Toronto-New York. Galaxy Digital finalized its move to the United Statesmarking a key step before entering the Nasdaq this Friday. The company, led by Mike Novogratz, has obtained the approval of the SEC for its domiciliation in Delaware, a strategic movement which is part of its expansion plans in the United States. However, this announcement comes when Galaxy Digital revealed a net loss of $ 295 million in the first quarter, mainly due to the drop in prices for digital assets and charges related to mining operations.
- Galaxy Digital finalized its move to the United States, marking a key step before its entered on the Nasdaq.
- Despite a net loss of $ 295 million in the first quarter, the company continues its expansion strategy in an uncertain market.
Galaxy Digital is preparing for the Nasdaq…
Galaxy Digitalcurrently listed at Toronto Stock Exchangereceived the approval necessary for its reorganization and domiciliation in the United States. During a special shareholder meeting on May 9, the latter voted for this moving. Subject to the final approval of Nasdaqordinary class A actions of Galaxy Digital should start to be negotiated under the Glxy symbol on May 16.
Mike Novogratzfounder and CEO of Galaxy, said that this move marked a « Important step » for the company. This strategic decision aims to strengthen the presence of Galaxy on the American market and to capitalize on the opportunities offered by a quotation at NASDAQ.
… Despite significant financial losses
Despite this advance, Galaxy Digital has announcement A net loss of $ 295 million for the first quarter, a brutal fall compared to net profit of $ 118 million in the previous quarter. This loss is mainly awarded to the drop in prices for digital assets, which has impacted trading activity and assessments.
The company also recorded a load of depreciation of $ 57 million linked to the closure of its mining operations on the Helios data center site. Grute income and operating gains totaled $ 12.9 billion, but were almost entirely offset by $ 13.1 billion in transaction expenditure.
Despite these financial challenges, Galaxy Digital continues to develop his Infrastructure activity. L’Hyperscaler ia coreweave Has exercised an option to extend its lease to the Helios installation of Galaxy, carrying the total capacity initiated in AI/HPC to 393 megawatts, with deliveries planned for 2026.
In conclusion, although Galaxy Digital faces significant financial losses, its move to the United States and its entry planned in the NASDAQ mark a crucial step in its expansion strategy. Mike Novogratz remains optimistic about the future of the company in a crypto market which still remains correlated with A uncertain national and international macroeconomic situation.