Galaxy Digital Earns Nasdaq Green Light After Paying $200M for Its Terra-Luna Past

Key Takeaways

• Galaxy Digital has received the SEC’s approval to list on Nasdaq.
• The firm will relocate its domicile from the Cayman Islands to Delaware, pending shareholder approval.
• The green light comes just a week after Galaxy settled for $200 million in the wake of the Terra-Luna collapse.

Galaxy Digital, the crypto investment firm founded by billionaire Mike Novogratz, has secured approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on Nasdaq—bringing one of the industry’s highest-profile firms a step closer to full participation in U.S. capital markets.

The regulator’s green light also comes just days after Galaxy agreed to a $200 million settlement with the New York attorney general related to its promotion of the collapsed Terra-Luna project.

Galaxy Digital Cleared To Join Nasdaq

The approval marks a pivotal moment for Galaxy Digital, which has been seeking a U.S. listing for several years and is currently listed on the Toronto Stock Exchange (TSX).

Subject to shareholder and TSX approval, the company now plans to finalize its move from the Cayman Islands to Delaware.

In a statement posted on X , Novogratz called the development a “big milestone,” adding that the company is “on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization.”

Galaxy will adopt the ticker symbol GLXY upon listing.

Reorganization Vote Set for May 9

As part of the transition, Galaxy Digital has filed an effective registration statement on Form S-4 with the SEC.

The proposed reorganization will be reviewed at a special shareholders’ meeting on May 9. Pending approval, the firm expects to finalize its U.S. domicile shift and begin trading on the Nasdaq shortly thereafter.

The move to Delaware aims to align the company with a more favorable regulatory and corporate environment in the United States.

SEC Nod Follows $200 Million Settlement

The SEC’s approval comes on the heels of Galaxy Digital agreeing to a $200 million settlemen t with the New York attorney general’s office related to its involvement in the Terra-Luna collapse.

According to the lawsuit , Galaxy promoted the now-defunct crypto project without disclosing its intent to sell its holdings. The firm settled the civil claims without admitting or denying wrongdoing.

Between 2020 and 2022, Novogratz had been one of Luna’s most vocal backers, even going so far as to get a tattoo of the token’s logo on his arm.

The project, led by Terraform Labs, sought to maintain a stablecoin peg through algorithmic mechanisms but unraveled in spectacular fashion—wiping out roughly $43 billion in value by May 2022.