Galaxy to Voluntarily Delist from the TSX in Favor of its Current Nasdaq Listing
MWN-AI** Summary
Galaxy Digital Inc. has announced its decision to voluntarily delist its Class A common stock from the Toronto Stock Exchange (TSX), effective at the close of markets on March 19, 2026. The company, which is already listed on the Nasdaq under the ticker symbol "GLXY," cites operational efficiency as the primary motivation for this move. With the majority of its average daily trading volume occurring on Nasdaq and other U.S. markets, the Board of Directors has determined that maintaining a single listing on Nasdaq will streamline administrative processes and reduce associated costs.
The decision to delist from the TSX does not require security holder approval, as Galaxy will continue to be a reporting issuer in Canada. This means the company will still comply with relevant Canadian securities laws and provide regular disclosures to its investors. Following the delisting, Galaxy will terminate its normal course issuer bid for its Class A common stock on the TSX, although repurchases may still occur via Nasdaq in accordance with U.S. securities regulations.
Canadian investors holding Galaxy shares in brokerage accounts will still have the ability to transact on Nasdaq, and they are encouraged to confirm trading procedures with their brokers. Galaxy Digital is positioned as a key player in the digital asset space and data center infrastructure, focusing on areas such as trading, asset management, and AI development. The company's location in New York City, along with its 1.6 GW Helios campus in Texas, underscores its significant role in the North American data center market.
MWN-AI** Analysis
Galaxy Digital Inc.'s decision to voluntarily delist from the Toronto Stock Exchange (TSX) in favor of its existing Nasdaq listing reflects a strategic alignment with its operational focus and trading dynamics. As noted, the Board determined that the majority of Galaxy's trading volume occurs on Nasdaq, making the TSX listing more of a financial burden due to associated costs and regulatory oversight.
For investors, this move can be seen as a positive signal. The delisting may reduce operational complexities and expenses, potentially streamlining management and enhancing shareholder value over time. Furthermore, by consolidating its trading to Nasdaq, Galaxy can capitalize on the heightened liquidity and investor interest that the U.S. markets generally provide, particularly in the rapidly evolving digital assets sector.
Investors should also consider the implications of the cessation of the normal course issuer bid (NCIB) through the TSX, effective March 19, 2026. While the NCIB represents a method for Galaxy to buy back shares and support its stock price, the continuation of repurchasing activities on the Nasdaq could maintain momentum, ensuring that investor confidence is bolstered despite the shift.
Market participants should stay informed about how this transition may impact trading volumes and stock performance, as it may lead to increased volatility during the adjustment period. Both Canadian and U.S. investors should ensure their brokerage accounts are equipped to facilitate trading on Nasdaq, as Canadian brokers typically support this.
Finally, while Galaxy remains a reporting issuer in Canada, the pivot to Nasdaq may be interpreted as a commitment to a more dynamic and expansive market, which is essential for attracting institutional investments and fostering growth in the technology-driven landscape. Overall, investors looking for exposure in digital assets should monitor Galaxy closely during this transition for potential buying opportunities that arise from market fluctuations.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
NEW YORK, March 3, 2026 /CNW/ - Galaxy Digital Inc. ("Galaxy" or the "Company") (Nasdaq: GLXY) (TSX: GLXY) announces that its board of directors (the "Board") has approved the voluntary delisting of the Company's Class A common stock from the Toronto Stock Exchange (the "TSX") (the "Delisting"). It is expected that Galaxy's Class A common stock will be delisted from the TSX effective as of close of markets on March 19, 2026 (the "Delisting Effective Time"). Galaxy's Class A common stock will continue to be listed and trade on the Nasdaq Stock Market ("Nasdaq") under the symbol "GLXY."
With the majority of its average daily trading volume executed on Nasdaq or other U.S. markets, the Board concluded that it would be most efficient to operate maintaining its listing solely within Nasdaq, and to delist from the TSX given the additional associated expenses and administrative requirements. The Company is not required to seek security holder approval for the Delisting since an alternative market for Galaxy's Class A common stock exists on Nasdaq.
Galaxy's previously announced normal course issuer bid for Class A common stock through the facilities of the TSX and alternative Canadian Trading Systems will terminate on the Delisting Effective Time. Repurchases of the Class A common stock through Nasdaq may continue to be made in the normal course, in accordance with applicable securities law, and will not exceed 5% of the outstanding Class A common stock at any time or within a twelve-month period.
Galaxy will remain a "reporting issuer" in Canada and will continue to provide regular comprehensive disclosure pursuant to applicable Canadian securities laws.
Many brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on Nasdaq. Stockholders holding Galaxy's Class A common stock in Canadian brokerage accounts should contact their brokers to confirm how to trade their Class A common stock on Nasdaq.
ABOUT GALAXY DIGITAL INC.
Galaxy Digital Inc. (Nasdaq/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting- edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements, including statements regarding the termination of the Company's normal course issuer bid and the expected effective date therefor. Forward-looking statements represent the Company's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of common stock, the satisfaction of the closing conditions related to the offering and risks relating to the Company's business, including those described in periodic reports that the Company files from time to time with the SEC. The Company may not proceed with the Delisting as described in this press release on a timely basis if at all. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
OTHER DISCLAIMERS
The TSX has neither approved nor disapproved the contents of this press release.
SOURCE Galaxy Digital Inc.
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FAQ**
What strategic advantages does Galaxy foresee by maintaining its listing solely on Nasdaq under the symbol "GLXY" compared to its previous dual listing on TSX and Nasdaq?
How does Galaxy expect the delisting from TSX to impact its average daily trading volume and market visibility for stockholders holding "GLXY"?
What specific cost savings and administrative efficiencies does Galaxy anticipate from the voluntary delisting from the TSX while continuing to operate on Nasdaq with the symbol "GLXY"?
Considering that Galaxy will remain a reporting issuer in Canada, how will the company ensure ongoing transparency and compliance for its Canadian investors after the "GLXY" delisting from TSX?
**MWN-AI FAQ is based on asking OpenAI questions about Galaxy Digital Holdings Ltd. Ordinary Shares (TSXC: GLXY:CC).
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