Galaxy Digital had been public for years before this offering, just not in the United States. Michael Novogratz's crypto firm traded in Toronto. In May 2025 it moved its home listing to Nasdaq under the ticker GLXY, and two weeks later it sold $600.4 million of stock to American investors. Galaxy traded and lent digital assets, managed funds, and was building data centers to rent to AI companies. Bitcoin was near record highs, and Washington had turned friendly to crypto.

A Macro Trader Goes Digital

Novogratz founded Galaxy Digital in 2018 and runs it as CEO. He had been a well known macro investor before he turned to crypto. Galaxy built a business that looked like a small investment bank for digital assets: trading desks, lending, asset management and advice on deals. It also mined bitcoin, then began turning its Texas mining site into data centers for AI computing. The bet was that crypto would become part of mainstream finance, with Galaxy as a trusted firm in the middle.

Nineteen Dollars on Nasdaq

Galaxy's Class A shares began trading on Nasdaq in May 2025, while also staying listed in Toronto. On May 29, 2025, the stock closed at $19.60. The next day Galaxy priced an offering at $19.00 a share, raising $600.4 million in total, part for the company and part for selling stockholders. Novogratz kept a large economic interest through Galaxy's operating partnership. Galaxy is still public on Nasdaq.

Cover: Urania, The Muse of Astronomy, from The Nine Muses, Hendrick Goltzius. Art Institute of Chicago, public domain. Chosen for Urania, muse of astronomy, among the stars (Galaxy).