Galaxy’s imminent US listing reflects SEC change

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Galaxy’s possible US listing in the coming weeks would end a years-long process and keep up the momentum around more crypto firms going public.

The SEC has “declared effective” the company’s registration statement to list on the Nasdaq Global Select Market, Galaxy said yesterday. 

The company’s shareholders are set to vote on Galaxy’s reorganization (becoming a new Delaware holding company) on May 9. Galaxy CEO Mike Novogratz said in a statement that, if approved, the listing could be completed by the end of Q2.

Galaxy, listed in Canada since 2018, has tried to gain a US listing for years. The company will keep trading on the Toronto Stock Exchange, it said Monday.

Executives noted on Galaxy’s March 28 earnings call that they had recently submitted an amended S-4 responding to the SEC’s ninth round of comments. Geez Louise.

There’s little doubt this step forward is a result of Gary Gensler no longer leading the agency. The SEC has clearly cut out its animosity toward crypto segment players in recent months.  

Shares of crypto wallet provider Exodus became available on the NYSE American stock exchange in December. That company also had its troubles getting a green light from the previous SEC administration.

Other companies appear to see the new SEC as an opportunity to do the same, with Circle and eToro publicly filing for IPOs in recent weeks. 

And so, it appears there could soon be more avenues for investors to gain crypto exposure. As 10T Holdings founder Dan Tapiero said at DAS last month: “American investors love owning equity.”

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