Cryptocurrency and artificial intelligence (AI) infrastructure firm Galaxy Digital (GLXY) plans to hold an initial public offering (IPO) on Wall Street this spring.
The company says it has received approval from the U.S. Securities and Exchange Commission (SEC) to list shares on the Nasdaq Composite exchange under the ticker symbol “GLXY.” Galaxy Digital says it plans to schedule the U.S. IPO shortly after a shareholder vote on its corporate restructuring that has been set for May 9.
The company’s stock is already listed on the Toronto Stock Exchange in Canada under the ticker “GLXY.” Management says they plan to shift their corporate headquarters from the Cayman Islands to Delaware in the U.S. and list the stock on the Nasdaq.
AI Data Centers
It is expected that Galaxy Digital’s stock will retain a dual listing in Toronto and New York moving forward. The company’s expansion into the U.S. comes as institutional demand for cryptocurrency products grows alongside technological advances in AI.
Galaxy Digital provides services such as crypto trading, asset management, and tokenization. It also operates data centers that power AI and high-performance computers. In Toronto, Galaxy Digital’s stock has declined 44% so far this year amid a broader stock market decline.
Is GLXY Stock a Buy?
Let’s look at Galaxy Digital’s Toronto-listed shares. As one can see in the chart below, Galaxy Digital’s stock has a Strong Buy consensus rating among six Wall Street analysts. That rating is based on six Buy recommendations issued in the last three months. The average GLXY price target of C$37.63 implies 166.52% upside from current levels.
