Mike Novogratz’s cryptocurrency firm Galaxy Digital started trading on the Nasdaq today. This launch under the ticker symbol GLXY marks the successful completion of SPAC merger, a pivotal achievement for the firm. The stock priced at $23.50 per share, reflecting strong demand from investors for the company as it makes its U.S. debut.
In a tweet, Novogratz expressed his annoyance with the protracted listing process. What should have taken no longer than 90 days ballooned into a jaw-dropping 1,320 days. He emphasized that had Galaxy Digital been listed on U.S. exchanges for four years, it would have evolved into a markedly different company.
Identifying the U.S. market’s unmatched depth and potential, Novogratz stated that Galaxy Digital’s future hinges on two key areas: cryptocurrency and artificial intelligence. He described these sectors as “the two most exciting growth areas in markets” and highlighted their significance for infrastructure development.
“These are the two most exciting growth areas in markets, right. AI and the infrastructure needed for AI to exist and crypto finally … at the brink of institutional adoption.” – Mike Novogratz
The CEO pointed to the deep visibility of Galaxy Digital’s Canadian roots. He touted the endless possibilities that lie ahead back in America. He noted that the company’s Canadian operations are only a small piece of the company’s puzzle. In reality, it’s a mere one-thirtieth of what it should be accomplishing in the U.S.
Novogratz elaborated on Galaxy Digital’s dual nature, referring to it as effectively two businesses: a data center company and a dedicated crypto firm. He emphasized the importance of being well-capitalized and strong to compete and survive in today’s more competitive environment.
“You needed to be very well capitalized — and a pretty big, strong company — just to stay in the game.” – Mike Novogratz
He expressed enthusiasm for Galaxy Digital’s strategic positioning, stating, “We have built our company for this moment, so I couldn’t be more excited.” Novogratz may be overly optimistic about these regulatory developments. He called the Trump administration “amazing” for the crypto industry.