Crypto Goes Public: Galaxy Digital, Coinbase, and eToro Hit the Big Leagues
So, get this! Galaxy Digital, the company started by Mike Novogratz, just started trading on the Nasdaq last Friday. That was a seriously big week for crypto stuff in the public markets. I mean, Coinbase even got added to the S&P 500! And that trading platform, eToro, went public too. Lots happening!
Galaxy Digital, you know, the crypto investment folks who also work on that AI data center stuff, used to just be on the Toronto stock exchange. But after waiting for a while, they started trading on the Nasdaq at $23.50 a share on Friday. Last I saw, their shares were trading a little higher, around $24.89. Pretty cool, huh?
Mike Novogratz, the big boss at Galaxy and a well known crypto investor, said something interesting. He told Reuters that he thinks we're just starting the race, not finishing it. He said sometimes it feels like it's been a real struggle, and ringing the bell feels like you're crossing the finish line. But he figures it's actually the starting bell. Makes you think, doesn't it?
Honestly, digital assets have been doing pretty well since President Trump came along. He was out there trying to get money from the crypto crowd when he was campaigning, promising he'd be a "crypto president." Like, in his very first week in office, he ordered them to create a group to figure out rules for digital assets. And then in March, he even signed something to make a federal stockpile of bitcoin. These moves have definitely helped crypto prices, including bitcoin, which is up over 10% this year so far. Crazy!
Speaking of eToro, that app that's kind of like Robinhood but for stocks and crypto, it also had its first day on the Nasdaq this week. It ended up being worth $5.64 billion after its shares jumped over 34% on Wednesday. Wow!
And then there's Coinbase. This week, the S&P announced that Coinbase would be part of the S&P 500 index starting May 19th. That's a big deal cause it's the first time a digital asset company is in the main benchmark. Novogratz thinks this is just the beginning, and we'll see more crypto companies going public. Maybe he's right? What do you think?
