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Galaxy Digital to Get US Stock Listing in 2022

In the pursuit of achieving more relevance, a US-based cryptocurrency firm is now close to getting approved by the U.S Securities and Exchange Commission for public listing on the US Stock Exchange. According to Galaxy Digital, the approval and listing are expected to take place before April 2022, months after the original date.

Galaxy Digital, owned by Mike Novogratz, is a crypto investment firm that offers investment management services to clients. The firm had decided to go public in 2021 and as part of its efforts, initiated a deal to purchase BitGo, a digital asset trust and security company in the US. Digital Galaxy also filed an application with the SEC for approval.

But according to the CEO, Novogratz, Galaxy Digital cannot meet the initial 2021 proposed listing and will now work towards a new date in 2022. Although Novogratz did not state a specific date, it is understood that the firm will push to get listed as earliest as possible. Novogratz also announced that Galaxy Digital was finalizing the deal to purchase BitGo soon.

The Rise of Crypto-Based Stocks

Galaxy Digital is one among the dozens of crypto-based firms that are seeking approval from the SEC to go live on the public stock exchange. Some others are Trust, Grayscale, Coinbase, etc. The SEC has approved more crypto firms for the stock market in the last three years. Several companies have also submitted applications to the SEC to get approved for crypto-based ETFs on the stock market.

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The increase in the number of companies seeking approval from the SEC to list crypto-based stocks on the stock exchange is definitive of the impact that cryptocurrency is having on the population.

For example, it is widely accepted that stocks are listed after the parent companies sense a hunger for it from investors. Investors have long called for exposure to crypto-assets but have been denied owning the traded digital assets due to the underlying risks of fraud and manipulation.

But Galaxy Digital would be confident about obtaining the approval by next year; it is already approved and listed in the Canadian stock market. The stock debuted in 2018 in Canada and has performed relatively well. Novogratz hoped to surpass that success on the US stock market.

Crypto Regulations

As one of the highest regulatory agencies in the US, the SEC is tasked with reviewing applications for public trading on stock exchanges. Failure to secure an SEC approval before publicly trading securities can have dire consequences. For example, the SEC is in a running legal battle with Ripple Labs over what it describes as a willful act of selling unapproved securities.

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Although the SEC has said that it is not out to stifle the crypto industry but to find the safest and less-risky path for it. Recently, the President’s Working Group on Finance released a report and recommended a dozen guidelines for the government to implement. But so far, the SEC has shown good faith in approving quite a number of crypto stocks and ETFs.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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