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May 16 (Reuters) - Galaxy Digital, founded by Mike Novogratz, made its Nasdaq debut on Friday, capping off a momentous week for cryptocurrency in public markets, with Coinbase joining the S&P 500 and retail brokerage eToro also going public.
Galaxy Digital (GLXY.O), opens new tab, a crypto investment company that also specializes in artificial intelligence data center infrastructure, had been listed on the Toronto Stock Exchange, but began trading on the Nasdaq on Friday at $23.50 per share after a lengthy transition period. Shares in the company were last trading at $24.89.
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"I think we're at the beginning of the race, not the end of the race," said Novagratz, who is Galaxy's CEO and a prominent crypto investor, in an interview with Reuters. "Sometimes it feels like it's been such a struggle. You ring the bell and you're crossing the finish line, but it really is the starting bell."
Digital assets have enjoyed a resurgence under President Donald Trump, who courted cash from the crypto industry on the campaign trail by pledging to be a "crypto president."
In his first week in office, Trump ordered creation of a cryptocurrency working group to propose digital asset regulations. In March, he signed an executive order to create a federal stockpile of bitcoin.
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Those moves have buoyed cryptocurrency prices, including bitcoin , which is up more than 10% so far this year.
Robinhood rival eToro -- which offers stocks and cryptocurrencies to retail investors -- also made its Nasdaq debut this week, securing a valuation of $5.64 billion after its shares surged 34% on Wednesday.
Also this week, the S&P announced that Coinbase (COIN.O), opens new tab would be included in the S&P 500 index beginning May 19, becoming the first digital asset player to be included in the benchmark.
"I think we're the beginning of what will be a trend of other (crypto) companies going public," Novogratz said.
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Reporting by Hannah Lang in New York; editing by Pete Schroeder and Jane Merriman
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Hannah LangThomson ReutersHannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.
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