Share of Galaxy Digital Holdings were down Tuesday after the company said it would delist from the Toronto Stock Exchange.

Shares are down 5.6% in Toronto at C$28.02 ($20.49).

The digital-asset-focused financial services and investment firm said it will become a solely Nasdaq-listed company, effective March 19.

Galaxy Digital said the decision was made for efficiency, since the majority of trading volume is conducted on the Nasdaq or other U.S. markets. At the same time, delisting from the TSX would reduce certain costs and administrative requirements.

It noted that its buyback program on the TSX will be terminated when it delists from the exchange.