Galaxy Digital Ditches TSX for Nasdaq
Crypto investment firm Galaxy Digital is delisting from the Toronto Stock Exchange (TSX) to consolidate its focus on Nasdaq. The company says the move reflects a significant shift in its trading volume toward the U.S. market.
The decision to delist from the Toronto Stock Exchange (TSX) on March 19, 2026, concludes a journey that began with the company's debut on the TSX Venture Exchange in August 2018. Galaxy Digital had initially pursued a Canadian listing after facing a "frustrating" regulatory environment in the U.S. The company's presence on the Canadian market evolved when it graduated from the TSX Venture Exchange to the main TSX in July 2020. This move was intended to provide greater visibility and access to capital. This recent consolidation to a single listing on Nasdaq is driven by a significant shift in trading activity. The company's board cited that the majority of its average daily trading volume now occurs on Nasdaq and other U.S. markets, making a sole listing more efficient. The move aims to reduce the additional expenses and administrative requirements associated with maintaining a dual listing. While delisting from the TSX, Galaxy Digital will maintain its status as a "reporting issuer" in Canada and continue to provide disclosures under Canadian securities laws. This strategic shift follows Galaxy Digital's move to reorganize from a Cayman Islands-domiciled company to a Delaware-incorporated entity, which preceded its successful listing on the Nasdaq in May 2025. Upon delisting from the TSX, Galaxy's normal course issuer bid (a share buyback program) through the Canadian exchange will be terminated. However, the company may continue to repurchase shares through the Nasdaq, subject to a cap of 5% of its outstanding Class A common stock within a twelve-month period.
