Galaxy Digital has been approved by the US Securities and Exchange Commission (SEC) to redomicile in the United States, setting the stage for the crypto investment company’s listing on the Nasdaq stock exchange.

Galaxy anticipates listing on the Nasdaq, a tech-focused US stock exchange, by the middle of May, pending approval from the Toronto Stock Exchange, on which the company is already listed, and shareholder approval at a special shareholders meeting on May 9.

Shareholders at the meeting must approve redomiciling Galaxy Digital in the US state of Delaware, known for its business-friendly regulations, before the process can move forward, according to an announcement from the company.

Galaxy Digital SEC form S-4. Source: SEC

Galaxy obtained SEC approval for a Nasdaq listing in April this year, and once the company obtains the other necessary approvals, it will trade on the Nasdaq under the GLXY ticker symbol.

The company is the latest crypto firm to announce an imminent stock market listing, as institutional interest in digital assets grows and crypto matures as an asset class that increasingly interacts with traditional financial markets.

Related: Nasdaq urges SEC to treat certain digital assets as ‘stocks by any other name’

Crypto firms increasingly playing in the big leagues

Nasdaq-listed Strategy, formerly MicroStrategy, was added to the exchange’s index of its 100 largest companies by market capitalization in December 2024.

In April, stablecoin issuer Circle filed for an initial public offering (IPO), a process of taking a private company public by listing it on major stock exchanges.

According to an April 21 report from The Wall Street Journal, crypto custodian BitGo, Circle, exchange company Coinbase, stablecoin firm Paxos, and other crypto firms are considering applying for bank charters in the US.

The move would further blur the diminishing line between crypto firms and traditional financial institutions that offer lending services to clients and adhere to strict financial oversight from government regulators.

However, Dante Disparte, Circle’s chief strategy officer and head of global policy, later clarified that the company may acquire a banking license to comply with existing regulations and not necessarily operate as a banking institution.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

The cryptocurrency market continued to surge this past week as the overall digital asset market capitalization exceeded $3.27 trillion, an 8.6% increase over the previous week.

Bitcoin (BTC) reached a high of $103,600 on May 8 after reclaiming $100,000 for the first time since January. Its market dominance also surged above 60%, reflecting more bullish BTC sentiment. This marked the third time BTC has broken through six figures since it reached the milestone on Dec. 5, 2024, and again on Jan. 20, ahead of US President Donald Trump’s inauguration. 

The BTC rise coincided with Trump announcing a trade deal with the United Kingdom, which may include removing a 10% blanket tariff on all imports.

In the wider crypto space, Ethereum’s Pectra upgrade implemented much-needed improvements for the crypto ecosystem. The upgrade was followed by a 26% price surge for Ether (ETH), rising from $1,800 on May 7 to over $2,300 on May 9.

Total crypto market cap, 1-year chart. Source: CoinMarketCap

Bitcoin DeFi sees surge in mining participation despite drop in TVL

Messari’s “State of Rootstock” report for 2025 showed that merged mining participation surged to an all-time high of 81% in Q1 2025, up from 56.4% in the previous quarter. The surge was attributed to onboarding major mining pools SpiderPool and Foundry. 

The influx of mining support boosted Rootstock’s hash power above 740 exahashes per second. This surpassed Bitcoin’s total network hashrate recorded in October 2024, marking a more mature phase for the platform’s merged mining growth. 

The surge in merged mining participation came as Rootstock’s ecosystem faced headwinds. In Q1 2025, Rootstock’s total value locked (TVL) declined. Its Bitcoin TVL dropped 7.2%, while the dollar-denominated TVL fell by over 20% quarter-on-quarter.

Rootstock overview for Q1 2025. Source: Messari

This mirrored a broader downward trend across the DeFi sector, with Ethereum-based DeFi TVL showing a 27% decline in the same period.

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Hacken CEO sees “no shift” in crypto security as April hacks hit $357 million 

Crypto hacks in April saw nearly $360 million in assets stolen across 18 incidents. This represented an almost 1,000% increase over the amount lost in March. 

The largest loss came from an unauthorized Bitcoin transfer. On April 28, blockchain investigator ZachXBT reported a suspicious transaction of Bitcoin worth $330 million. He later confirmed that it was a social engineering attack that targeted an elderly American.  

Source: PeckShield

In a Cointelegraph interview at the Token2049 event, Hacken CEO Dyma Budorin told Cointelegraph that the industry continues to rely on limited security measures even after the $1.4 billion Bybit hack incident. Budorin said that the space implements limited measures instead of deploying comprehensive strategies. 

“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough,” Budorin told Cointelegraph. 

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AI decentralized apps are coming for the Web3 throne: DappRadar

While gaming and DeFi held on to the top spot in the decentralized applications (DApps) ecosystem, artificial intelligence is slowly catching up. 

Blockchain analytics platform DappRadar showed that Gaming and DeFi saw 21% DApp dominance in April. However, AI DApps climbed to 16%, up from the 11% recorded in the platform’s February data. 

“As user interest in artificial intelligence tools grows across industries, AI-powered DApps are steadily carving out their place in the decentralized ecosystem,” DappRadar analyst Sara Gherghelas said.

AI DApps have seen a jump in market dominance this month, while market leaders have declined slightly. Source: DappRadar

Gherghelas added that if the trend continues, AI could challenge the dominance of DeFi and gaming, signaling a “new era” in the DApp landscape. 

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Bitcoin-backed loans “obvious” next step — Xapo Bank CEO

Bitcoin holders are becoming more confident in using their BTC to borrow funds. In a Token2049 interview, Xapo Bank CEO Seamus Rocca told Cointelegraph that investors’ moods have shifted from short-term speculation to a more long-term outlook on Bitcoin. 

Rocca said that the confidence comes from broader institutional adoption and Bitcoin’s price levels that are “nowhere near” liquidation. 

Rocca said Bitcoin-backed loans allow holders to stay exposed to the asset when facing unexpected expenses. The executive said the smart thing to do is not sell the asset when the price increases.

Xapo Bank CEO Seamus Rocca at the Token2049 media lounge. Source: Cointelegraph

However, when life gets in the way, Rocca said investors can avoid liquidating their Bitcoin by borrowing against the asset and paying interest. This way, they can hold on to the assets despite needing liquidity for their expenses. 

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DeFi Market Overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

The memecoin Pepe (PEPE) rose by over 53% as the week’s biggest gainer, followed by the Pudgy Penguins (PENGU) token, which was up by 47% during the past week. Ether (ETH) was the third-biggest gainer, showing an increase of 35%.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Key Takeaways:

Bitcoin is driven by its ability to perform well in risk-on and risk-off environments, according to Bitcoin Suisse.

Bitcoin’s Sharpe ratio of 1.72, second only to gold, underscores its maturity as an asset, offering superior risk-adjusted returns.

A buyer-dominant market signals strong institutional and retail interest that could drive a supply squeeze and break new highs in May.

Bitcoin (BTC) price breached the $100,000 mark for the first time since January, fueling speculation of a new all-time high above $110,000 in May. According to Bitcoin Suisse, a crypto custody service provider, BTC’s bullish momentum stems from its ability to thrive in risk-on and risk-off environments since the US presidential elections. 

Data from its “Industry Rollup” report highlights Bitcoin’s high Sharpe ratio of 1.72, a key financial metric that measures risk-adjusted returns by dividing an asset’s average return (minus the risk-free rate). A higher Sharpe ratio reflects superior risk-adjusted returns, and in 2025, Bitcoin’s robust score, surpassed only by gold, highlights its growing maturity as an asset.

Bitcoin price performance in different environments. Source: Bitcoin Suisse

Over the past two quarters, BTC excelled as a dual-purpose investment. It acts as a macro hedge in risk-off climates, benefiting from geopolitical tensions and de-dollarization concerns. In risk-on scenarios, it behaved as a high-conviction growth asset, with over 86% of its supply in profit. As illustrated in the chart, Bitcoin maintained a positive net return through various key phases since November 2024. Bitcoin Suisse head of research Dominic Weibei said, 

“In this environment, Bitcoin has emerged as the Swiss army knife asset. Whether equities rally or bonds crumble, BTC trades on its supply-demand fundamentals, delivering a win-win profile that traditional assets simply can’t offer.”

Cointelegraph reported that Bitcoin is gearing up for the next leg of an “acceleration phase,” according to Fidelity Digital Assets’ Q2 2025 Signals Report. Fidelity analyst Zack Wainwright explained that Bitcoin’s historical tendency to enter explosive price surges is characterized by “high volatility and high profit.” 

Related: Bitcoin eyes sub-$100K liquidity — Watch these BTC price levels next

Bitcoin spot buyers turn “dominant”

On May 7, Bitcoin spot taker cumulative volume delta (CVD) over 90 days turned buyer dominant for the first time since March 2024. The 90-day spot taker CVD, which measures the net difference between market buy and sell volumes, reflects buyer or seller activity over a prolonged period. This shift to “taker buy dominant” aggressive buying pressure, driven by institutional interest and spot Bitcoin ETF inflows, i.e., over $4.5 billion spot inflows since April 1.

Bitcoin spot taker CVD chart. Source: CryptoQuant

This structural change in demand and Bitcoin’s robust Sharpe ratio could allow BTC to capitalize on current market conditions. As corporations and institutions rush into Bitcoin, a supply squeeze may propel prices past $110,000 in May.

Related: How high can Bitcoin price go?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.