Galaxy Digital Starts Trading on Nasdaq
Galaxy Digital started trading on the Nasdaq stock exchange on May 16, 2025, at $23.50 per share. This marked the end of a long approval process that CEO Mike Novogratz previously called “unfair” and “infuriating,” according to CNBC.
The company was already listed in Canada. The Nasdaq listing adds Galaxy Digital to the list of crypto-related firms entering U.S. public markets. Trading platform eToro also completed its U.S. listing on May 14.
Other firms preparing for U.S. market access include Metaplanet, Circle, Kraken, and Gemini. These companies are responding to changes in the regulatory climate and aiming for broader exposure to U.S. capital.
Galaxy Digital to Tokenize Shares with SEC Involvement
Galaxy Digital confirmed it is working with the U.S. Securities and Exchange Commission (SEC) to tokenize shares. Bloomberg reported that the tokenized shares could be used in decentralized finance (DeFi) activities like lending and borrowing.
The company plans to tokenize not only its own stock but also other financial instruments. These include fixed income products and exchange-traded funds (ETFs). This falls under a broader push toward real-world asset tokenization.
At an SEC crypto roundtable on May 12, SEC Chair Paul Atkins compared tokenization of assets to the shift from analog to digital in the music industry. He said this move had supported economic growth in the U.S.
Galaxy Digital Reports $295M Q1 2025 Loss
In its Q1 2025 financial update, Galaxy Digital reported a net income loss of $295 million. The figure was included in investor materials released on the same day as the Nasdaq debut.
According to its website, Galaxy Digital currently manages $7 billion in assets. The loss followed a challenging period for the crypto market and reduced returns in digital asset services.
Investor reports showed performance from the last two quarters but did not break down losses by division. The company did not attribute the $295 million loss to any single unit.
Real-World Asset Tokenization Market Hits $22.5B
Galaxy Digital’s plan to tokenize shares comes as the real-world asset tokenization market shows growth. According to data from RWA.xyz, the total market cap for tokenized RWAs reached $22.5 billion in 2025.
This represents only a small portion of the broader crypto market but reflects growing institutional interest. Over the past year, the RWA market grew by 111.8%, with much of the volume in tokenized U.S. Treasuries and private credit.
Firms like BlackRock and Hamilton Lane have played major roles in expanding the RWA sector. Their offerings have drawn demand from institutions seeking blockchain-based exposure to traditional financial products.
Changes in U.S. political leadership are also playing a role. Under President Donald Trump, the government improved its ties with the crypto industry. This shift has contributed to renewed interest from digital asset companies entering or reentering the U.S. market.
