Galaxy Digital Inc is a financial services and investment management company focused on the digital asset ecosystem, often described as a merchant bank for the cryptocurrency sector. Founded by former Goldman Sachs trader Mike Novogratz, the company went public in Canada in 2018 through a reverse takeover on the TSX Venture Exchange. While historically a significant Canadian public listing, Galaxy Digital announced its delisting from the Toronto Stock Exchange in early 2026 to trade solely on the Nasdaq. For Canadian investors, understanding this company's business segments, its transition to a US listing, and the inherent risks of the volatile crypto market is essential.
Business Operations and Segments
Galaxy Digital operates across three primary business segments, positioning itself as a full-service firm within the digital asset industry. The Digital Assets segment forms the core of its merchant banking activities, providing institutional-grade financial services. This includes over-the-counter spot and derivatives trading for cryptocurrencies, lending services, and the creation of structured products. The segment also offers traditional investment banking services such as mergers and acquisitions advisory and equity and debt capital markets financing specifically for blockchain and crypto companies. Beyond finance, this segment manages direct investments in the digital assets ecosystem and provides blockchain technology solutions like staking, tokenization, and custodial technology.
The Data Centers segment is centred on the company's Helios infrastructure assets, which support digital asset network operations. The Treasury and Corporate segment manages the company's proprietary portfolio, which includes holdings of digital assets like Bitcoin, venture capital, private equity, and fund investments. This segment also encompasses the company's own bitcoin mining operations. A notable offering for retail investors is GalaxyOne, a financial technology platform designed to provide individual investors with access to both traditional and digital markets through a single interface. The company has established a strategic collaboration with BNY Mellon to advance digital asset infrastructure, highlighting its focus on institutional partnerships.
History and Canadian Public Listing
Galaxy Digital was founded in 2018 by Mike Novogratz, a former partner and macro trader at Goldman Sachs who later served as president of Fortress Investment Group. His vision was to create a cryptocurrency-focused version of a merchant bank that could offer asset management, trading, and investment banking services under one roof. The company entered the public markets in August 2018 through a complex reverse takeover transaction in Canada, a common method for going public on Canadian exchanges. This involved acquiring Vancouver-based First Coin Capital Corp. and merging it with Bradmer Pharmaceuticals Inc., which already held a listing on the TSX Venture Exchange. The company's shares began trading at roughly $2.85 upon its public debut.
In July 2020, Galaxy graduated to the senior Toronto Stock Exchange as part of the TSX Sandbox initiative, a program that allows innovative companies to list even if they do not meet all standard listing requirements. Over its approximately seven years as a Canadian public company, Galaxy raised hundreds of millions of dollars through multiple equity offerings to finance its growth into a multibillion-dollar business. The company's share price experienced significant volatility during this period, crashing by at least 50 percent on two separate occasions within a three-year span. In May 2025, Galaxy Digital secured a listing on the Nasdaq exchange in the United States, which led to a major shift in its trading activity.
Following this US listing, the vast majority of the company's trading volume shifted to the Nasdaq. The average daily trading volume for its Nasdaq-listed shares reached nearly seven million, which was almost ten times the volume of approximately 773,831 shares traded daily on the TSX. Citing this disparity in trading activity and the desire to reduce administrative expenses, Galaxy Digital announced in early 2026 its intention to delist from the Toronto Stock Exchange. The delisting became effective on March 19, 2026, marking the end of its tenure as a publicly traded company in Canada and completing its transition to a sole US listing.
Key Corporate Milestones
The evolution of Galaxy Digital from a startup to a major public company involved several important events and strategic decisions. The following list outlines key milestones in the company's history from its founding through its exit from Canadian markets. The company was founded in 2018 by Mike Novogratz and went public via reverse takeover on the TSX Venture Exchange in August of that year. It graduated to the senior Toronto Stock Exchange in July 2020 under the TSX Sandbox initiative, which was designed for innovative firms. In May 2022, founder Mike Novogratz publicly apologized for his role in the collapse of the Luna and TerraUSD cryptocurrencies, an event that erased an estimated US$40 billion in value.
- May 2025: Achieves a dual listing on the Nasdaq stock exchange in the United States.
- April 2025: Company statement indicates its TSX listing is temporary following the Nasdaq listing.
- Early 2026: Announces decision to delist from the Toronto Stock Exchange.
- March 19, 2026: Official delisting date from the TSX, thereafter trading exclusively on Nasdaq.
Galaxy Digital's evolution was not a smooth one. The company's stock crashed by at least 50 percent twice over a three-year period. In May 2022, founder Mike Novogratz apologized for his role in the collapse of the Luna and TerraUSD cryptocurrencies. Despite these challenges, the value of Galaxy shares grew tenfold from its public market debut in August 2018. The share price rose from roughly $2.85 per share to more than $28, giving the company a market capitalization of nearly $10.8 billion. The delisting from the Toronto Stock Exchange represented a major shift for the company. Galaxy Digital announced it would delist from the TSX as of March 19, 2026, to maintain its public listing solely on the Nasdaq exchange.
How Canadians Can Invest and Hold Galaxy Digital
As of March 19, 2026, Galaxy Digital shares no longer trade on any Canadian stock exchange. Canadian investors who wish to buy or sell the stock must now do so through its sole listing on the Nasdaq exchange in the United States under the ticker symbol GLXY. This means investors will be transacting in US dollars and must use a brokerage account that provides access to US markets. Most major Canadian discount brokerages and full-service firms offer this capability. When purchasing US-listed stocks, investors should be aware of potential currency exchange fees and the fact that settlement will occur in US dollars.
Canadian registered accounts like the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP) can hold US-listed securities such as Galaxy Digital. There are no specific restrictions on holding this stock in these accounts. However, because the investment is in a foreign currency, any dividends paid would be received in US dollars within the account, though Galaxy does not currently pay a dividend. It is important for investors to understand their broker's policy on currency conversion and whether they offer US-dollar sub-accounts within registered plans to avoid repeated conversion fees. The delisting from the TSX does not affect the eligibility of existing shares held in Canadian accounts. They simply become holdings of a foreign security.
Dividend Policy and Financial Considerations
Galaxy Digital has not established a history of paying dividends to its shareholders. The company's focus has been on reinvesting capital to fuel growth within the rapidly evolving digital asset sector. This is common for growth-oriented companies in the technology and financial technology spaces, where retaining earnings for expansion, acquisitions, and managing market cycles is a priority. Investors should not expect dividend income from this stock and should evaluate it purely on the basis of potential capital appreciation. The company's financial performance is closely tied to the valuation of digital assets, trading volumes in crypto markets, and the success of its investment banking and asset management activities.
The company's operating expenses were substantial, reported at more than US$61 million for the 2025 fiscal year. The cost savings from delisting from the TSX were considered negligible in the context of these overall expenses, with the maximum annual TSX listing fee being $150,000. Interestingly, listing on the Nasdaq can involve higher fees, with that exchange's maximum annual fee being US$199,000. The primary rationale for the delisting was therefore centred on trading liquidity and administrative simplification rather than direct cost-cutting. The shift to a single US listing consolidates the company's reporting obligations under one regulatory jurisdiction, the United States Securities and Exchange Commission.
Principal Risks for Investors
Investing in Galaxy Digital carries significant risks inherent to its focus on the digital asset industry. The most prominent risk is extreme market volatility. The company's stock price has demonstrated this by crashing at least 50 percent twice in a three-year period. Its revenue, profitability, and the value of its proprietary investment portfolio are directly exposed to fluctuations in cryptocurrency prices, such as Bitcoin and Ethereum. A prolonged downturn in the crypto market can severely impact all of its business segments, from trading and lending to asset management and mining. The company's founder publicly apologized in 2022 for his involvement with the failed Luna and TerraUSD projects, underscoring the reputational and financial risks associated with the sector.
Regulatory risk is another major concern. The digital asset industry operates in a complex and evolving global regulatory landscape. Changes in securities laws, tax treatment, anti-money laundering rules, or outright bans on crypto activities in key jurisdictions could materially hinder Galaxy Digital's operations. The company's transition to a sole US listing also subjects it entirely to American securities regulations and legal environment. Operational risks include cybersecurity threats, the potential for trading counterparties to default, and technological failures within its platforms or data centres. Furthermore, as a company that does not pay dividends, investor returns are entirely dependent on share price appreciation, which may not materialize given the unpredictable nature of the markets it serves.
Comparison of Exchange Listings and Fees
The decision for Galaxy Digital to delist from the TSX was influenced by the stark contrast in trading activity between the two exchanges where it was listed. The following table compares key metrics related to its listings on the Toronto Stock Exchange and the Nasdaq. The data clearly shows that trading liquidity was overwhelmingly concentrated on the Nasdaq, making the TSX listing less relevant for price discovery and investor access. While the Nasdaq listing fee is higher, the company determined the benefits of a single, more liquid market outweighed the costs. The delisting from the TSX is part of a broader trend noted in Canadian markets, where a portion of delistings result from a company's own request rather than an acquisition, as was the case with Galaxy Digital's move.
| Metric | Toronto Stock Exchange (TSX) | Nasdaq |
|---|---|---|
| Primary Ticker | GLXY-T (until March 19, 2026) | GLXY |
| Listing Date | July 2020 (graduated from TSX-V) | May 2025 |
| Maximum Annual Listing Fee | $150,000 (CAD) | US$199,000 |
| Regulatory Jurisdiction | Canadian securities regulators | United States SEC |
| Listing Status | Delisted as of March 19, 2026 | Sole and primary exchange |
Frequently asked questions
What does Galaxy Digital do?
Galaxy Digital Inc. engages in the digital asset and data centre infrastructure businesses in North America and internationally. It operates through Digital Assets, Data Centers, and Treasury and Corporate segments. The Digital Assets segment provides over-the-counter spot and derivatives trading, lending, and structured products, as well as mergers and acquisitions advisory, and equity and debt capital markets services. The Data Centers segment comprises the Helios infrastructure assets. The Treasury and Corporate segment manages a portfolio of digital assets, ventures, private equity, and fund investments, as well as bitcoin mining operations.
Is Galaxy Digital still listed on the TSX?
No, Galaxy Digital is not still listed on the TSX. The company announced plans to delist from the Toronto Stock Exchange as of March 19, 2026. Citing additional associated expenses and administrative requirements, Galaxy said it would be more efficient to maintain its public listing solely on the Nasdaq exchange. The company's days on the TSX were numbered after its Nasdaq listing in May 2025, as the vast majority of its trading volume had shifted to the American exchange.
What is the ticker symbol for Galaxy Digital stock?
The ticker symbol for Galaxy Digital stock is GLXY on the Nasdaq exchange. Galaxy Digital Inc announced plans to delist from the Toronto Stock Exchange, where its ticker was GLXY T, as of March 19. The company stated it would be more efficient to maintain its public listing solely on the Nasdaq. The last recorded closing price for the stock was $28.26. The vast majority of its trading volume now occurs on the American exchange.
Can I hold Galaxy Digital in my TFSA or RRSP?
Yes, you can hold Galaxy Digital in a TFSA or RRSP as it is a publicly traded security. The company's shares trade on the Nasdaq exchange under the ticker GLXY. Galaxy Digital was previously listed on the Toronto Stock Exchange but is transitioning to a sole Nasdaq listing. Investors would need a brokerage account that allows for trading of US listed securities. The company is incorporated and its shares are a qualified investment for registered plans.
Does Galaxy Digital pay a dividend?
The company is a growth oriented firm focused on the digital asset and blockchain sector. The notes detail its business segments, which include digital asset trading, investment banking, data centres, and treasury management. Its financial activities discussed include public offerings of common stock to raise capital, not dividend distributions. The company's focus appears to be on reinvesting for expansion rather than providing shareholder income via dividends.
Who founded Galaxy Digital?
Galaxy Digital was founded by Mike Novogratz in 2018. Novogratz is a former Goldman Sachs trader who also served as president of asset manager Fortress Investment Group. His vision was to create a cryptocurrency version of a merchant bank that offered asset management, trading and investment banking services. The company, which is headquartered in New York, New York, went public on the TSX Venture Exchange via a reverse takeover. It later graduated to the Toronto Stock Exchange before announcing its delisting to trade solely on the Nasdaq.
Sources and further reading
- Galaxy Digital (GLXY) Stock Price, News, Quote & History ca.finance.yahoo.com
- Galaxy Digital to delist from TSX and trade only on the ... theglobeandmail.com
- Samsung Galaxy Smartphones | Explore the Latest Models samsung.com
- Galaxy Digital (TSX:GLXY) Stock Price & News fool.ca
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.