NEW YORK, March 5, 2026, 09:26 EST
- Galaxy Digital says it will pull its shares from the Toronto Stock Exchange on March 19. The company’s stock will remain listed on Nasdaq.
- The company’s share buyback in Canada wraps up as it leaves the TSX, though some limited repurchasing could still happen on Nasdaq.
- GLXY shares jumped roughly 18% before the bell on Thursday.
Galaxy Digital Inc’s board has signed off on dropping its Toronto Stock Exchange listing, shifting to Nasdaq as its sole venue. The change kicks in after the close on March 19. The firm’s Canadian share buyback wraps up with the delisting, though it can still repurchase stock on Nasdaq—up to a 5% limit. 1
The move comes while crypto-linked companies push for greater U.S. liquidity and less complicated corporate structures. Running dual listings isn’t cheap, plus it drags management through two exchange rulebooks—usually off investors’ radar, unless the setup shifts.
This isn’t just a matter of swapping badges for shareholders. Back in February, Galaxy got the green light from the TSX for its “normal course issuer bid”—that’s Canadian parlance for a share buyback—authorizing the company to repurchase as many as 14.8 million shares, or roughly 10% of the public float, over a 12-month period. 2
Last month, Galaxy rolled out a $200 million share buyback. “We are entering 2026 from a position of strength,” CEO and founder Mike Novogratz said then, highlighting a “strong balance sheet” while the company continued putting money into growth. 3
Galaxy kicked off Nasdaq trading in May 2025, opening at $23.50 per share, after a protracted transition period. The stock remained on the Toronto exchange through that process. Now, the proposed TSX delisting marks the final step in shifting the company’s focus. 4
The company plans to stay on as a reporting issuer in Canada, so it’ll continue submitting regular disclosures to meet Canadian securities requirements. It’s also advising shareholders with stock in Canadian brokerage accounts to consult their brokers for information on trading shares now listed on Nasdaq. 5
Premarket, shares climbed roughly 17.7%, trading at $24.34 on Thursday.
Galaxy’s earnings have tracked crypto’s volatility. In the fourth quarter of 2025, the company posted a net loss of $482 million, as digital asset prices slid, according to its February earnings release. 6
Coinbase’s listing is U.S.-only, as are most bitcoin miners pitching the market an “infrastructure” angle—those names all stick to American exchanges. With this move, Galaxy would be positioning itself right alongside them.
Still, the move could pressure Canadian investors who favored the TSX, or run into broker restrictions, despite the company’s claim that Nasdaq access is broad. The buyback doesn’t kick in by default — repurchases may pause or taper off. The stock itself? Vulnerable to big swings in crypto and the risk that Galaxy’s Texas data-center project stumbles.
