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Galaxy Digital's Nasdaq Listing Plan May Face Further Delays Due to Class Action Lawsuit and SEC Scrutiny

Galaxy Digital's plans to gain a Nasdaq listing may be further delayed due to a pending class action lawsuit in Canada related to the failed luna cryptocurrency. The lawsuit alleges that Galaxy failed to comply with reporting requirements on its holdings of luna and that CEO Mike Novogratz made misrepresentations regarding the company’s exposure to the cryptocurrency prior to its collapse in May 2022. Galaxy plans to fight the charges but may be required to disclose the suit to the market if it is certified as a class action, which could have repercussions for its listing plans. The SEC may closely scrutinize all crypto-related suits, and Galaxy's complex business may face scrutiny even without complications from the lawsuit.

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