Galaxy Digital Wraps U.S. Move Ahead of Nasdaq Listing, Posts $295 Million Loss

Crypto investment firm Galaxy Digital has completed its relocation to the United States, wrapping up a months-long restructuring ahead of a planned listing on the Nasdaq this Friday. The crypto investment firm, led by Mike Novogratz, received approval from shareholders and regulators to relocate its legal base from the Cayman Islands to Delaware. Trading on Nasdaq under the ticker GLXY is expected to begin on May 16, pending final approval from the exchange. The U.S. Securities and Exchange Commission approved the company’s registration statement last month, allowing the reorganization to proceed. The Toronto Stock Exchange, where Galaxy is currently listed, also signed off on the move. Alongside the restructuring, Galaxy posted a net loss of $295 million for the first quarter, reversing a $118 million profit from the previous period. The company pointed to weaker crypto prices and a $57 million charge tied to shutting down its Helios mining operation. Galaxy Digital agreed to a $200 million settlement with the New York Attorney General’s office over its role in promoting the now-defunct TerraLuna cryptocurrency project . Revenue and gains from operations totaled $12.9 billion, but higher transaction costs — reaching $13.1 billion — wiped out much of the benefit. Digital asset profits fell to $64.8 million, a 36% drop from the prior quarter. Operating income from that segment slipped to $3.5 million from $29.4 million. Assets under management dropped to $7 billion, down 29% from Q4, reflecting market declines and reduced investor inflows. Cash Reserves Steady, Infrastructure Grows Despite the downturn, Galaxy ended the quarter with $1.1 billion in cash and stablecoins, and $1.9 billion in equity capital. Its digital asset exposure, which includes bitcoin, ether, and positions in funds and futures, stood at $908 million, down 37% from Q4. This also includes stakes in tokens such as SOL, TIA, and AVAX. The company continues to build out its infrastructure unit. CoreWeave, a fast-growing AI computing firm, has expanded its lease at Galaxy’s Helios site. That brings total booked capacity at the location to 393 megawatts, with new installations scheduled for 2026. Galaxy also moved from international accounting standards to U.S. GAAP, aligning its reporting with U.S. financial regulations ahead of the Nasdaq listing. The accounting switch may limit direct comparisons with earlier results but is required for firms operating under U.S. oversight.