In a most delightful turn of events, the illustrious Galaxy Digital, that paragon of artificial intelligence and crypto investment, has received a rather enthusiastic thumbs-up from the US Securities and Exchange Commission. Yes, dear reader, they are set to grace the hallowed halls of the Nasdaq stock exchange! 🎉
Now, one might wonder why a company, currently basking in the glow of the Toronto Stock Exchange (TSX), would choose to uproot itself from the sun-kissed Cayman Islands to the rather less glamorous Delaware. According to a statement released on April 7, this move is pending the approval of shareholders and the TSX, of course. Because who doesn’t love a good bureaucratic tango?
“Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!” exclaimed Galaxy CEO Michael Novogratz, presumably while donning a cape and striking a heroic pose. 🦸‍♂️
With the ticker symbol GLXY, Galaxy anticipates a swift transition to the Nasdaq, provided they meet the necessary requirements. Because nothing says “trust us” like a corporate relocation, right?
Delaware: The Corporate Utopia
In their SEC Form S-4, filed with all the pomp and circumstance of a royal decree on March 27, Galaxy declared Delaware as their new home. Why, you ask? Because it offers a “favorable corporate environment” that will allow them to “compete more effectively with other publicly traded companies.” Ah, the sweet scent of corporate jargon! 🌸
Delaware, the chosen domicile for many a publicly traded corporation, boasts an abundance of case law to assist in interpreting the Delaware General Corporation Law (DGCL). It’s like a legal buffet, constantly updated to reflect the latest trends—because who doesn’t want their laws to be fashionable?
Post-relocation, Novogratz will maintain a firm grip on the company with nearly 60% of the voting power. A veritable monarch in the realm of crypto, if you will. đź‘‘
Meanwhile, Galaxy Digital’s share price on the TSX took a nosedive of 8% after the bell, trading at a modest $12.30 Canadian dollars ($8.70). Once upon a time, in July 2015, this stock was a shining star, peaking at just under $50 Canadian dollars ($35) on November 12, 2021. How the mighty have fallen!
In a rather unfortunate twist, Galaxy recently agreed to part with $200 million in a settlement over its alleged promotion of the now-defunct cryptocurrency Terra (LUNA). A classic case of “oops, my bad!”
But fear not, for other crypto firms are also making their mark on the Nasdaq. Coincheck Group, the proud parent of the Japanese crypto exchange Coincheck, made its debut on December 11. And let’s not forget Metaplanet, the Bitcoin-stacking investment firm, which is exploring a potential listing outside of Japan. After all, who wouldn’t want to meet the officials at the New York Stock Exchange and Nasdaq? It’s like a corporate field trip! 🚌
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2025-04-08 07:52