The crypto investment company and the trading counter, Galaxy Digital Holdings has received conditional approval to participate in the Toronto Stock Exchange TSX sandbox.
The TSX sandbox announced in April last year offers a test field for the development of new guidelinesand an initiative aimed at that Facilitating support for listing requests “that may not generally comply with TSX requirements and guidelines.”
Galaxy will switch from sandbox to TSX after 12 months of trading without “a significant compliance issue”.
Galaxy Digital enters the TSX sandbox
The founder and CEO of Galaxy Digital, Mike Novogratz described his entry into the sandpit as an “important step in [su] Development as a public limited company “.
The sandbox exercised its discretion by waiving the Canadian requirement of $ 10 million (approximately $ 7.1 million) for public money that Galaxy Digital did not meet.
“Our TSX final proposal comes as the company continues to make great strides in its implementation across all of its businesses.”said Christopher Ferraro, president of Galaxy Digital.
“Our trading desk generated a total volume of around $ 1 billion in the last quarter, including inflows from major new hedge fund counterparties moving towards cryptocurrencies, while our wealth management business continues to see strong inflows of funds to your Bitcoin Funds, “added Ferraro.
In September 2019, the Canadian cryptocurrency mining company Hut 8 was the first company to receive conditional approval to enter the TSX through the exchange sandbox.
Galaxy Digital will graduate from TSX Venture
With the sandbox program, Galaxy Digital can switch from TSX’s ventures platform to the largest public market on the stock exchange.
Galaxy Digital started trading at TSX Ventures in early August 2018, where trading should start at around $ 2.05 before losing 65% for the rest of the year, reaching a low of $ 0.70.
GLXY / USD: TradingView
Galaxy Digital recovered 150% from late December 2018 to first quarter 2019before hitting a 12-month decline to a record low of $ 0.52 in March 2020. Bullish activity in the crypto markets led to a 100% recovery last monthand Galaxy Digital are currently operating at $ 1.05.