Mike Novogratz describes 'unfair, infuriating' path to Galaxy Digital's Nasdaq listing

TORONTO — Mike Novogratz said he spent nearly four years and more than $25 million trying to take crypto firm Galaxy Digital public in the United States. "It felt un-American, unfair, infuriating," Novogratz said. Novogratz told CNBC that a process that should take 45 to 90 days stretched out to 1,320 days. He said it took nine rounds of comments with the Securities and Exchange Commission. "One of the things that people didn't understand about the crypto tax is that you needed to be very well capitalized — and a pretty big, strong company — just to stay in the game," he said. The billionaire crypto mogul will finally ring the opening bell at the Nasdaq Friday under the ticker GLXY with his company trading on U.S. public markets for the first time in a direct listing. Novogratz said Galaxy's auditing costs were significantly higher than those of firms like Jefferies — a consequence of the regulatory scrutiny that comes with being a crypto company. He said he expects those fees to ... Read full article.