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NEW YORK, May 11, 2020 /CNW/ - Galaxy Digital Holdings Ltd.
(TSXV: GLXY) ("Galaxy Digital" or the "Company") one of the world's
largest cryptocurrency and digital assets companies by market
capitalization, announced that it has been conditionally approved
to be listed on the Toronto Stock Exchange ("TSX") via TSX
Sandbox.
"Our move to the TSX, the most senior public market of the TMX
Group, is another significant step in our evolution as a public
company focused on providing improved liquidity and enhanced public
disclosure to investors," said Mike
Novogratz, Founder and Chief Executive Officer of Galaxy
Digital.
Galaxy Digital's activities span one of the largest trading
desks for cryptocurrencies in the US, an asset management platform
with a growing stable of venture capital, bitcoin and related
strategy funds, and a specialist investment banking group centered
around strategic M&A and financing advisory services to
companies in the sector. Supporting the businesses, the Company has
a balance sheet consisting of a core bitcoin position of ~13,000
BTC (valued in excess of US$110
million as of today) and a large portfolio of venture
equity and credit investments in the sector.
"Our proposed graduation to the TSX comes as the Company
continues to make great strides in execution across all of our
business lines," said Christopher
Ferraro, President of Galaxy Digital. "Our trading
desk executed approximately US$1
billion of total volume in the most recent quarter,
including flows from significant new hedge fund counterparties
moving into crypto, while our asset management business continues
to see strong fund inflows to its Bitcoin Fund, and our
advisory business is building on its recently completed
transactions with a range of new M&A and financing
mandates."
"As important as the progress of our operating businesses,
Galaxy continues to have high conviction in bitcoin, reflected in
our core balance sheet holding of that asset. We look forward to
continuing to help bring institutions into the digital asset
ecosystem, especially in the face of unprecedented monetary and
fiscal actions globally," Ferraro added.
Galaxy Digital intends to announce a listing date later this
quarter, subject to compliance with the requirements of the TSX
conditional approval.
About Galaxy Digital
Galaxy Digital is a diversified financial services and
investment management company in the digital asset, cryptocurrency
and blockchain technology sector. Galaxy Digital's team has
extensive experience spanning investing, portfolio management,
capital markets, operations, asset management, and blockchain
technology. Galaxy Digital currently operates four distinct
business lines, which include: Trading, Asset Management, Principal
Investments and Advisory Services. Galaxy Digital's CEO and Founder
is Michael Novogratz. The Company is
headquartered in New York City,
with offices in San Francisco,
London, Tokyo, Hong
Kong, the Cayman Islands
(registered office) and New
Jersey. Additional information about the Company's
businesses and products is available on
www.galaxydigital.io.
About the TSX Sandbox
TSX Sandbox is an initiative intended to facilitate listing
applications that may not satisfy the original listing requirements
of TSX, but due to facts or situations unique to a particular
issuer otherwise warrant a listing on TSX. The TSX has exercised
its discretion to waive the requirements of subsection 309(c)(i) of
its manual (C$10 million in treasury resulting from public raise)
which the Company did not meet and has conditionally approved the
listing of the Company pursuant to TSX Sandbox. Galaxy Digital's
conditional listing approval pursuant to TSX Sandbox was
conditioned upon public filing of an Annual Information Form and
prominent quarterly disclosure of digital assets and investments,
which the Company has completed and agreed to continue to provide.
The Company will remain listed pursuant to TSX Sandbox until such
time as it has completed a twelve-month period without significant
compliance issues after graduation.
In addition, Galaxy Digital is required to disclose the
following two risk factors that were also included in the most
recent Annual Information Form for the year-ended 2019: (1) The
Company has limited operating history and its business lines are
nascent and subject to material legal, regulatory, operational and
other risks in every jurisdiction; and (2) the market price and
trading volume of the Company's ordinary shares has been volatile
and will likely continue to be so in response to, among other
factors, market fluctuations in digital assets generally or the
digital assets that Galaxy Digital holds or trades.
Disclaimers
The TSX Venture Exchange ("TSXV") has neither approved nor
disapproved the contents of this press release. Neither the TSXV,
TSX nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Galaxy Digital Holdings Ltd