Galaxy Digital (GLXY) Soars 8.3% on US Shift Ahead of Canada Delisting

Galaxy Digital (NASDAQ:GLXY) is one of the 10 Must-Watch Stocks Right Now.

Galaxy Digital snapped a two-day losing streak on Friday, jumping 8.34 percent to finish at $22.35 apiece, as investors shifted to its US stocks amid the looming delisting of its Canadian shares, while taking advantage of the broader decline to hunt for bargains.

Earlier this month, Galaxy Digital (NASDAQ:GLXY) announced plans to delist its shares from the Toronto Stock Exchange effective Thursday, March 19, to focus on its listing on Nasdaq, given that the majority of its average daily trading volume is executed on the said US exchange.

The initiative would also help slash its expenses and administrative requirements associated with its dual listing.

Galaxy Digital (GLXY) Soars 8.3% on US Shift Ahead of Canada Delisting

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Galaxy Digital (NASDAQ:GLXY) is not required to seek approval of its shareholders, given that an alternative market is available to trade its Class A common shares.

In relation to the delisting, Galaxy Digital’s (NASDAQ:GLXY) share buyback program for its Canadian shares will also be terminated on the delisting date, but repurchase transactions for shares on the Nasdaq would continue on a normal basis and would not exceed 5 percent of the outstanding Class A common stock at any time or within the 12-month period.

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