Cryptocurrency and artificial intelligence (A.I.) infrastructure firm Galaxy Digital plans to hold an initial public offering (IPO) this spring.
The company says it has received approval from the U.S. Securities and Exchange Commission (SEC) to list shares on the Nasdaq Composite exchange under the ticker symbol “GLXY.”
Galaxy Digital says it plans to schedule the U.S. IPO shortly after a shareholder vote on its corporate restructuring that has been set for May 9 of this year.
The company’s stock is already listed on the Toronto Stock Exchange under the ticker “GLXY.”
Management says they plan to shift their corporate headquarters from the Cayman Islands to Delaware in the U.S. and list the stock on the Nasdaq.
It is expected that Galaxy Digital’s stock will retain a dual listing in Toronto and New York moving forward.
The company’s expansion into the U.S. comes as institutional demand for cryptocurrency products grows.
Galaxy Digital provides services such as crypto trading, asset management, and tokenization. It also operates data centres that power A.I. and high-performance computers.
In Toronto, Galaxy Digital’s stock has declined 53% this year to trade at $12.34 per share.
