US market, saying that Galaxy’s visibility in Canada is one-third of what can be achieved in the US.
“If we were in the US market for four years, we would be a different company,” he said.
The list continues EtroThis week’s successful NASDAQ debut signaled investors’ appetites for crypto adjacent companies after years of regulatory attention.
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