Galaxy to Voluntarily Delist from the TSX in Favor of its Current Nasdaq Listing

Rhea-AI Summary

Galaxy (Nasdaq: GLXY) will voluntarily delist its Class A common stock from the Toronto Stock Exchange effective at market close on March 19, 2026. The stock will continue to trade on Nasdaq under the symbol GLXY. The board cited the majority of trading volume on U.S. markets and the costs and administrative requirements of the TSX listing.

The company will remain a reporting issuer in Canada, continue Canadian disclosure, and terminate its TSX normal course issuer bid at the Delisting Effective Time. Repurchases via Nasdaq may continue within a 5%/12-month limit.

Positive

• Consolidation to Nasdaq may reduce listing costs and administrative burden
• Majority trading already occurs on U.S. markets, supporting liquidity concentration
• Company will remain a reporting issuer in Canada, maintaining disclosure obligations

Negative

• Potential reduced visibility for Canadian retail investors post-TSX delisting
• Normal course issuer bid on TSX will terminate at delisting, shifting repurchase mechanics

News Market Reaction – GLXY

-4.83%

126 alerts

-4.83% News Effect

+18.2% Peak in 34 hr 49 min

-$486M Valuation Impact

$9.57B Market Cap

0.8x Rel. Volume

On the day this news was published, GLXY declined 4.83%, reflecting a moderate negative market reaction. Argus tracked a peak move of +18.2% during that session. Our momentum scanner triggered 126 alerts that day, indicating very high trading interest and price volatility. This price movement removed approximately $486M from the company's valuation, bringing the market cap to $9.57B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Delisting effective date: March 19, 2026 Buyback cap on Nasdaq: 5% of outstanding Class A Repurchase period: Twelve-month period +5 more

8 metrics

Delisting effective date March 19, 2026 TSX delisting effective as of close of markets

Buyback cap on Nasdaq 5% of outstanding Class A Repurchases through Nasdaq not to exceed 5% at any time or within 12 months

Repurchase period Twelve-month period Buybacks through Nasdaq capped over any twelve-month span

Price move pre‑news 5.54% 24h price change before or around delisting announcement

52-week high 45.92 Pre-news 52-week high level

52-week low 16.6701 Pre-news 52-week low level

Market cap 3967604072 Pre-news market capitalization in local currency units

Reporting issuer status Canada Company to remain a reporting issuer under Canadian securities laws

Market Reality Check

Price: $23.10 Vol: Volume 4,828,610 vs 20-da...

low vol

$23.10 Last Close

Volume Volume 4,828,610 vs 20-day average 7,484,303 (relative volume 0.65x) ahead of this TSX delisting news. low

Technical Price 21.73 is trading below the 200-day MA at 26.89, despite a 5.54% daily gain.

Peers on Argus

GLXY was up 5.54% while momentum scans only flagged peer NMR moving down (-8.67%...

1 Down

GLXY was up 5.54% while momentum scans only flagged peer NMR moving down (-8.67%) with no same-direction peers, pointing to stock-specific drivers around the TSX delisting.

Historical Context

5 past events · Latest: Feb 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 09	NCIB approval	Positive	+0.2%	TSX acceptance of NCIB for up to $200M and 14.8M shares.
Feb 09	NCIB correction	Positive	+0.2%	Correction detailing NCIB terms and daily TSX purchase limits.
Feb 06	Buyback program	Positive	+17.3%	Board-approved $200M repurchase program with 5% Nasdaq cap.
Feb 03	2025 earnings	Negative	-16.9%	Reported large Q4 and full-year net losses tied to crypto markets.
Jan 15	Helios expansion	Positive	+13.5%	ERCOT approval doubling Helios capacity to over 1.6 GW.

Pattern Detected

Recent news catalysts have generally seen price moves align with the underlying news tone, including buybacks, infrastructure expansion, and earnings volatility.

Recent Company History

Over the past few months, Galaxy issued several material updates. A $200M share repurchase program and related TSX Normal Course Issuer Bid in early February 2026 coincided with positive price reactions. Earlier in January 2026, approval to expand Helios power capacity to over 1.6 GW also saw a strong gain. By contrast, Q4 and full‑year 2025 results highlighting large net losses triggered a sharp decline. Today’s move to concentrate trading on Nasdaq follows that sequence of capital allocation and infrastructure updates.

Market Pulse Summary

This announcement centralizes Galaxy’s listing on Nasdaq by voluntarily delisting from the TSX as of...

Analysis

This announcement centralizes Galaxy’s listing on Nasdaq by voluntarily delisting from the TSX as of March 19, 2026, while maintaining Canadian reporting issuer status. The change follows recent milestones including a $200M repurchase program and Helios capacity expansion. Investors may watch how trading volumes migrate to Nasdaq, how buybacks proceed under the 5% cap, and how future earnings updates interact with the company’s crypto‑linked volatility profile.

Key Terms

normal course issuer bid, reporting issuer, Nasdaq, Toronto Stock Exchange

4 terms

normal course issuer bid financial

"Galaxy's previously announced normal course issuer bid for Class A common stock..."

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

reporting issuer regulatory

"Galaxy will remain a "reporting issuer" in Canada and will continue to provide..."

A reporting issuer is a company or investment fund legally required to provide regular, public financial and corporate updates to securities regulators and investors. For investors it matters because those routine filings act like a business’s recurring health reports—offering consistent, official information to assess performance, risks and value so people can make informed buy, sell or compare decisions.

Nasdaq financial

"common stock will continue to be listed and trade on the Nasdaq Stock Market..."

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

Toronto Stock Exchange financial

"voluntary delisting of the Company's Class A common stock from the Toronto Stock Exchange..."

The Toronto Stock Exchange is Canada’s largest organized marketplace where shares of publicly traded companies are bought and sold, similar to a large, regulated marketplace for company ownership. It matters to investors because it provides transparent prices, rules that help protect buyers and sellers, and access to many Canadian and international businesses, so movements there can signal economic trends and affect portfolio values.

AI-generated analysis. Not financial advice.

NEW YORK, March 3, 2026 /PRNewswire/ - 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.

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SOURCE Galaxy Digital Inc.

FAQ

Why is Galaxy (GLXY) delisting from the TSX on March 19, 2026?

Galaxy is delisting to consolidate listings because most trading occurs on U.S. markets. According to the company, the board concluded maintaining a sole Nasdaq listing is more efficient given majority daily volume on Nasdaq and TSX-related costs and administrative requirements.

Will Galaxy (GLXY) shares still trade after the TSX delisting?

Yes, Galaxy Class A common stock will continue to trade on Nasdaq under the symbol GLXY. According to the company, Nasdaq will remain the primary market and Canadian brokers can often trade Nasdaq-listed securities for Canadian investors.

What happens to Galaxy's (GLXY) TSX share repurchase program after delisting?

The TSX normal course issuer bid will terminate at the Delisting Effective Time of March 19, 2026. According to the company, repurchases through Nasdaq may continue subject to securities laws and a 5% outstanding-share/12-month cap.

Will Galaxy (GLXY) remain subject to Canadian disclosure rules after delisting?

Yes, Galaxy will remain a reporting issuer in Canada and continue regular disclosure under Canadian securities laws. According to the company, delisting from the TSX does not remove its Canadian reporting obligations.

How can Canadian shareholders trade Galaxy (GLXY) after the TSX delisting?

Canadian shareholders can trade GLXY on Nasdaq through brokers that access U.S. markets, including many discount and online brokers. According to the company, shareholders should contact their Canadian brokers to confirm how to trade Nasdaq-listed GLXY shares post-delisting.