Artificial intelligence and cryptocurrency investment firm Galaxy Digital has received approval from the US Securities and Exchange Commission to list its stock on the Nasdaq exchange.

Currently traded on the Toronto Stock Exchange (TSX), the company is planning to move its headquarters from the Cayman Islands to Delaware, subject to shareholder and TSX approval, according to a statement from Galaxy on April 7.

Galaxy CEO Michael Novogratz expressed enthusiasm in the April 7 statement shared on X, noting, “Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!”

Once the shareholder vote is concluded and if Nasdaq’s listing criteria are met, Galaxy expects to trade under the ticker symbol GLXY by mid-May.

The decision to relocate to Delaware, as outlined in the SEC Form S-4 first filed on March 27, was driven by the state’s attractive corporate environment. Galaxy believes that the legal framework and frequent updates to the Delaware General Corporation Law (DGCL) will better position the company against its publicly traded competitors. Additionally, Delaware is a popular domicile for many public companies due to its well-established case law and regulatory support.

Following the reorganization and move, CEO Michael Novogratz will retain control of Galaxy Digital with nearly 60% of the voting power, as detailed in the filing.

After market closed, according to Galaxy Digital’s stock on the TSX experienced an 8% decline, trading at 12.30 Canadian dollars (approximately $8.70 USD). The company originally went public in July 2015, and its stock peaked at just under 50 Canadian dollars (around $35 USD) on November 12, 2021.

This move to list on the Nasdaq aligns with the increasing institutional interest in regulated cryptocurrency products and services in the U.S. market, and positions Galaxy Digital alongside other crypto-related firms already trading on the exchange.