Galaxy Digital to Exit TSX, Consolidating Focus on Nasdaq Market

NEW YORK, NY – March 03, 2026 – Digital asset and data center leader Galaxy Digital Inc. announced today its plan to voluntarily delist its Class A common stock from the Toronto Stock Exchange (TSX), a strategic move to consolidate its public listing solely on the Nasdaq Stock Market. The delisting is expected to take effect at the close of markets on March 19, 2026, after which the company's shares will trade exclusively under its existing Nasdaq ticker, 'GLXY'.

In its official announcement, Galaxy stated the decision was driven by a practical reality: the "majority of its average daily trading volume" already occurs on Nasdaq and other U.S. markets. The company's board concluded that maintaining a dual listing incurred "additional associated expenses and administrative requirements" that no longer justified the benefits, paving the way for a more efficient, streamlined corporate structure centered on the U.S. market.

Because an active and liquid alternative market for the stock already exists on Nasdaq, the company is not required to seek shareholder approval for the move. This decision marks a significant step in the evolution of Galaxy Digital, reflecting a broader trend of maturing digital asset firms optimizing their capital markets strategy to align with their primary investor base.

A Strategic Pivot to US Markets

The delisting is more than a simple administrative cleanup; it represents a deliberate pivot to the deeper pools of capital and broader institutional investor base available through the U.S. markets. By consolidating its presence on Nasdaq, a global hub for technology and growth companies, Galaxy is sharpening its focus and simplifying its investment narrative for the financial community.

Maintaining a dual listing, while once beneficial for accessing different investor pools, comes with significant overhead. These expenses include exchange fees, separate regulatory compliance costs for both Canadian and U.S. jurisdictions, and increased legal and administrative resources needed to manage two distinct sets of rules. By eliminating its TSX listing, Galaxy is expected to realize meaningful cost savings and reduce corporate complexity, allowing management to concentrate resources on its core business operations in digital assets and AI-focused data center infrastructure.

This move also signals the company's confidence in its position and its ability to attract sufficient liquidity and investor interest on a single, dominant exchange. For a company like Galaxy, which operates at the intersection of finance and cutting-edge technology, a singular focus on Nasdaq aligns its market presence with its corporate identity as a global leader.

The Bottom Line: Cost Savings and a New Buyback Plan

While streamlining operations, the delisting will directly impact the company's capital return strategy. Galaxy's Normal Course Issuer Bid (NCIB) operating through the TSX, which was approved in February 2026 to repurchase up to $200 million worth of shares, will terminate upon the delisting on March 19. That program allowed for the buyback of nearly 10% of the company's public float, providing a significant mechanism for share price support.

In its place, Galaxy has stated that share repurchases "may continue to be made in the normal course" on Nasdaq. However, this new authority comes with a more restrictive cap: buybacks will not exceed 5% of the outstanding Class A common stock within any twelve-month period. This represents a potential halving of the company's capacity to repurchase its shares compared to the recently approved TSX plan. Investors who look to buyback programs as a sign of management's confidence and a tool for boosting shareholder value will be watching closely to see how actively the company utilizes its new, more limited authority on Nasdaq.

Navigating the Nasdaq-Only Future: A Guide for Canadian Investors

For Canadian shareholders, the delisting from the TSX ushers in a new set of practical considerations for managing their investment in Galaxy Digital. The company has assured investors that many Canadian discount and online brokers are equipped to handle trades on Nasdaq. However, the process and costs will change.

Canadian investors are advised to contact their brokers directly to understand the specific procedures for trading 'GLXY' on the U.S. exchange. The key changes will revolve around trading costs and tax implications.

Trading Fees and Currency Conversion:
While some Canadian brokers offer commission-free trading for U.S. stocks, many still charge a flat fee, often around $9.99 per trade. The more significant cost, however, is likely to be currency conversion. When buying a U.S.-listed stock with Canadian dollars, brokerages typically charge a currency exchange spread that can range from 1.5% to 2.5%. This fee is applied again when shares are sold and the U.S. dollar proceeds are converted back to Canadian dollars. To mitigate these costs, investors on some platforms can open U.S. dollar accounts within their brokerage portfolios, allowing them to hold U.S. cash and avoid repeated conversion fees.

Tax Implications:
Canadian residents holding U.S. stocks face a different tax landscape. While capital gains are not taxed in the U.S., they are fully taxable in Canada. The gain or loss is calculated in Canadian dollars, meaning currency fluctuations between the time of purchase and sale can significantly impact an investor's tax liability.

Dividends from U.S. companies paid to Canadians are subject to a 15% withholding tax, a rate reduced from 30% under the Canada-U.S. tax treaty. To receive this preferential rate, investors must have a W-8BEN form on file with their broker. This withholding tax can typically be recovered as a foreign tax credit on a Canadian tax return for investments held in non-registered accounts.

Crucially, the tax treatment differs for registered accounts. While the withholding tax is waived for dividends earned in an RRSP or RRIF, it is not waived for TFSAs, RESPs, or the new FHSAs. This means any U.S. dividends earned inside a TFSA will be subject to the 15% withholding tax, which cannot be recovered.

Finally, Canadians holding foreign property, including U.S. stocks, with a total cost base exceeding CAD $100,000 at any point in the year must file a T1135 Foreign Income Verification Statement with the Canada Revenue Agency.

Continued Transparency Despite Delisting

Despite leaving the TSX, Galaxy Digital will not disappear from the purview of Canadian regulators. The company confirmed it will remain a "reporting issuer" in Canada, which legally obligates it to adhere to Canadian securities laws for continuous disclosure, such as National Instrument 51-102.

This status ensures that Galaxy must continue to file regular financial statements, management's discussion and analysis (MD&A), and timely reports on any material changes to its business. By maintaining this commitment, the company provides a crucial layer of ongoing transparency and accountability for its Canadian investor base, ensuring they have access to the same comprehensive information as their U.S. counterparts. This measure helps mitigate concerns that the delisting would reduce visibility into the company's operations for investors north of the border.