Galaxy Digital Goes Public on Nasdaq—Novogratz’s Crypto Bet Just Got a Wall Street Stamp

Mike Novogratz just dragged crypto kicking and screaming into the big leagues—Galaxy Digital hits Nasdaq today, marking the sector’s most audacious mainstream play yet.

Wall Street’s latest ’when in doubt, cash out’ moment: A former hedge fund manager turns Bitcoin evangelist, then flips his crypto shop into a publicly traded entity. The suits will nod approvingly while quietly shorting it.

This isn’t just another SPAC-fueled hype train. Galaxy’s listing signals institutional appetite for crypto exposure—even if half the buyers still think blockchain is a bike lock technology.

One thing’s certain: The casino just got a new high-stakes table. Place your bets.

Galaxy Digital Eyes Tokenized Shares

At the same time, Mike Novogratz is pushing Galaxy Digital into the next frontier—tokenization. He’s in active talks with the SEC about turning Galaxy shares into digital tokens. These could be used across decentralized finance (DeFi) platforms. If approved, this would be one of the first moves by a major crypto firm to bridge equity markets with blockchain networks.

The goal isn’t just to tokenize GLXY. Galaxy wants to tokenize other assets too. Stocks, Treasuries, maybe even gold. Novogratz is betting that tokenized assets will become a key part of financial infrastructure. Still, he knows the SEC holds the power to greenlight or block this idea. So far, no clear rules exist, making Galaxy’s effort risky—but potentially groundbreaking.

Galaxy Digital Rides Regulatory Shifts

Galaxy’s Nasdaq listing comes during a crypto-friendly shift in U.S. policy. Under President Trump, crypto has seen renewed political support. A new crypto working group has been formed, and an executive order now supports building a federal Bitcoin reserve. This shift has boosted prices and encouraged more firms to go public.

In fact, this week was huge for crypto in public markets. Coinbase joined the S&P 500. eToro, a trading app offering crypto, also listed on Nasdaq. With Galaxy Digital joining them, a clear trend is forming. Novogratz himself said he expects many more crypto firms to go public soon.

Galaxy Digital Navigates a Volatile Market

Despite its big moves, Galaxy Digital isn’t immune to market pain. The company reported $295 million in Q1 losses, partly due to declining crypto prices. It also reduced its bitcoin holdings, cutting down from over 13,700 BTC to 12,830 BTC. Mining operations have been scaled back, further tightening the balance sheet.

Still, the company remains one of the industry’s largest players. It manages over $7 billion in assets and plays a vital role in crypto liquidity and infrastructure. Even with losses, it continues to expand, bet on innovation, and test new markets.

SEC Is the Key Gatekeeper

The SEC remains a central player in Galaxy’s future. Whether it’s allowing tokenized shares or easing IPO rules for crypto companies, everything hinges on regulation. For now, the SEC is reviewing Galaxy’s proposals. Novogratz believes in the long-term vision—but he also knows that without regulatory buy-in, none of it matters.

Galaxy Digital is not just listing stocks. It’s building a hybrid model of finance—where Wall Street meets blockchain. And with the SEC watching closely, the next few months could define the pace and scale of what’s next.