Galaxy Digital lists on Nasdaq, seeks to tokenize shares — Reports

Galaxy Digital’s Nasdaq debut on May 16th, 2025, marked a significant milestone for the crypto and infrastructure company, concluding a lengthy process CEO Mike Novogratz described as “unfair and infuriating.” Opening at $23.50, the listing follows Galaxy’s announcement of its collaboration with the SEC to tokenize its shares. These tokens, according to Bloomberg, could find utility within decentralized finance applications, enabling functions such as borrowing and lending. This move positions Galaxy among several crypto firms seeking to capitalize on a potentially more favorable US regulatory environment. Others exploring or pursuing US listings include Metaplanet, Circle, Kraken, and Gemini. This wave of activity follows eToro’s May 14th listing, a company boasting $7 billion in assets but reporting a $295 million loss in Q1 2025.

Galaxy Digital’s Nasdaq entrance coincides with growing interest in real-world asset (RWA) tokenization. While still a relatively small sector (market cap of $22.5 billion according to RWA.xyz), RWA tokenization has experienced substantial growth, up 111.8% year-over-year. A key trend within this space is the tokenization of securities, transforming assets like stocks and bonds into blockchain-based tradable tokens. Robinhood’s exploration of a blockchain for trading tokenized US securities in Europe exemplifies this trend. Galaxy Digital’s ambition extends to tokenizing a broad range of assets, including stocks, fixed income, and ETFs.

SEC Chair Paul Atkins, during a May 12th crypto roundtable, drew parallels between asset tokenization and the music industry’s digital transformation, highlighting its positive economic impact. President Donald Trump’s closer ties with the crypto industry have fueled further optimism. Beyond public listings, several crypto companies have signaled their renewed interest in the US market. This confluence of factors – regulatory developments, technological innovation, and a shifting political landscape – points to a period of significant transformation within the US crypto space. The convergence of these factors suggests a potentially dynamic period ahead for the American cryptocurrency market.