On September 22, Galaxy Digital Holdings Ltd. rose 5.09% in regular trading, trading at $27.29/share, with turnover of $28.52 million.

On the news front, the U.S. SEC issued its long-anticipated Innovation Exemption rule on September 17, granting a five-year conditional exemption for tokenized securities trading platforms. The rule allows qualifying platforms using permissioned automated market makers and liquidity pools to operate without being classified as exchanges under the Securities Exchange Act. Retail investors, institutions, and licensed financial entities may all participate subject to platform access standards.

Galaxy Digital had previously launched tokenized $GLXY on the Solana blockchain but was unable to facilitate on-chain secondary market trading due to regulatory ambiguity. The new exemption directly addresses this barrier, opening a pathway for on-chain trading of its tokenized shares. The company stated it is evaluating subsequent implementation steps. Additionally, Galaxy recently completed Phase I of its Helios data center delivering 133 megawatts to CoreWeave, and priced $3.51 billion in senior secured notes to fund Phase II construction, reinforcing multi-segment business momentum. Morgan Stanley maintains an Overweight rating with a $48 price target.

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