Galaxy Digital Stock Is Surging Monday: What's Going On?

Galaxy Digital Inc. (NASDAQ:GLXY) shares are trading higher Monday. The stock is seeing continued momentum following its uplisting to the Nasdaq on Friday.

What To Know: Galaxy Digital, founded by billionaire Mike Novogratz, began trading on the Nasdaq on Friday under the ticker symbol “GLXY.” The stock has traded on the Toronto Stock Exchange since 2020, as well as on OTC markets. Shares opened for trading at $23.50 on the U.S. exchange and rallied before pulling back and closing at $22.90.

The listing follows a lengthy and expensive process with the U.S. Securities and Exchange Commission in which Novogratz went back and forth with regulators and spent more than $25 million, he told CNBC ahead of the company’s Nasdaq debut.

The company is focused on crypto and AI, “the two most exciting growth areas in markets,” according to Novogratz, who emphasized that U.S. markets offer 30 times more exposure than Canadian markets.

According to Bloomberg, Galaxy Digital is now in talks with regulators about tokenizing the company’s stock to allow for lending and trading on decentralized-finance applications 24 hours, seven days a week.

Novogratz described Galaxy as a dual business, combining data center infrastructure with a crypto platform. He said on Friday that the market is at the edge of institutional crypto adoption and Galaxy is prepared to scale with that demand.

The listing comes amid renewed interest in crypto-related companies with Bitcoin trading near all-time highs. Investors appear to be responding to the broader shift in sentiment and Galaxy's access to deeper U.S. capital markets. The sharp rise in Galaxy’s share price reflects that optimism, with the firm now benefiting from higher visibility and investor access on a major U.S. exchange.

“If we had been in the U.S. markets those four years, we'd be a different company,” Novogratz reportedly said last week.

GLXY Price Action: Galaxy Digital shares were up more than 13% at the time of writing, but had fallen to around $24, up about 5.25% at the time of publication Monday, according to Benzinga Pro.

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