SEC Gives Galaxy Digital a Green Light—But Will They Survive Delaware?

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Well now, it appears the good folks at Galaxy Digital just struck oil—or whatever passes for riches in the wild west of crypto. The US Securities and Exchange Commission (SEC), after what one assumes was a hearty lunch and a game of checkers, has given Galaxy the thumbs up to pack its saddlebags, say goodbye to Canada (sorry, Toronto), and mosey on down to the United States in search of a listing on the fabled Nasdaq exchange. Yee-haw! 🤠

If the fates are smiling (and the Toronto Stock Exchange along with every single shareholder nods in trembling agreement at their big meeting on May 9), then by mid-May we might just see Galaxy strutting on the Nasdaq with a brand new ticker—GLXY. Frankly, with a name like that, you’d expect stardust to come flying out of your brokerage account.

But let’s not count the chickens before the riddles get solved. See, every shareholder has to tip their hat and vote “yes” to moving Galaxy Digital to the great state of Delaware, a place more famous for friendly paperwork than for cowboys and shootouts. Folks in Delaware know a thing or two about making business easy—never met a loophole they didn’t like.

Now, Galaxy got their SEC blessing for a Nasdaq hoedown back in April, but before they can actually start trading, they need every other dusty approval from the north and a quorum of shareholders who aren’t asleep by the second PowerPoint slide. If all goes well, get ready to see GLXY ridin’ the Nasdaq range.

Galaxy’s not the only gold prospector these days. All sorts of crypto outlaws are trying to sneak into the land of public listings. Why? Because “institutional interest” is the new gold rush, and suddenly crypto’s got a dapper suit and an appointment with Wall Street. 🚀

Crypto Firms Playing With Wall Street’s Big Dogs (And Trying Not to Get Bitten)

Take Strategy (formerly MicroStrategy), which now rubs elbows on Nasdaq’s fanciest index—where the company size gets measured in enough zeroes to make your head spin. Meanwhile in April, stablecoin-thrower Circle decided it too wanted a slice of the IPO pie, figuring nothing says “grown-up” like filing a mountain of paperwork to go public.

According to some fine folks over at The Wall Street Journal, other crypto desperados like BitGo, Coinbase, and that ol’ stablecoin outfit Paxos (which sounds suspiciously like an old-timey medicine show) are even toying with the idea of getting themselves bank charters. Yes, real banks. Which is a little like the town card shark announcing he’s gonna open a branch of the county savings and loan. 👀

The line between old money and new money is getting thinner than a sheriff’s patience at closing time, as crypto outfits eye the privileges and headaches that come with government oversight. Still, Circle’s head honcho Dante Disparte piped up to say they’re only after a banking license for the regulatory snuggles, not because they actually want to be your local banker. Smart move, Dante—nobody likes the holiday hours at a crypto bank anyway.

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2025-05-09 21:18