Mike Novogratz's Galaxy Digital debuts on Nasdaq in bumper week for crypto

Galaxy Digital

16/05/2025 18:35

By Hannah Lang

May 16 (Reuters) - Galaxy Digital, founded by Mike Novogratz, made its Nasdaq debut on Friday, capping off a momentous week for cryptocurrency in public markets, with Coinbase joining the S&P 500 and retail brokerage eToro also going public.

Galaxy Digital GLXY.O, a crypto investment company that also specializes in artificial intelligence data center infrastructure, had been listed on the Toronto Stock Exchange, but began trading on the Nasdaq on Friday at $23.50 per share after a lengthy transition period. Shares in the company were last trading at $24.89.

     "I think we're at the beginning of the race, not the end of the race," said Novagratz, who is Galaxy's CEO and a prominent crypto investor, in an interview with Reuters. "Sometimes it feels like it's been such a struggle. You ring the bell and you're crossing the finish line, but it really is the starting bell."

Digital assets have enjoyed a resurgence under President Donald Trump, who courted cash from the crypto industry on the campaign trail by pledging to be a "crypto president."

In his first week in office, Trump ordered creation of a cryptocurrency working group to propose digital asset regulations. In March, he signed an executive order to create a federal stockpile of bitcoin.

Those moves have buoyed cryptocurrency prices, including bitcoin BTC=, which is up more than 10% so far this year.

Robinhood rival eToro ETOR.O -- which offers stocks and cryptocurrencies to retail investors -- also made its Nasdaq debut this week, securing a valuation of $5.64 billion after its shares surged 34% on Wednesday.

Also this week, the S&P announced that Coinbase COIN.O would be included in the S&P 500 index beginning May 19, becoming the first digital asset player to be included in the benchmark.

"I think we're the beginning of what will be a trend of other (crypto) companies going public," Novogratz said.

 (Reporting by Hannah Lang in New York; editing by Pete Schroeder and Jane Merriman)

 ((Hannah.Lang@thomsonreuters.com;))