By Paul R. La Monica

Shares of Galaxy Digital, run by Bitcoin bull Mike Novogratz, rose nearly 15% as the crypto investing firm went public on the Nasdaq through a direct listing on Friday.

The stock, which already trades on the Toronto Stock Exchange, will remain listed in Canada "for a period of time" according to a statement from the company. Galaxy also said that over-the-counter shares in the U.S. will be converted to the new GLXY shares on Nasdaq.

The move to a U.S. listing caps what has been a busy few weeks for Galaxy Digital and the crypto industry overall.

Galaxy reported a net loss and decline in revenue for the first quarter on Tuesday, citing "reduced market activity and client trading volumes" due to "lower digital asset prices" at the start of the year. While Bitcoin soared in early January in response to hope the Trump administration would adopt policies more favorable to the cryptocurrency industry, it later slipped back.

The price has surged in recent weeks, most recently hitting a price of $104,000. That puts it within striking distance of the record high of just under $110,000 that Bitcoin hit shortly before President Donald Trump's inauguration.

"Nothing about this journey was inevitable. The road was long -- marked by setbacks, market volatility, and regulatory turbulence. But we weathered it all," Novogratz said in a letter to investors and employees Friday.

"And through every cycle, every disruption, and every pivot, I've learned the same truth: The people who shape the future are the ones willing to evolve, to think boldly, and to keep building. No matter what. Today, Galaxy stands at the forefront of this digital frontier."

Galaxy isn't the only leader. Digital asset firm Coinbase has rallied on the news that is being added to the S&P 500. The stock is up more than 30% in the past five days despite the fact that Coinbase also announced that it was the target of a cyberattack and confirmed a New York Times report that it is being probed by the Securities and Exchange Commission.

Coinbase reported stronger than expected earnings for the first quarter last week, as well as a major acquisition: a $2.9 billion deal for crypto options firm Deribit.

Another new crypto firm on Wall Street is the online brokerage firm eToro, which lets investors buy and sell Bitcoin and other cryptocurrencies along with stocks. Shares soared from their initial offering price in their trading debut on Wednesday, another sign of renewed enthusiasm for digital assets.

Write to Paul R. La Monica at paul.lamonica@barrons.com

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May 16, 2025 12:57 ET (16:57 GMT)

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