Galaxy Digital Announces Conditional Approval for Graduation to Toronto Stock Exchange

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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

Galaxy Digital: Mike Novogratz, Chief Executive Officer, Tel: [phone], Email: [email protected]; Chris Ferraro, President, Tel: [phone], Email: [email protected]; Prosek (for media inquiries on behalf of Galaxy Digital): Mike Geller, Managing Director, Email: [email protected], Tel: [phone]; Ext 242