Mike Novogratz's Galaxy Digital debuts on Nasdaq in bumper week for crypto
FILE PHOTO: Mike Novogratz, founder and chief executive officer of Galaxy Digital, gestures as he speaks during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo
(Reuters) -Galaxy Digital, founded by Mike Novogratz, made its Nasdaq debut on Friday, capping off a momentous week for cryptocurrency in public markets, with Coinbase joining the S&P 500 and retail brokerage eToro also going public.
Galaxy Digital, a crypto investment company that also specializes in artificial intelligence data center infrastructure, had been listed on the Toronto Stock Exchange, but began trading on the Nasdaq on Friday at $23.50 per share after a lengthy transition period. Shares in the company were last trading at $24.89.
"I think we're at the beginning of the race, not the end of the race," said Novagratz, who is Galaxy's CEO and a prominent crypto investor, in an interview with Reuters. "Sometimes it feels like it's been such a struggle. You ring the bell and you're crossing the finish line, but it really is the starting bell."
Digital assets have enjoyed a resurgence under President Donald Trump, who courted cash from the crypto industry on the campaign trail by pledging to be a "crypto president."
In his first week in office, Trump ordered creation of a cryptocurrency working group to propose digital asset regulations. In March, he signed an executive order to create a federal stockpile of bitcoin.
Those moves have buoyed cryptocurrency prices, including bitcoin, which is up more than 10% so far this year.
Robinhood rival eToro -- which offers stocks and cryptocurrencies to retail investors -- also made its Nasdaq debut this week, securing a valuation of $5.64 billion after its shares surged 34% on Wednesday.
Also this week, the S&P announced that Coinbase would be included in the S&P 500 index beginning May 19, becoming the first digital asset player to be included in the benchmark.
"I think we're the beginning of what will be a trend of other (crypto) companies going public," Novogratz said.
(Reporting by Hannah Lang in New York; editing by Pete Schroeder and Jane Merriman)
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