Galaxy Digital, the crypto-focused financial services and technology firm led by Michael Novogratz, marked a major turning point this week as it completed its long-anticipated U.S. move and prepared for its debut on the Nasdaq under the ticker symbol “GLXY.” The transition, after securing both shareholder and regulatory approval, underscores the maturation of digital asset companies and signals a new era in the convergence of crypto, institutional finance, and artificial intelligence infrastructure. Novogratz’s candid remarks on CNBC’s “Squawk Box” offered a window into not only Galaxy’s strategic evolution, but also the shifting U.S. political landscape shaping blockchain innovation.

A Milestone Listing at a Pivotal Moment

Galaxy’s reorganization from the Cayman Islands to Delaware, finalized after a shareholder vote on May 9, paves the way for its U.S. listing. This move, as reported by The Block, followed the U.S. Securities and Exchange Commission’s approval of Galaxy’s S-4 registration statement, completing a multi-year process to bring the company’s ownership and governance directly under U.S. jurisdiction. Novogratz called the listing “a transformative milestone,” telling investors that trading on the Nasdaq is poised to help Galaxy “build a gateway for investors to safely and efficiently access every corner of the digital asset and artificial intelligence ecosystems.”

Galaxy’s journey reflects the broader institutionalization of crypto. Once pitched as “the Goldman Sachs of crypto,” Novogratz built the firm to act as a bridge between decentralized finance and traditional institutions. Early skepticism has given way to what Novogratz described as a “herd” of institutions now entering the space, especially since prominent figures like BlackRock CEO Larry Fink signaled acceptance. “Once Larry bought in, expansion of adoption… is just rolling downhill. It’s now like a snowball picking up steam,” Novogratz told CNBC.

Pivoting to Data and AI: A Dual Path

The Nasdaq listing comes as Galaxy broadens its focus, investing heavily in AI data center infrastructure in addition to core crypto operations. The pivot is not just a hedge, Novogratz argues, but an emotional and strategic alignment with the two most explosive growth trends in finance and technology. Drawing parallels to Amazon’s leap from books to the cloud, he said, “We are a data center company plus a crypto company,” predicting that significant cash flow from its AI-focused Helios site in Texas would materialize in the first half of next year. This hybrid strategy is positioning Galaxy at the intersection of digital assets and the compute power underpinning the AI boom.

Crypto and Washington: Shifting Political Winds

Perhaps most telling were Novogratz’s remarks on the role of U.S. politics and the changing regulatory climate. In his words, “The four years under Biden were really unAmerican when it came to crypto… misery.” He credited the Trump administration with being “amazing for the space in general,” highlighting a shift in tone and openness to innovation that has fueled the latest bull run. Novogratz expressed optimism that bipartisan progress is finally within reach, noting efforts by Democratic Senators Warner and Gallegos to push forward what he described as a “genius bill” poised for passage.

He acknowledged that Republican alignment with the crypto industry—spotlighting the Trump family’s open engagement—had influenced both perceptions and funding in the most recent election, painting Democrats as anti-innovation by comparison. But he also praised “smart Democrats” who recognized the sector’s importance, arguing that once key legislation is passed, “crypto will go quiet in DC,” allowing the industry to focus on growth rather than politics.

A Sector on the Brink

As Galaxy Digital settles in for its first day on the Nasdaq, the firm embodies the promise and volatility of a sector at the brink of mainstream adoption. Novogratz’s enthusiasm, echoed in remarks to outlets like CNBC and The Block, reflects both the exuberance and the uncertainty that define this moment. With institutional capital finally surging, pending legislation close to passage, and a dual focus on crypto and AI, Galaxy’s public listing marks not just its own transformation—but a new chapter for the industry at large.