Galaxy Digital Debuts on Nasdaq, Signaling a New Era for Crypto-Linked Stocks

In a historic moment for the crypto institutional world, Galaxy Digital hit the Nasdaq on May 16, 2025.

Founded in 2018 by prominent crypto proponent and former hedge fund manager Mike Novogratz, the crypto investment and asset management firm now officially resides at the intersection of traditional finance and the digital asset economy—having secured a spot among the most influential players in that space with its recent public listing.

The firm, operating under the ticker symbol $GLXY, provides a varied selection of financial services focused on cryptocurrency. Among these are institutional over-the-counter (OTC) trading and derivatives markets. For the not-so-institutional family offices and high-net-worth individuals we serve, we also offer crypto asset management. And for the not-so-crypto part of the world, we are building state-of-the-art AI data centers.

Mike Novogratz, who is frequently described as a Wall Street legend and a key opinion leader in the crypto sphere, has stayed extremely bullish on the crypto sectors long-term potential. Speaking recently about Galaxy’s public market debut, Novogratz offered the view that Bitcoin could soon be in (i.e., $130,000 to $150,000), and with the appearance of an increasingly institutional participation profile, a favorable macroeconomic backdrop, and maturing infrastructure.

Hyperliquid, a decentralized exchanges platform, was also singled out by Novogratz as a rising star in the area, with him likening it to a “decentralized Nasdaq” because of its transparency, profit-sharing model, and appeal to traditional investors looking for credible alternatives in the DeFi space. This, to me, highlights the fact that not only are we seeing some traditional investors and managers take notice of the DeFi space, but they’re actually beginning to express interest in particular projects or platforms.

Besides its traditional business of trading and mining, Galaxy is now doing something truly exciting: using blockchain to create real-world asset (RWA) tokenization. Most of us don’t know what that means, but it has the potential to change everything. At least, that’s what the folks at Galaxy are betting.

Galaxy Digital now joins an ever-growing roster of publicly traded firms with substantial crypto exposure, several of which have been experiencing considerable ups and downs in sync with digital asset price action.

From an investor sentiment perspective, these firms are serving as stand-ins for the blockchain and Web3 spaces. Perhaps even more interesting, several of them are beginning to materially outperform their tech and financial sector peers that lack significant crypto exposure.

Some outstanding players in this field include:

1. MicroStrategy (#MSTR): With its aggressive strategy of amassing Bitcoin, MicroStrategy has become a standard-bearer for institutional exposure to BTC.

2. Coinbase (#COIN): The largest crypto exchange in the U.S. that trades publicly, Coinbase allows for a direct look into the market via its trading volume and platform usage.

3. Galaxy Digital (#GLXY): The new kid on the Nasdaq block, Galaxy Digital has diversified crypto infrastructure, investment services, and AI integration under its belt.

4. Marathon Digital Holdings (#MARA): North America’s largest Bitcoin mining firm, Bar Mitzvah mining.

5. Cantor Equity Partners Inc. (#CEP): A hybrid financial services company that has made some strategic investments in the crypto space.

6. Upexi (#UPXI): They do some really interesting things with blockchain at Upexi, and combine it with consumer brand development and AI analytics.

7. DeFi Development Corp. (#DFDV): A relatively new company focusing on Web3 infrastructure and smart contract platforms.

As these companies garner visibility and investors’ interest, the crypto stock narrative is moving into the mainstream. It is no longer relegated to just being a fringe story. And as the crypto stock story moves into the equity mainstream, it now forms an even more dominant part of the narrative arc within equity markets.

Galaxy Digital’s entry onto the Nasdaq is not just a significant landmark for the company. It represents, more broadly, the mounting maturity of the whole crypto industry. With regulatory compliance that runs deep, a lineup of diversified services, and a founder who comprehends both Wall Street and Web3, Galaxy seems primed to lead the next phase of the convergence between crypto and the financial world.

Markets may be attempting to conflate traditional assets with decentralized innovation, but firms like Galaxy offer something potentially much more valuable: a roadmap for growth that remains in the bounds of (current) regulation, and for which (institutional) investors might actually feel some trust. That’s because trust—like it or not—is the foundational fuel of the financial engine, and in an era in which stock market tokens, AI-driven infrastructures, and decentralized exchanges are supposedly coming next, it could be that Galaxy’s arrival on Nasdaq marks the dawn of a new financial apparatus.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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