Canada’s main stock exchange is losing another listing.
Galaxy Digital Inc. GLXY-T, the self-described “Goldman Sachs of crypto,” announced plans Tuesday to delist from the Toronto Stock Exchange as of March 19. Citing “additional associated expenses and administrative requirements,” Galaxy said it would be more efficient to maintain its public listing solely on the Nasdaq exchange.
The departure of Galaxy to southern pastures is a loss for TSX parent TMX Group Ltd. X-T and for the country more broadly given that the company represented the quintessential Canadian public market success story. Galaxy is leaving as Canadian issuers are increasingly being taken private amid a decades-long decline in the number of publicly-listed operating businesses globally.
The value of Galaxy shares have grown tenfold since its public market debut in August, 2018, rising from roughly $2.85 per share to more than $28 today, giving the company a market capitalization of nearly $10.8-billion.
Top non-resource stocks on the TSX with strong insider signals
New York-based Galaxy was founded by Mike Novogratz, a former Goldman Sachs trader who also served as president of asset manager Fortress Investment Group. His vision was to create a cryptocurrency version of a merchant bank that offered asset management, trading and investment banking services.
The company went public on the TSX Venture Exchange by acquiring Vancouver-based First Coin Capital Corp. and merging it with Bradmer Pharmaceuticals Inc., which already had a TSX-V listing. Known as a reverse takeover, it is one of the most common methods for a company to go public in Canadian capital markets.
In July, 2020, Galaxy graduated to the TSX as part of the TSX Sandbox initiative, which allows companies deemed particularly innovative or novel to list on the senior exchange even if they don’t meet a list of strict requirements that would normally apply. Over its seven years as a Canadian public company, Galaxy raised hundreds of millions of dollars through multiple stock sales to help finance its growth into a multibillion-dollar business.
They snooze, we lose: Why the TSX is listless when American markets close up shop
Galaxy’s evolution was not a smooth one. It’s stock crashed by at least 50 per cent twice over a three-year period and in May, 2022, Mr. Novogratz apologized for his role in the US$40-billion collapse of two popular cryptocurrencies: Luna and TerraUSD.
Galaxy has only been listed on the Nasdaq since May, 2025, yet the vast majority of its trading now occurs on the American exchange. The average daily trading volume of the company’s Nasdaq-listed shares is just shy of seven million, nearly 10 times the 773,831 TSX-listed Galaxy shares that change hands on any given day.
The company cited the disparity in trading volumes as another reason for the delisting decision, though the statement Galaxy made in April, 2025, announcing the Nasdaq listing suggested its days on the TSX were already numbered.
“For a period of time following Galaxy Digital Inc.’s intended listing on Nasdaq, it will remain listed on the TSX,” the statement said.
The most oversold and overbought stocks on the TSX
While delistings are a relatively common occurrence on any stock exchange, they are most often the result of a company being sold. According to TMX data, 21 per cent of delistings from the TSX and TSX-V in 2025 – 24 out of 114 – were a result of the company’s own request.
The money Galaxy will save by delisting from the TSX is negligible, as the maximum annual fee TMX charges its issuers is $150,000 and Galaxy had operating expenses of more than US$61-million in 2025. A Nasdaq listing can actually cost more, with US$199,000 being that exchange’s most recent maximum annual fee.
Galaxy declined to comment Tuesday on its decision, although TMX appears to have no hard feelings.
“Ultimately, Galaxy is the poster child of why the Canadian capital markets are so great,” Dani Lipkin, managing director of global innovation at TMX Group, said in an interview. “This is as well as things could ever go for a public company in terms of the success it has had over the last seven years.”
Editor’s note: This article has been updated to remove ETFs from the TMX Group's figures on delistings.